Auditing and Assurance - Desklib

Running head: AUDITING AND ASSURANCE
Auditing and Assurance
Name of the Student
Name of the University
Authors Note
Course ID

1AUDITING AND ASSURANCE
Table of Contents
Part 1..........................................................................................................................................2
Answer to Part 1A and 1B.........................................................................................................2
JB HiFi...................................................................................................................................2
Common Wealth Bank...........................................................................................................3
References list:...........................................................................................................................5

2AUDITING AND ASSURANCE
Part 1
Answer to Part 1A and 1B
JB HiFi
INHERENT RISK
The different kinds of the non routine transactions are found that they are present in
varied kinds of estimations which the management takes into consideration. The instance of
the non-routine transactions for JB HiFi are seen to be causing detrimental effect by acquiring
other enterprises inherent dangers which are caused by risks and chances during the process
of business combinations.
FAIR VALUE
The accounting estimations are assumed to be very difficult to be ascertained
including various kinds of fair value considerations needs to be unveiled in case of
accounting statements.
AUDIT PROCEDURE AND RISK
The solutions in case of such transactions is based on the use of various kinds of
different information’s which are obtained beforehand which are found to be conducive in
helping as well as a providing a guideline about the occurrence in case of any unforeseen or
uncertain events which might happen. The auditors also need to investigate of the firm’s
decision makers and also make estimation about the techniques and the way to which will be
ultimately reducing error margin. The process of audit is conducted in such a way which will
consequently reduce or eliminate the error margin (Chandler 2014). Again we can write down
from the above said statement that the process of audit is conducted in such a way that it will