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Auditor Reporting being Embraced in Australia

   

Added on  2020-12-29

13 Pages3034 Words113 Views
Auditor Reporting beingEmbraced in Australia

EXECUTIVE SUMMARYIn this project, company's auditor report is evaluated based on key information includedin company's annual report. Auditor's independent declaration, audit report, non audit servicesperformed by auditor is also identified. Various role, functions and composition of auditcommittee is analysed. Auditor's independent report to stakeholders is evaluated. All the keyaudit matters are noted that are associated with audit procedures. Type of audit opinion wasexpressed in this report. At last, how director's and management's responsibilities differ fromauditor's in relation to the financial report are explained under this project.

Table of ContentsEXECUTIVE SUMMARY.............................................................................................................1INTRODUCTION...........................................................................................................................1Main Body.......................................................................................................................................1Auditor’s Independence Declaration..........................................................................................1Non-Audit services performed by the Auditor...........................................................................2Auditor’s remuneration .............................................................................................................3Key audit matters.......................................................................................................................3Audit commission.......................................................................................................................5Follow up question asked to an auditor at company AGM.........................................................6Directors’ and Management’s responsibilities differ from the Auditor’s responsibilities .........6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8APPENDIX......................................................................................................................................12

INTRODUCTIONAuditing is an essential examination of various account books those are prepared by thecompany during an accounting period of time. It can be systematic and independent evaluationof statutory records, documents and vouchers of an organisation in order to ascertain the wayfinancial statements as well as non-financial records shows a fair outcome to the investors. Theaim of this report is to analyse “how is enhanced Auditors reporting being embraced inAustralia”. In order to obtain reasonable assurance that can assist in overall management andrecording of financial statements those are based on accurate finding from the audit perspectives.The company which has been selected for the purpose of evaluating the auditing statements is“Wesfarmers Ltd”. It is known as the leading Australian listed company which is been focusedon diverse administration that can provide a satisfactory return to their shareholders (Pittock,Hussey and McGlennon, 2013).In this report, auditor's independence Declaration report is discussed to show that auditorcomplied with independence requirement. Non-audit services performed by the auditor arementioned below. Important role and function of audit committee in the given organisation. Eachkey audit matter are summarise and paraphrase to provide assurance over each matter.Main Body Auditor’s Independence DeclarationA firm account Observer must remain independent from the organisation. It is defined byunity and an subjective approach to the accounting activity. This concepts allows the accountantto perform his work free in order to achieve company goal. Securities and exchange commissionset concept on audit freedom that can be organised into 5 primal region: forbidden non auditwork, Accounting committee pre-Approval of work, relative motion, struggle of power andenhanced connection and revelation. It is clear that when an auditor of Wesfarmers conduct anview of business document, he necessary supply a graphic deceleration conforming of nocontravention to attender freedom requirement (Burdett and Crossman, 2012). According to annual report 2017 of Wesfarmers the management accepted the favorablealteration from Ernst & young. Some of the following important modification are: (a) zero dispute to the auditor in the corporation Act 2001 that is in abstraction to the audit and 1

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