AUDIT ASSURANCE AND COMPLIANCE3Solution to Question 1:Implementation of analytical procedures to monetary assertions of firm DIPLProper implementation of analytical procedures to different pecuniary assertions of the firmDIPL can support the process of improvement of the audit design. Fundamentally, audit plancan reflect specific directive that need to be tracked during a specific time of executing theaudit practise. Fundamentally, stratagem of assessment also aids auditors in backing up auditexpenses at sensible stage and aids in illustrating misapprehension together withmiscommunication with diverse customers of specific firm.Inspective tactic of common sizing backs evaluation of financial assertions in a specificmanner. This way of analytical procedure also aids management of firms to work on carryingout comparative evaluation of economic assertions of firms from the perspective of differentperiods (different phases of time) or else from the perspective of different business concerns.Appraisers can also tell about different categories otherwise classes of elements recognized inthe financial statements and help in examining the manner of disclosing diverse economicpronouncements (Chou 2015). As such, the mechanism of considering diverse elements ofeconomic statements for example, net assets as well as liabilities together with shareholders’equity (Simnett et al. 2016). Nonetheless, modification in the financial statements consideredfrom a specific point of view backs the development of the system of identifying theaberration, thus, this aids the process of analysis of the reason behind the deviation forgaining a deep understanding as regards the main intent (William Jr et al. 2016). In essence,this is mainly because this technique can be appositely executed for analysing financialreports and all at the same time analysing comprehensive idea of financial analysis. Detailed discussion of the way economic fallouts can affect audit process

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