Auditing, Assurance & Services Assignment
Added on 2020-05-28
13 Pages3207 Words49 Views
Running head: AUDITING, ASSURANCE & SERVICESAuditing, Assurance & ServicesName of the StudentName of the UniversityAuthors NoteCourse ID
1AUDITING, ASSURANCE & SERVICESExecutive SummaryThe report has assessed the risk of material misstatement and risk assessment as per “ASA315” and Auditor’s opinion on managing the risks in the financial report and Audit of thetransactions which took place during the period. The learnings of the report have included“Auditing and Assurance Standards Board (AUASB)” as per “ASA 570 Going Concern”pursuant to “section 227B of the Australian Securities and Investments Commission Act2001”. The findings of the report have inferred that the audit risk committee of Boral Limitedhas taken into account the factors such as “role and responsibility, structure andcomposition”. The auditor’s responsibility is able to confirm that the auditing committee atBoral is responsible for the depiction of the financial reportage as per the guidelinesprescribed under ASA 570, “section 336” of the “Corporations Act 2001” and GoingConcern” pursuant to “section 227B”.
2AUDITING, ASSURANCE & SERVICESTable of ContentsIntroduction................................................................................................................................3Risk of material misstatement and risk assessment as per ASA 315.........................................4Auditor’s opinion on managing the risks in the financial report...............................................5Audit of the transactions which took place during the period...................................................7Conclusion..................................................................................................................................8References..................................................................................................................................9
3AUDITING, ASSURANCE & SERVICESIntroductionThe assertations made as per “The Auditing and Assurance Standards Board(AUASB)” has considered the key judgements based on “Auditing Standard ASA 701” tocommunicate the “Key Audit Matters” in the “Independent Auditor’s Report” which ispursuant with “section 227B” of the “Australian Securities and Investments CommissionAct 2001” and “section 336 of the Corporations Act 2001” (Bryce, Ali and Mather, 2015).The choices made in the financial report is significant as per “ASA 701 involving KeyAudit Matters in the Independent Auditor’s Report”. The discourse of the study has ensuredthe compliance of the presentation of the financial statement with the adherence to the “ISA701”. The application of the “ASA 701” is considered with the assurance given by “AUASB”as per “ISA 701”. (Martinov-Bennie, Soh and Tweedie, 2015).The learnings of the report have further included “Auditing and AssuranceStandards Board (AUASB)” as per “ASA 570 Going Concern” pursuant to “section 227Bof the Australian Securities and Investments Commission Act 2001” and “section 336” ofthe “Corporations Act 2001”. In addition to this, the auditing standard is read with the “ASA101 Preamble to Australian Auditing Standard”. The risk assessment areas pertaining tothis standard has discussed about “Arrears or discontinuance of dividends”, “Net liability ornet current liability position”, “Negative operating cash flows indicated by historical orprospective financial report” and “Adverse key financial ratios” (Ruwanpathirana, et al.,2014).
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