The report has identified various aspects related to ASA 315, American Accounting Association Model and liability of the auditors. The unclear responsibility from the top management of CAB, ineffective executive committee and others have been identified as the significant issues in accordance with ASA 315 for which appropriate recommendations have been provided to overcome the situation. In the second situation, it has been assessed that John has not attended his office by giving a fake reason, which has violated the ethical principle mentioned under the American Accounting Association Model. This mandates the need for David Little, the senior employee of the organisation, to inform the same to the other team members for maintaining ethical integrity. Finally, it has been evaluated that the inclusion of auditors as well as statutory cap would help in minimising the liability of the auditors.

Assessment item 2

Prepare a report on audit responsibility and client governance, focusing on the governance issues raised by ASIC in the Commonwealth bank case.

Report assesses ASA 315, American Accounting Association Model, auditor liability, and ethical concerns using AAA Decision Model.

Auditing Theory and Practice - Desklib

Auditing Theory and Practice

Test Prep

AAA Model Ethical Decision Making

This article discusses the responsibilities of auditors for reviewing the governance of clients as per the auditing standard of ASA 315. It also explains the impact of incorporation of auditors and statutory cap on their liability. Additionally, it provides answers to questions related to ethical decision making and American Accounting Association Model.

Hartpury University and Hartpury College

Operations Auditing

This report is the analysis of the responsibility of the auditors to review the governance of the audit client by considering ASA 15. The incorporation of the statutory cap of the auditors has major impact on the process to limit the liability of the auditors.

Auditing

University of Massachusetts Global

Political Science

Study on Auditing and Assurance Standards Board

Dissertation

This article discusses the audit procedures for SBL's inherent and control risks, including classification testing, completeness testing, cut off testing, occurrence testing, existence testing, and rights and obligations testing.

Audit Procedures for SBL: Inherent and Control Risk

This report discusses the key risk assertion related to inventory and intangible assets of two companies, along with the audit procedures to be followed. It also covers the communicating audit matters as per ASA 701.

Auditing Theory and Practice

AAA Model Ethical Decision Makinglg...

Auditing Theory and Practicelg...

Auditinglg...

Study on Auditing and Assurance Standards Boardlg...

Audit Procedures for SBL: Inherent and Control Risklg...

Auditing: Risk Assertion and Audit Procedures for Inventory and Intangible Assetslg...

AAA Model Ethical Decision Making

Auditing Theory and Practice

Auditing

Study on Auditing and Assurance Standards Board

Audit Procedures for SBL: Inherent and Control Risk

Auditing: Risk Assertion and Audit Procedures for Inventory and Intangible Assets