Auditing and Ethics in Australia

Student’s Name
UNIVERSITY NAME Australia
AUDITING AND ETHICS IN
AUSTRALIA

Table of Contents
Background..................................................................................................................................................2
Discussion and Analysis...............................................................................................................................3
Introduction to the company...................................................................................................................3
Section 1: Quantification of Materiality Level.........................................................................................3
Review of draft notes and disclosures.....................................................................................................3
Section 2: Analytical Review, Assertions and Audit procedures..............................................................4
Assertions and the audit procedures.......................................................................................................5
Section 3: Cash flow analysis...................................................................................................................5
Analysis of Audit report of the company.................................................................................................6
Conclusion...................................................................................................................................................7
References...................................................................................................................................................7

Background
The financial analysis has been done for one of the reputed companies in Australia named Bluescope
Steel Limited Company. The report was made with the purpose of aiding the audit of company and
materiality has been calculated to help the auditor ascertain the significant accounts using the
quantitative estimate of the materiality. The notes and the disclosures shown in the annual accounts of
the company have also been studied to check the critical issues from perspective of audit. Furthermore
the analytical review was being performed using the ratio analysis of the company and the trend and
variance was analyzed for last 4 years. The relevant audit assertions together with the audit procedures
to be applied were also recommended. Towards the end, the cash flow statement of the company has
been analyzed to find the major and least contributor to the cash flow of the company and also the
audit report was reviewed to check if there are any critical accounts that have been highlighted.