Auditing and Ethics in Australia - National Australian Bank

Auditing and ethics in australia
NATIONAL AUSTRALIAN BANK
Student’s Name
[Email address]

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

Background
A following is a report on the financial analysis of one of the companies listed on Australian Stock
exchange named National Australian Bank. The report shows the calculation of materiality to be
considered during the audit of the company and how the same is arrived at using different bases. The
quantitative estimate and the rationale behind the same has been shown. The draft notes and the
disclosures have been studied and those which are significant from audit perspective has been
highlighted. Preliminary analytical review for last 4 years has also been done to establish the
relationship between the trend, the market and the company’s business. Relevant audit assertion and
related audit procedure for same has also been stated. In the final section, the company’s cash flow
statement has been studied w.r.t. cash inflows and outflows, non-cash activities and investing and
financing activities as well. The audit report has been studied and the relevant audit issues have been
highlighted in report.