This report analyzes assertion risks and applies substantive audit procedures for addressing audit assertion risks. It also analyzes the requirements of ASA 707 Communicating Key Audit Matters.

Auditing and Assurance Services - Desklib

Auditing and Assurance Services

This report aims at the assessment of the assertion risks from the provided companies; they are Computing Solution and Beautiful Hair. The first part of the report helps in the identification of the major assertion risks in the provide scenario. After that, the next part shows the application of different substantive audit procedures for addressing the risks. The last parts involves in the discussion of the requirements and other aspects of ASA 701 Communicating Key Audit Matters.

The current reports intends to investigate two different cases of Advanced Computer Solutions Limited and Green Machine Limited for detecting assertions at risk, applying substantive audit procedures along with disclosing the same.

The current report has laid stress on analysing the audit risk assertion from the two provided scenarios. In case of both Advanced Computer Solutions Limited and Green Machine Limited, certain auditing assertions have been used. These assertions mainly constitute of accuracy and valuation and cut off for Advanced Computer Solutions and valuation and existence for Green Machine Limited.

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The current report would emphasise on analysing the audit risk assertion from the two provided scenarios. The first is Advanced Computer Solutions Limited, and the second scenario is from Green Machine Limited. The provided information suggests Advanced Computer Solutions Limited is facing inventory problems, which put the accuracy, valuation, and cut-off at risk. On the basis of the provided information, it can be concluded that Green Machine Limited has issues related to property, plant, and equipment (PPE), which undermines the legitimacy of the valuation.

Key Assertions and Substantive Audit at Risk for Inventory | Advanced Computer Solutions Limited & Green Machine Limited

The report focuses on the assertions used for the provided organisations from the viewpoint of the auditor so that key audit matters could be ascertained. It covers Advanced Computer Solutions Limited and Green Machine Limited. The report discusses the key assertions at risk, substantive audit procedures, and obligations of the auditors for undertaking effective communication with the organisations. 

Auditing and Assurance Services

Auditing and Assurance Serviceslg...

Auditing and Assurance Serviceslg...

Auditing and Assurance Serviceslg...

Key Assertions and Substantive Audit at Risk for Inventory | Advanced Computer Solutions Limited & Green Machine Limitedlg...

Auditing and Assurance Serviceslg...

Auditing and Assurance Serviceslg...

Auditing and Assurance Services

Auditing and Assurance Services

Auditing and Assurance Services

Key Assertions and Substantive Audit at Risk for Inventory | Advanced Computer Solutions Limited & Green Machine Limited

Auditing and Assurance Services

Auditing and Assurance Services