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Auditing Plan for MYOB Group Limited

   

Added on  2020-03-16

6 Pages1527 Words56 Views
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Auditing plan for MYOB Group Limited IntroductionAudit plan is a process of assessing the audit risk, and setting materiality levels. It a documentation of auditor’s explaining the client’s financial systems and internal controls (Arens,2007). An audit plan enables the auditor to understand the client business and the environment that it operates in. The audit plan is drafted after and agreeing on letter of engagement. The plan sets the audit objectives that have to be met at the end of the auditing process. The audit plan outlines the priorities that are cost effective, ensures sufficient evidence is generated from audit work, outlines direction and control of daily audit works, ensures sufficient attention is spent on critical areas of the audit work and ensures auditing is completed within specified time and cost budget (Christopher, Sarens, and Leung, 2009). Therefore, an audit plan is an important document in auditing process in order to provide true and fair opinion on the financial statementsof an organization.The following write up is an auditing plan for MYOB Group Limited. The write up will also discuss the MYOB Company to gain the knowledge of the business and the environment that it operates in. Knowledge of the businessMYOB is a public company listed in Australian Stock Exchange (ASX). MYOB is multinationalinformational technology company with headquarters in Glen Waverly, Victoria State in Australia. The Company was started in 1991 in Australia. The word MYOB is an abbreviation ofMind Your Own Business. The company specializes in providing accounting, tax, and other IT services to medium and small businesses. The MYOB Company is led by Tim Reed as the Chief Executive Officer and Richard Moore as the Chief Finance Officer. MYOB limited is a leading company in providing cloud based business solutions in management. The company provides their services to more than 1.2 million accountants, enterprises, and book keeping in New Zealand and Australia. The Company has 1400 employees.The company operations are divided in three segments; SME Solutions, Enterprise Solutions,
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and Practice Solutions. The SME solutions include provision of accounting software such as payroll, tax, accounting, and other business management solutions. The practice solutions provide practice software to over 40000 accountants. Practice software includes; practice management, company secretarial, insolvency, and accounting solutions. The company also provides enterprise software such as ERP and HRM software to over 7000 large and medium businesses.MYOB vision is to make businesses succeed by making every facet in business easier. The company mission is to create and deliver business management tools that lead the market in raising productivity of businesses in New Zealand and Australia. The Company strategy is to build a leading market platform that delivers seamless connection between SMEs, advisors, and the accounting ecosystem. Therefore, MYOB is a fast expanding business through first to the market cloud position. The company is highly affected by change in information technology system. Auditing objectives The objectives of the MYOB audit work to establish if the financial statements are;Free from Material MisstatementThere is no fraud or errorThe auditing objective will enable the auditor expresses an assurance and reasoned opinion aboutthe financial statements of MYOB.Audit ScopeThe audit scope of the audit is MYOB 2016 financial year. The fiscal year starts on 1st January to31st December 2016. The audit will be done on the financial statements to establish if there is material misstatement.MaterialityThe benchmark for materiality will be profit from operations before tax. The bench has been chosen because of the nature of the industry that MYOB operates in. The company is also
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