logo

HI6026 Audit, Assurance and Compliance- Individual Assignment

10 Pages2852 Words153 Views
   

Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   

Added on  2020-03-07

About This Document

Auditors evaluate internal control, financial statements in order to establish sufficient appropriate evidence to form an opinion on the financial statements. It helps the auditor to perform responsibility relating to performing analytical procedures at the end of the audit. In this section, we will discuss:- Acquisition of Nuclear publishing limited (NPL), allowance for obsolesce of the inventory.

HI6026 Audit, Assurance and Compliance- Individual Assignment

   

Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   Added on 2020-03-07

ShareRelated Documents
Audit, Assurance, and ComplianceINDIVIDUAL ASSIGNMENT 11 | P a g e
HI6026 Audit, Assurance and Compliance- Individual Assignment_1
Table of ContentsSolution 1.........................................................................................................................................3Solution 2.........................................................................................................................................6Solution 3.........................................................................................................................................8References......................................................................................................................................102 | P a g e
HI6026 Audit, Assurance and Compliance- Individual Assignment_2
Solution 1The term analytical procedures can be defined as the process undertaken by the auditor on thetransactions and items in the financial statements so that he can conclude about the true andfairness of the transactions by the organization. These activities are performed in order to assessthe areas which are needed to be taken concern more. These procedures provide us the resultabout the errors or miss statement conducted by the personal recording the transactions andpreparing financial statements of the company. For concluding the fairness of the transactions,the auditor needs to conduct both statistical, mathematical all physical verification of the itemsso that he gets to know about the strength of the internal control system of the organization(Christensen, et. al., 2012).These analytical procedures are the ship between the financial and on financial data of theorganization. Conducting this activity he is able to judge the genuine nature of the transactionsand the actual transactions recorded. These procedures may include a comparison betweendifferent elements of the transactions within the organization or outside the organization. Theauditor can compare the transactions with other organizations and the amount paid for the samein comparison with other.In the present case, the firm is a printing organization conducting its activities all over the world.It is necessary for the auditor to check whether the transactions undertaken by the organization istrue and as for the policy is formulated by the firm.There are various items which are needed to be taken under the analytical procedures of theauditor. The major item which is to be checked by conducting this activity is cash held with thefirm. This can be checked by confirming the cash amount with the cashier with the actual cashbalance shown in the cash flow statement and cash statement. This will help ascertained by theauditor that the cash is being handled by the organization in a legible manner improper recordsare being kept. The other important item which is to be checked by the auditor applying thisprocedure is stock held by the firm. The stock can be checked by the auditor by physicalverification at the place where the stock is kept. Also, the altar can check the recording of thestock entered in the warehouse and the documentation is prepared by the firm. Also, the3 | P a g e
HI6026 Audit, Assurance and Compliance- Individual Assignment_3

End of preview

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

Related Documents
HI6026 - Assignment on Audit, Assurance and Compliance
|7
|1516
|51

HI6026 Audit, Assurance and Compliance Assignment On
|8
|1840
|106

Case Study On Double Ink Printers Ltd (DIPL) - HI6026
|11
|2473
|41

Audit Processes in Business and Finance
|11
|1950
|376

Micro and Macro Economic Factors in Audit Report
|9
|2103
|108

International Financial Accounting Standard and Regulations
|11
|2486
|87