Audit and Assurance Assignment - (Solution)

Added on -2020-02-14

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AUDIT AND ASSURANCE
Table of ContentsINTRODUCTION...........................................................................................................................4TASK...............................................................................................................................................4CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9Books & Journals........................................................................................................................9Online........................................................................................................................................10
INTRODUCTIONThe principal activities of Audit and Assurance defines that the team carrying out thesespecial activities have some ethics and standards relating to their professions. They perform thetask of scrutinizing of books of accounts to provide a audit report which depicts the true and fairstatement of company (Bowling, 2014). Its the legal obligation of auditors to perform their dutiesin true and fair manner so that they can provide an unqualified report on financial statements thatall the records are prepared and maintained in accordance with Generally Accepted AccountingPrinciples (GAAP).TASKKey Elements in Audit Process:The International Auditing and Assurance Board (IAASB), has released a framework foraudit quality. With the help of outlay provided, it aims to raise the awareness about elements ofaudit quality encouraging key stakeholders to challenge themselves to perform audit in asystematised manner and to reach the level of ethics which provide a benchmark that thisparticular level of sincerity is to be achieved, facilitating greater dialogue between keystakeholders and the audit committee (Leung, Coram and Cooper, 2007). This provides someimportant guidelines which involve in practical experience, by executing in report managementgroup which help in assessing in audit. This innovation provide some base are provided ataspects of audit activity because they help in making decision. Therefore, some official emissaryare considered by involving of organic announcement which consist of balancing theory andcombination of particle and theoretical activity.Current problem faced by an auditors is of opinion expressed by them with properevidences which will further can create significant changes due to discovery of externalevidence. This problem can be overcome by using proper decision making process which will

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