Developing an Audit Program

DEVELOPING AN
AUDIT PROGRAM
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TABLE OF CONTENTS
 Executive Summary
 Introduction
 Company overview
Tests of control, substantive test of transactions and balances
 Key Business Risks
 Substantive Audit Procedures
 Relationship between assertion and account balances
 Audit Program
 Sampling plan
 Conclusion
 References

Executive Summary
This report summarises a detailed account in regards to how Audit
Program is developed in relation to a publicly listed company. For this
purpose, an ASX listed business, Thorn Group Ltd. Has been taken
into account. Here, it can be seen that the company has a high Audit
risk with negative profitability in the current year. For resolving this,
five assets viz. Inventories, small investment, cash, debtors, Financial
investment and liabilities viz.

Audit program helps an auditor to validate compliance and risk
management practices of an organisation. It also ensures that
proper attention is given tocritical business matters so as to
prevent the possibility of material misstatement. Thus, to perform
all the operation of business explicitly proper planning of audit is
required. To better understand the topic of substantive audit
procedure in response to assessed risk of material misstatement
and determine assertion in relation to account balance, Thorn
Group Limited has been selected.
Introduction

COMPANY OVERVIEW
Thorn Group Ltd company is an organization that offers various financ
ial services as well as solutions to the consumer. It basically provide the
services to various people in various divisions such as consumer leasin
g, commercial finance, receivable management as well as consumer fin
ance within or across the nation. Within consumer leasing the electroni
c equipment or appliance are offered as rentals to both household and o
ffice purposes. It includes kitchen appliance, office equipment, laundry
or appliance, furniture and so on.

Continue...
Thorn Group Ltd company is an organization that offers various financ
ial services as well as solutions to the consumer. It basically provide the
services to various people in various divisions such as consumer leasin
g, commercial finance, receivable management as well as consumer fin
ance within or across the nation. Within consumer leasing the electroni
c equipment or appliance are offered as rentals to both household and o
ffice purposes. It includes kitchen appliance, office equipment, laundry
or appliance, furniture and so on.