Auditing Standards Application in BlueScope Limited

Assignment – Auditing, Assurance and
Services
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Executive Summary:
The overall project assessment highlights over the application of auditing standards in the
concerned organization. The report also explains how these standards can be significant source
of attaining the objectives of the company. The application of the given standards provides the
prevention of frauds and errors and also ensures that the risk factors are properly managed by the
management of the company. This will provide transparency and factual view over the financial
report of the company giving better understand ability to its viewers that is the customer,
investors, and the other parties dealing with the company so as to enhance their level of
confidence.
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Table of Contents
Executive Summary:........................................................................................................................2
Introduction:....................................................................................................................................4
About BlueScope Limited:..........................................................................................................5
A brief and glimpse of ASA (315):.............................................................................................5
Significances of ASA 315:..........................................................................................................6
Application of ASA 315 in Bluescope Steel Limited:.................................................................7
A brief introduction of ASA (701):.............................................................................................7
Significances of ASA 701:..........................................................................................................8
Application of ASA 701 in BlueScope Steel Limited:..............................................................10
Analysis:....................................................................................................................................11
Recommendations:........................................................................................................................13
Conclusion:....................................................................................................................................14
References:....................................................................................................................................15
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Introduction:
The project report highlights the meaning of ASA (701) that involves communicating key audit
matters in the independent auditor's report. The report highlights how this standard can be used
in understanding its impact on the financial crisis. The project report further evaluates the
significance or importance of the given standard so as to enable the parties dealing with the
companies to gain valuable information and then make a decision accordingly. Further, the
reports elaborate that how the use of this standard will help the investors in getting early warning
and manage the activities in accordance with the changing needs. Apart from this, the report
features out the application of the given standard in the company that is Blue Scope Limited, its
analysis, and understanding of the working criteria of the concerned company. The project report
features out the recommendation at every level of the report so as to enable the management of
the concerned company in making a value judgment.
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