Auditing and Internal Control

Running head: AUDITING AND INTERNAL CONTROL
Auditing and internal control
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1AUDITING AND INTERNAL CONTROL
Table of Contents
Introduction......................................................................................................................................2
Requirement 1..................................................................................................................................2
(a) Report on audit firms........................................................................................................2
(b) Selected audit firm............................................................................................................6
Requirement 2..................................................................................................................................7
(a) Theories on demand for audit...........................................................................................7
(b) Argument regarding why same event is unlikely to take place again...............................8
Conclusion.....................................................................................................................................10
References......................................................................................................................................11

2AUDITING AND INTERNAL CONTROL
Introduction
Australia has their own 3 recognized professional accounting bodies those decide
accounting regulations and rules for the Australian organizations. These bodies are IPA (Institute
of public accounts), CPA Australia and ICAA (Institute of Chartered Accountants of Australia).
Audit firms are segregated in different ways and 2 common ways are – international big 4 audit
firms including PwC, EY, Deloitte and KPMG and non-big 4 or mod-tier audit firms. Most of
the audit firms have their own websites that states the services provided by them and delivers
resources to the clients as well as other interested parties (Apesb.org.au, 2019).
Requirement 1
(a) Report on audit firms
A big4 audit firm selected for this report is PwC and non-big 4 or mid-tier audit firm
selected is BDO Melbourne.
i. Range of services provided
Services provided by PwC include audit, regulatory and tax service, deals, infrastructure
development and government reforms, services related to risk assurances, accounting advisory,
consulting, private and entrepreneurial business, digital services, international business groups,
FinTech, analytics and data and technology solutions of PwC (PwC, 2019). On the other hand,
services provided by BDO Melbourne include audit, business services, business restructuring,
corporate secretarial, corporate finance, global outsourcing, family business, risk advisory,
migration services, international business, tax, transfer pricing and network for professional
practices. Further, it supports the clients with commercial, proactive and technical advices for

3AUDITING AND INTERNAL CONTROL
number of years. The dedicated team of the firm work to assure that the client’s business are
placed well for dealing with particular industry challenge and taking advantages of the
opportunities those may arise (Bdo.com.au, 2019).
ii. Geographic coverage
Offices of PwC are located all over the world including the place like South America,
Caribbean Africa, Western Europe, Asia pacific, Middle East, CEE/CIS and Mexico &
InterAmericas (PwC, 2019). On the other hand, the offices of BDO Melbourne is located all over
Australia including the places like New South Wales, Tasmania, Victoria, Western Australia,
Queensland, South Australia and Northern Territory (Bdo.com.au, 2019).
iii. Number of staffs and special skills offered
Number of staffs working with PwC is 250,930. PwC invests in the development of the
staffs for their skills as leaders and supports collaborative workplace that assists the people to
work in smarter way with improvement in their well-being. It further enables the staffs to
enhance their well-being and enable them in working on the societal issues that matter for them.
Further it provides technology skill in cyber security along with privacy solutions, international
assignment services and forensics technologies (PwC, 2019). On the other hand, BDO
Melbourne offers customized and structured training plan that is key for development in
constantly changing environment in terms of skills and knowledge required. Special training
provided to the staffs include tax training, training related to particular provisions and legislation
required to be complied with, communication skills, audit knowledge and skills (Bdo.com.au,
2019).
iv. Industries in which they claim specialization