Auditing Assurance and Compliance Assignment

Running head: AUDITING, ASSURANCE AND COMPLIANCE
Auditing, Assurance and Compliance
Name of the Student:
Name of the University:
Author’s Note:
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AUDITING, ASSURANCE AND COMPLIANCE
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Table of Contents
Answer to Question 1:................................................................................................................2
Answer to Question 2:................................................................................................................4
Answer to Question 3a:..............................................................................................................5
Answer to Question 3b:..............................................................................................................6
Reference and Bibliography:......................................................................................................8

AUDITING, ASSURANCE AND COMPLIANCE
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Answer to Question 1:
The overall analytical process mainly allows the organisation to gather the required
information for commencing the overall audit plan, which could help in identifying the actual
financial position of an organisation. Furthermore, the overall problems that are faced by the
organisation could be identified with the help of relevant analytical procedures such as
benchmarking and ratios evaluation. Ashcraft et al., (2017) stated that with the help of
adequate audit plan relevant audit procedures could be identified adequately, which could
help in concentrating the overall cost of audit. Moreover, the evaluation of DIPL with the
help of adequate analytical procedures could mainly help in identifying the overall financial
condition of the company. Baylis et al., (2017) argued that the use of analytical approach is
mainly conducted on the overall financial reports provided by the company, which could lose
fiction if the reports are manipulated by the organisation. Moreover, there is an adequate
common size analysis approach, which allows the analyst to evaluate overall financial
declaration provided by the organisation.
There are many ways in which analyst are able to evaluate the performance of an
organisation, which could be used in pinpointing its overall financial condition and position.
The use of benchmarking and ratios could be identified as one of the adequate measures,
which might be used by the analyst to evaluate the performance of the organisation.
Furthermore, the overall problems with the help of benchmarking could be identified, where
the analyst are mainly able to pin point the problematic areas in an organization. The
benchmarking methods directly compare the company with its peers and evaluate the
performance based on relevant industry benchmark. The use of ratio also allows the analyst
to understand the overall financial position of an organisation and the relevant trend in which
it is moving. Caissie et al., (2016) mentioned that overall use of analytical procedures and