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The Australian Auditing Standards (AASB)

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Added on  2020-05-16

The Australian Auditing Standards (AASB)

   Added on 2020-05-16

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Running head: Auditing & Assurance Auditing & Assurance
The Australian Auditing Standards (AASB)_1
Auditing & Assurance 1Executive SummaryThe Australian Auditing Standards (AASB) expresses the needs and responsibilities of theauditors while conducting the audit of financial statements. Some of the standards recommendedby AABS are ASA 315, ASA 570 and ASA 701. As per ASA 315, it is the responsibility of theauditors to identify and calculate the material threat of misstatement in the financial reports. Toaccomplish this aim, they should understand the atmosphere of the organization and its internalmechanism. Another Australian Auditing Standard ASA 570 related to the responsibility of the auditors toassess if the organization would survive as a prosperous entity. It is assessed in the context ofASA 315, if it is capable to resist the risk and survive as a successful entity.The newly introduced Auditing Standard ASA 701 suggests that the announcement of theimportant audit matters in the independent auditor’s report by the auditors. The aim is to furnishthe data with more clarity to the shareholders of the organization. In this report, the financial report of Bega Cheese Limited is assessed on the basis of the abovementioned auditing standards by Price Waterhouse Coopers. The result of their assessment isalso mentioned in this report.
The Australian Auditing Standards (AASB)_2
Auditing & Assurance 2ContentsExecutive Summary.....................................................................................................................................1Introduction.................................................................................................................................................3Introduction to the Company.......................................................................................................................3Introduction to the Auditors........................................................................................................................3Assessment of the risk associated with Substantial Mismanagement as per ASA 315................................3Auditor’s Assessment pertaining to the areas associated with the risk of substantial mismanagement as per ASA570.............................................................................................................................................5The impact on the audit of important transactions which occurred during the period..................................5Events having influence on the entity’s capability to survive as a successful entity..................................6Recommendations/ Conclusions..................................................................................................................7References...................................................................................................................................................8
The Australian Auditing Standards (AASB)_3

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