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Auditor's Report | Auditing Standards Assignment

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Added on  2020-04-07

Auditor's Report | Auditing Standards Assignment

   Added on 2020-04-07

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AUDITOR’S REPORTCOURSE TITLE: AUDITTRIMESTER 2, 20171
Auditor's Report | Auditing Standards Assignment_1
EXECUTIVE SUMMARYThis report explains the new auditing standards ASA 701 which is about communicating KIMs (key audit matters) is the independent Auditor’s report which aims to governing financial crisis in the whole world. The amendment from ISA 570 is to give feedback of requests by shareholders who needed additional information about the firms they invest in. Also investors requested awareness of the potential issues that may exist to an entity’s ability to continue in the future (Xu, et al., 2013). The report also explains the auditing issues that contributed to the downfall of ABC Learning Centre. The AUASB has adopted new auditing standard in order to changethe way the auditor’s report which is the ISAAB project. The project is aimed to enhancing the communicative power and the importance of the auditor’s report through the changes made in itsstructure and what it contains. The introduction of the new project will reflect the transparency, accountability, and willingness of the AUASB to conform to the Australian Security and Investment Committee. The report then relates the issues that contributed to the amendment of new auditing standards ISA701 which is about Communicating key audit matters in the independent auditor’s report. The report found that the ASA 701 Australia is moving to a more meaningful audit report for investors.The report also provides the KAMs that require being included in the audit report to the membersof ABC learning Centre when the new auditing standards ISA 701 are applied in the period up tothe collapse of ABC learning Centre. With the ASA 701 Australia is moving to a more meaningful audit report for investors.2
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Table of ContentsINTRODUCTION.....................................................................................................................................4COMMUNICATING KAMs IN AUDITOR’S REPORT......................................................................4KEY AUDIT MATTERS (KIMs)............................................................................................................5AUDITING ISSUES SORROUNDING THE COLLAPSE OF ABC LEARNING CENTRE............6ISSUES THAT CONTRIBUTED TO THE AMENDMENT OF AUDITING STANDARDS FROM ISA 507 TO ISA 701..................................................................................................................................8RECOMMENDATIONS..........................................................................................................................8CONCLUSION..........................................................................................................................................9REFERENCES........................................................................................................................................103
Auditor's Report | Auditing Standards Assignment_3

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