Corporate Auditing Assignment Report

Running head: CORPORATE AUDITING
Corporate auditing
Name of the student
Name of the university
Authors note

1
CORPORATE AUDITING
Table of Contents
Part 1..............................................................................................................................2
Answer to question 1..................................................................................................2
Part 2..............................................................................................................................7
Answer to question 2..................................................................................................7
References....................................................................................................................13

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CORPORATE AUDITING
Part 1
Answer to question 1
To miss Williams
Subject: risk of material misstatement
Respected madam
In order to solve your query over the issue related to the issue of material
misstatement it can be said that the company audit report is fully based on the role of the
company auditor and government. Hence as per my view the company auditing standards
have been determined as per ASA 240 of the risk management of the potential investor are
very much significant to the case and the same is used to detect the fraud and related material
misstatement. Hence the material misstatement is expected to be higher than the actual risk
statement. However the failure to this could be relating to material misstatement. Hence the
company auditor concealment will be very difficult to judge in this case and thus it is
important to explain the management responsibility towards the government and auditor.
Auditor
The topic is related to the risk of material misstatement may be misled due to the
fraud detection and the same includes the nature, expert and frequency of the assessment.
Hence it is seen that the management process is related to the best possible risk
identification responding to the frauds and misstatements or the same have been brought to
attention to the higher management or the authority.
The management communication could be distracted if the government had likely
failed to identify the risk.

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CORPORATE AUDITING
The management communication is related to the overall management exposure
towards the best ethical practises.
It is suspected that the company auditor and the management to see whether the
knowledge base is for real and whether there is any suspicious and alleged fraud have been
conducted. Thus the same could affect the management.
The internal audit process will be effective to determine to see the actual knowledge
of the individual or the suspected fraud is affecting the country or not (Puat Nelson and Devi
2013).
Governance
The government is also a major concern who are directly associated with the entity. Hence it
is important to look after the management risk process by identifying the possible risk source
and mitigate the same. Unless any big expected change to occur, it is important that the
management must determine the fraudulence of the entity. Thus there lies some basic
difference between the identification of fraud and to choose the possible risk factor between
the scenarios (Bruynseels and Cardinaels 2013).
Misrepresentation of the auditor role
The auditor conception and the roles and responsibilities are considered as a big issue.
Hence the auditor while conducting the audit as per standard could look to obtain the
reasonable assurance if the financial reports is considered by the material misstatement is
considered as a big error or fraud. Hence the audit limitation risk is gene rally used to convey
the material misstatement on the company financial report which is to be deducted and had
been managed by the auditing standard of Australia. Hence the basic limitation are
significant to the process. Thus the overall risks are to be detected than the risk inheritance.
The process is sophisticated and being properly used towards the organisation to conceal it.