logo

HI6026 - Audit, Assurance and Compliance Assignment

9 Pages2305 Words41 Views
   

Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   

Added on  2020-03-04

About This Document

The below document discusses the audit and assurance of DoubleInk Printers Ltd. The various questions which have been discussed related to  DoubleInk Printers Ltd are " Explaining how results influence planning results of the audit of the year", "Explaining the risk and how it might affect the material misstatement in the financial report, and many more."

HI6026 - Audit, Assurance and Compliance Assignment

   

Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   Added on 2020-03-04

ShareRelated Documents
Running head: AUDITING & ASSURANCEAuditing & AssuranceName of the Student:Name of the University:Author’s Note:Course ID:
HI6026 - Audit, Assurance and Compliance Assignment_1
1AUDITING & ASSURANCETable of ContentsQuestion 1: Explaining how results influence planning results of the audit of year ending 30June 2015...................................................................................................................................2Question 2: Explaining the risk and how it might affect the material misstatement in thefinancial report...........................................................................................................................4Question 3a: Identifying and explaining the two key fraud risk factors, which might increasefraudulent financial reporting.....................................................................................................5Question 3b: Depicting how the risk actors would affect the audit...........................................7Reference and Bibliography:......................................................................................................8
HI6026 - Audit, Assurance and Compliance Assignment_2
2AUDITING & ASSURANCEQuestion 1: Explaining how results influence planning results of the audit of yearending 30 June 2015Analytical process is considered to be one of the adequate information providingsystems, which allows the company to develop adequate audit plan. The use of the audit planmainly allows the auditor’s relevant steps that need to be conducted complete the auditoperation. Arens, Elder and Beasley (2014) mentioned that with the help of audit plan,auditors are able to control and maintain the overall audit cost, which is needed to completethe overall audit procedures. However, DIPL need an adequate analytical approach forreviewing the overall financial information, which has been declared by the organisation. Theanalytical approach only allows the financial analyst and auditors to understand overallperformance of the organisation and make relevant accounting and financial decisions.Furthermore, with the help of common size analytical approach, individuals are able toevaluate the financial declaration that has been conducted by the organisation. In this context,Arens et al. (2016) stated that the evaluation and comparison of different financial reportsallows the financial analyst to understand the trend of the organisation.There are different ways in which financial analyst and Accountants are able toevaluate the financial report of an organisation. The major analytical process that could beused by the analyst is the Benchmarking. This method directly allows the analyst to comparethe financial condition of an organisation to its peers. Relevant variance could be identifiedwith the help of benchmarking process, which could directly pinpointing causes of thevariance and performance between the company and its competitors. Furthermore, the use ofratios also allows the financial analyst to evaluate the financial information provided by anorganisation. The evaluation conducted by the ratios allows the organisation to compare theperformance of the organisation with not only its competitors but also with the previous fiscal
HI6026 - Audit, Assurance and Compliance Assignment_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
HI6026 - Audit Procedures | Report
|9
|2114
|76

Course ID: Course ID: ASSURANCE AND COMPLIANCE
|9
|2101
|392

HI6026 - Audit and Assurance and Compliance - Assignment
|7
|1704
|38

Auditing Assurance and Compliance Assignment
|10
|2485
|30

Assurance and Compliance Author Note: Question 1 3 Applying analytical procedures to the financial information for DIPL
|11
|2250
|29

HI6026 - Assignment on Audit Assurance and Compliances PDF
|11
|2662
|206