Auditing Project

AUDITING
PROJECT

Table of content
• Introduction
• TASK 1
• TASK 2
• TASK 3
• TASK 4
• TASK 5
• TASK 6
• TASK 7
• TASK 8
• Conclusion
• References

Introduction
An audit program means a plan of audit that is documented and according to
which procedures of the auditor depends. Before starting audit procedure an
auditor will make a audit program on the basis of previous year(s) working
papers, size of entity, materiality of risk associated with the relevant industry
and accordingly decide the audit duration, number of audit staff and audit
procedures that have to be followed while doing audit.

TASK 1
• In this project, Zicom Group Limited which is dealing in leading specialist
equipment manufacturing and niche engineering service proving with core
expertise. In this project, we discuss about various risk, material account
balances and sampling procedures applied by the auditor while
performing its audit procedures.

TASK 2
Business risk refers to the possibility that an organisation will have lower
profits than anticipated profits or experience a loss rather than taking a profits.
There are various factors which are associated with it such as : volume of sale,
per unit price, competition, input cost and legal compliances. Zicom Group Ltd
is a leading manufacturer of marine deck machinery, fluid regulating and
material stations, precision engineered & automation equipment etc.

Continue..
• Audit risk : Audit risk arises when auditor of an organisation express inappropriate
audit option on financial statements that contain material misstatement.
• Inherent risk : In financial auditing inherent risk arises, especially while dealing
with complex transactions.
• Control risk : Control risk refers to that risk of inefficiency of organisation
controls to analyse material misstatements in financial statements of company.
• Detection risk : Detection risk is that risk which is arises when auditors fails to
detect a material misstatements in the financial statements.