Auditing and Professional Practice Assignment - Desklib

Auditing and
Professional Practice
Assignment

1
By student name
Professor
University
Date: 25 April 2018.
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Contents
Introduction.................................................................................................................................................3
Analysis and Discussion...............................................................................................................................4
Conclusion & Recommendation..................................................................................................................8
References...................................................................................................................................................9
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Introduction
Fredgrau Enterprises is a small company for which the audit planning needs to be done and
therefore the audit partner of the company has asked to the course of action to be taken about the
same. Based on the trial balance given by the company the audit procedure to be taken has been
designed besides identification of the key and critical accounts, which shows the huge deviation
(Axelsen, et al., 2017). Materiality level for the company has also been determined and the
comparative analysis of the company for 2 years 2016 and 2017 has been done via the trend
analysis and the common size income statement. This preliminary analytical review has helped
the company in determining the audit risk and thus audit procedures have been deigned
accordingly. In the end, the fraud risk analysis has also been done for the client to check if it was
a privy to any of the fraud transactions.
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