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Auditing, Assurance & Services : Report

   

Added on  2020-05-28

13 Pages3390 Words129 Views
Running head: AUDITING, ASSURANCE & SERVICESAuditing, Assurance & ServicesName of the StudentName of the UniversityAuthors NoteCourse ID
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1AUDITING, ASSURANCE & SERVICESTable of ContentsIntroduction................................................................................................................................2Areas of higher assessed risk of material misstatement and risk as per ASA 315.....................2Judgement of auditor relating to areas of financial report involving important managementdecisions.....................................................................................................................................5Effect on the audit of significant transactions which took place during the period...................6Conclusion..................................................................................................................................8Reference List..........................................................................................................................10
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2AUDITING, ASSURANCE & SERVICESIntroduction“The Auditing and Assurance Standards Board (AUASB)” is seen to be make thekey judgements as per “Auditing Standard ASA 701” to facilitate the “Key Audit Matters”in the “Independent Auditor’s Report” pursuant to “section 227B” of the “AustralianSecurities and Investments Commission Act 2001” and “section 336 of the CorporationsAct 2001” (Singh, Woodliff, Sultana, & Newby, 2014).The auditor’s decisions in the areas of the financial report is considered with thesignificant development of the new standards pertaining to “ASA 701 involving Key AuditMatters in the Independent Auditor’s Report”. The areas of the present research are able toensure the representation of the financial statement is consistent with “ISA 701”. Theimplementation of “ASA 701” is depicted with the AUASB’s commitment which is inconformity as per the present enhancement of the auditor’s report and “InternationalAuditing and Assurance Standards”. The main issues in the report has been identified with“ASA 701” standards (Kim, Lee, & Lee, 2015).The learnings of the study aim to communicate the KAM which are inside the scopeof the “auditor’s report” along with the well listed entities. The revised standards are based onassisting the auditors to decide on the KAM which are considered in the “auditor’s report”.The conduction of the new standards as per the “ASA 701” has been implemented in BoralLimited (Singh et al., 2014).Areas of higher assessed risk of material misstatement and risk as per ASA 315Auditing Standard “ASA 315 Identifying and Assessing the Risks of MaterialMisstatement through Understanding the Entity and Its Environment” is read inconcurrence with “ASA 101 Preamble to Australian Auditing Standards” which is seen toset on the intentions of AUASB for the financial reporting periods commencing after 1st
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3AUDITING, ASSURANCE & SERVICESJanuary 2010. The auditing standard is also in agreement with the “ASA 200 OverallObjectives of the Independent Auditor” and conduction of the audit in agreement with“Australian Auditing Standards” (Martinov-Bennie, Soh, & Tweedie, 2015).The main form of the depictions as per the “A31 under Auditing Standard ASA 315”is seen to include the consideration of the nature of the revenue sources such as risksassociated to the “joint ventures, industry segmentation, geographic dispersions, sales andmarketing”. The success factors of Boral Limited may be adversely impacted with theseverity of the risk which are beyond the control of the organization. Some of the main formof the risk factors for Boral Limited has been taken into account with the material businessrisks which includes OFR. The broader risk aspect of Boral is also set with the CG statementsated in pages 30-43 of the annual report (George-Silviu, 2014). The discourse of “Auditing Standard ASA 315” is based on the “Conditions andEvents That May Indicate Risks of Material Misstatement” for the volatility of markets. Inaddition to this the assessment as per “A13 under Auditing Standard ASA 315” suchcategory of the risks is evident in form of noncompliance and the applicable laws. Thedeficiency in the financial reporting and the internal control are also considered as significantfactors for these risks. The industry and market risks for Boral are mainly considered to beresidential and non-residential. The consideration of the factors as per the non-residential andinfrastructural risk in the construction industry and financial performance is closely tied toresidential risks. The geopolitical effects and the performance of the national economies arediscerned in the countries where Boral operates. The allocation and the timing of the fundingof the public is considered as another risk aspect. In addition to this, the demand for thebuilding products and construction materials are also closely associated to the main riskfactor (Contessotto & Moroney, 2014).
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