Industrial Position in the Company

12 Pages2865 Words243 Views

Added on 2019-09-30

Industrial Position in the Company

Added on 2019-09-30

BookmarkRelated Documents

AUDITING

Table of ContentsTable of Contents.............................................................................................................................................2Executive Summary..........................................................................................................................................3Introduction......................................................................................................................................................4Body of Assignment..........................................................................................................................................4Part 1: Flight centre travel............................................................................................................................4General and industry –specific economic trend and condition................................................................5Competitive Environment.........................................................................................................................6Product, Customer, and supplier information..........................................................................................6Technological Advances and effect of the Internet..................................................................................7Laws and regularity requirement.............................................................................................................7Other Area................................................................................................................................................8Part: 2 Answers: Risk of material Misstatement at the financial report level...............................................8Conclusion......................................................................................................................................................11Reference List.................................................................................................................................................12

Executive SummaryTo start with audit of any entity, auditor has to understand the client’s business. It will affect the many factors, for example industry scenario, industrial position in the company, political environment, competitive environment. Before starting any audit, auditor prepares audit plan of the work to be done while doing audit and also mentioned the manner in which team shall carry out the audit so that audit shallbe done in efficient manner. Audit planning is done after accepting audit engagements and after gathering information about the client.

IntroductionIt is very important for auditor to make audit plan before starting any audit.Before planning audit ofany entity, it is necessary to know about the entity in order to frame proper audit plan and to execute it in effective way. It is very important to know the type of industry in which entity exist, Industry trend, Legal and other compliances applies to entity, Culture and environment in which entity operate, Product or services in which entity dealing with, Customer and supplier base for that industry Before starting audit, auditor shall make audit plan in order to use his resource in a proper way, also to decide the nature timing and extent of audit, audit planning is very useful. Before conducting audit it is very necessary to obtain the information relating to client. may ask forfinancial statement and other details from the client to get the understanding of the client Auditor may conduct an interview or questionnaire and also can visit client premises in order to get understanding of the client. It is very important to have all the details regarding client before starting audit. It is the first step for any successful audit is to obtain the information of the client at the planning stage of an auditMain purpose of audit planning and preparing audit strategy is to allocate resources in a proper way. If any matter is material then more resources must be allocated into that and the matters having lower importance shall be allocated less resources and time.-Audit plan shall be prepared keeping in mind the audit objectives.-Before starting the Audit of any client Auditor first understand the client business its market, industries, its comparative, its market condition, so that will prepare the plan for client audit, this information will be obtained from outside the agency and obtain the information while visit the client business. Body of AssignmentPart 1: Flight centre travelHere an auditor needs to obtain all the details like business type, industry type, legal entity type, applicable law, market segment and many other information of the flight centre travel in order to plan the audit to decide nature, timing and extent of audit in every items of business.

End of preview

Want to access all the pages? Upload your documents or become a member.

Report on Planning of Audit

|1891

|44

Auditing Assignment | Financial Statements Report

|17

|3372

|77

Auditing Report for Nanosonics Limited

|13

|3496

|358

Prevailing in Australia Assignment 2022

|3357

|16

The Business Environment | Report

|16

|3357

|40

Auditing and Assurance Assignment Help

|13

|2412

|240

Industrial Position in the Company