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HI6026 Aspects of Audit, Assurance and Compliance

   

Added on  2020-03-02

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Running head: AUDIT ASSURANCE AND COMPLIANCEAudit Assurance and ComplianceName of Student:Name of University:Author’s Note:
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1AUDIT ASSURANCE AND COMPLIANCETable of ContentsAnswer to Question 1:.....................................................................................................................2Answer to Question 2:.....................................................................................................................3Answer to Question 3:.....................................................................................................................7References........................................................................................................................................9List of Appendix............................................................................................................................11
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2AUDIT ASSURANCE AND COMPLIANCEAnswer to Question 1:Application of analytical procedures to the financial sreport information of DIPL The various types of the aspects of the financial processing of DIPL have been developedbased on the audit plan. The blueprint of the audit has been considered based on the time taken toframe the audit plan. In this aspect, the assessor has been able to consider the auditing costs at areasonable aspect for assisting and averting the misunderstanding with the clientele. Thedeclarations associated to the analytical framework for DIPL is considered as the disseminationprocess of the information in terms of the financial proclamations. The evaluation mechanismneeds to be set as per the proper utilization of the variety of the mechanisms. The analyticalprocedure needs to be based on the financial considerations. The different types of the evaluationprocess needs to be considered as per the utilization of the various mechanism procedures.Despite of this, the analytical process needs to be analysed as per the financial declarations of thefirm. The various types of the evaluation process is based on the dissemination of information asper the financial information for DIPL. The evaluation process has been carried as per utilizingthe various types of the mechanisms. The financial declarations has been further analysed as perthe vital decisions made for the business (Regoliosi & d’Eri, 2014).The common sizing for the analytical process has been considered as per the commonreference point. The comparison of the financial statement has been done based on theconsideration of the various corporations. The assessors need to consider the financial report andevaluate the method for reporting. The registering of the items as per the net liabilities and theassets needs to consider as per the owner’s equity in the financial report. This needs to be furtherexamined as per digressing from normal procedure. The analytical benchmarking is based on the
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3AUDIT ASSURANCE AND COMPLIANCEutilization of the audit plan. The actual variance from the benchmark from the financialdeclarations is seen to detect the root cause (Regoliosi & d’Eri, 2014). The ratio analysis has not been considered appropriately and this needs to be furtherconsidered for the plan of audit. Explanation of the way the results influence planning decisions for the auditThe decisions associated to the audit plan have been based on the influence of theanalytical approach and segregation of the data as per the annual report. The current ratio hasbeen seen to be 1.42 in 2013, 1.46 in 2014 and 1.5 in 2015. In the profitability ratio, the profitmargin of the company has been seen to be 0.068 in 2013, 0.60 in 2014 and 0.06 in 2015. Basedon the various types of the information associated to the profitability, the various aspects of thenet income are compared based on the net sales of the DIPL firm. The assessor will be able tounderstand the expenses are appropriate and whether the same can be considered to curtail thebudget and time consideration of the firm. The various natures of the changes in the ratio hasbeen considered as per the soundness of the financial position and financial condition. Forinstance, the solvency ratio is discerned as 0.62 in 2013, 0.44 in 2014 and 0.21 in 2015. This hasbeen further seen to be considered as per the trends of the financial statements. The comparisonof the ratio for the three periods has been seen to be based on the overall cash transactions basedon the long term liability evaluation of the corporation (Yang & Jia, 2013). Answer to Question 2:Identification of inherent risk factors that arise from nature of business operations of DIPL
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