AUDITING AND ASSURANCE.

Added on - 08 Nov 2019

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Running head: AUDITING AND ASSURANCEAuditing and AssuranceUniversity NameStudent NameAuthors’ Note
2AUDITING AND ASSURANCEExecutive SummaryThe current study elucidates in detail about audit planning taking into consideration theoperations of one of the major banks of Australia (Westpac). The current segment analysesbanking industry and the operations of the company Westpac operates. This study alsopresents the different steps involved in audit planning of the firm. Thereafter, the study alsodetects the risks that might be faced by the company and carries out an analytical procedureusing key financial ratio.
3AUDITING AND ASSURANCETable of ContentsIntroduction................................................................................................................................4Acceptance of the client and Planning of Audit.........................................................................4Analysis of the business of the client.........................................................................................5Analysis of the business risk of the client..................................................................................7Performing analytical procedures..............................................................................................9Conclusion................................................................................................................................10References................................................................................................................................11
4AUDITING AND ASSURANCEIntroductionThe current report elucidates in detail the audit planning with special orientation to theoperations of the firm Westpac. The current segment analyses the industry that is the bankingindustry in which the company Westpac operates and evaluates the operations of company.This study conducts an industry analysis and company analysis and audit planning of thefirm. Thereafter, the study also detects the risks that might be faced by the company andcarries out an analytical procedure.Acceptance of the client and Planning of AuditThe current report illustratively elucidates the sequential procedures for planning for carryingout audit of the firm. The present segment explains the successive steps that can be adoptedfor undertaking the planning of audit in the company Westpac. Audit planning therebyinvolves the following steps:-Discussions with the client-Review of documentation of audit of Westpac-Analysis of financial assertions of the company Westpac-Analysis of interim pecuniary assertions of the company Westpac-Identification and consultation with diverse non-audit personnel of specifically theaccounting corporation (Arens et al., 2012).-Staffing required for the purpose of audit of the firm Westpac-Timing of different procedures of audit (Eilifsen et al., 2013).-Outside help essentially needs to be determined counting the utilization of a particularspecialist as necessary and determination of the nature and extent of involvement ofthe internal assessors of the specific client (William Jr et al., 2016).
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