Evaluation of Auditor's Assurance Services: Apollo Minerals Limited

Running head: AUDITING THEORY AND PRACTICE
Auditing theory and practice
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AUDITING THEORY AND PRACTICE
Executive summary:
The report is prepared for evaluating the effectiveness of any material information that is
presented in the annual report of one of the Australian stock exchange listed companies. The
chosen company for the analysis purpose is Apollo minerals limited. Data relating to the auditing
report and matters on audit have been extracted from the annual report published by the company
which is sourced from its website. Explanation of audit committee is terms of its functions,
composition and responsibilities. Each of the identified key audit matters have been explained by
performing the audit procedures that helps in providing assurance. Remuneration of auditors
have been depicted in the table format that facilitates comparison of the payment made by
company in different years.

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AUDITING THEORY AND PRACTICE
Table of Contents
Introduction:....................................................................................................................................3
Discussion:.......................................................................................................................................3
1) Evaluation of the auditor’s assurance services:...........................................................................3
2) Evaluation of Compliance of auditors with independence requirements:...................................3
3) Nature of non audit services:.......................................................................................................3
4) Analysis of remuneration of auditors:.........................................................................................3
5) Evaluation of key audit matters:..................................................................................................3
6) Evaluation of audit committee:...................................................................................................4
7) Audit opinion expressed:.............................................................................................................4
8) Difference between the responsibilities of management and auditors:.......................................4
Conclusion:......................................................................................................................................4
Reference list:..................................................................................................................................4

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AUDITING THEORY AND PRACTICE
Introduction:
The report demonstrates the evaluation and summary of auditor’s assurance services
provided by the auditors to their clients. For this purpose, the analysis of the auditor’s report and
the data relating to the same has been extracted from the annual report of the selected company.
The chosen company for the analysis of auditor’s functions is an Apollo mineral limited that is
listed on the Australian stock exchange. The main focus of company is to develop the Southern
France Couflens project along with progressing the Aurene project in neighboring Spain.
Company main objective regarding the Couflens project is to focus on the potential Salau mine
reactivation. Several regional exploration programs have been conducted by company that has
been identified by the Aurene and Couflens project. There are several areas related to the
auditing that have been analyzed in the report that include non assurance services, remuneration,
key audit matters, audit committee and audit opinion (Knechel et al., 2016). In addition to this,
the effectiveness of material information has been assessed in the report. All the information
relating to auditing of Apollo minerals have been extracted from the annual report of the
company.
Discussion:
1) Evaluation of the auditor’s assurance services:
The relevant government authority conducts inspection for indentifying the instances of
the environmental non compliance in terms of operations. Auditor of Apollo minerals limited has
conducted review of financial report that comprises of the condensed consolidated statements
financial position, condensed consolidated statement changes in equity, condensed consolidated
statement profit and loss, and condensed consolidated statement comprehensive income as at 31st
December, 2017. The auditor to the best of their belief and knowledge makes the declaration that