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HI5026 - Auditing and Assurance Services | Question Answer

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University of Victoria

   

Auditing and Assurance Services (HI5026)

   

Added on  2020-03-07

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HI5026 - This assessment consists of three questions that cover the following learning objectives: express your understanding of an audit, the concept of reasonable assurance and how is defined, and explain the concept of skepticism and how it differs from assuming that managers are always attempting to deceive auditors.

HI5026 - Auditing and Assurance Services | Question Answer

   

University of Victoria

   

Auditing and Assurance Services (HI5026)

   Added on 2020-03-07

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Running head: AUDITING AND ASSURANCE SERVICESAuditing and Assurance ServicesName of the studentName of the UniversityAuthor Note
HI5026 - Auditing and Assurance Services | Question Answer_1
AUDITING AND ASSURANCE SERVICES1Table of ContentsAnswer to Question 1.................................................................................................................2Introduction............................................................................................................................2Understanding Audit..............................................................................................................3Understanding Auditor...........................................................................................................3Answer to Question 2.................................................................................................................4Concept and how reasonable assurance is formed.................................................................4Auditor is not able to give absolute assurance.......................................................................5Answer to Question 3.................................................................................................................7Concept of Professional Scepticism.......................................................................................7References..................................................................................................................................8
HI5026 - Auditing and Assurance Services | Question Answer_2
AUDITING AND ASSURANCE SERVICES2Answer to Question 1IntroductionAs per the case study the opinion of the audit or a work of an auditor was explained to Jason.The auditor is a person who is appointed by the organization and who gives an independentopinion about the company’s financial structure. The auditor checks whether the financialstandards and reporting of all the standards are given by the company. The auditor helps inthe getting a true fair and independent view of the financials of the company. It conforms thatthe financial position, the cost sheet and the operation of the company are in conformity withthe various principles and standards of accounting.Understanding AuditAn audit is the understanding of the examination of the all the financials of the company. Thereport of the auditor is shown in the annual report and signed by the auditor. The financialreport includes the balance sheet, the cash flows and changes in the equity position and theincome statement and the profit and loss .The purpose and the reasons for doing audit is toform a view whether the information presented in the report will reflect the financial positionof the organization or the company (Arens et al., 2016).The auditor examines the financial report and what the auditor must follow and the auditingstandards set by the Government institute. Once the auditor completed the work they willprovide the report explaining the opinion drawn from the work.
HI5026 - Auditing and Assurance Services | Question Answer_3

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