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HI6026 - Report on Audit, Assurance and Compliance

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Holmesglen Institute

   

Audit, Assurance and Compliance (HI6026)

   

Added on  2020-03-01

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HI6026 - The following document is based on your reading and understanding of the document. The paper has some questions answered based on your learnings. The paper has the following questions 1. Explain how results influence planning decisions for the audit if analytical procedures to the financial report information of DIPL for the last three year is applied. 2. Conduct risk assessment and find inherent risk factors that arise from the nature of DIPL’s business operations.

HI6026 - Report on Audit, Assurance and Compliance

   

Holmesglen Institute

   

Audit, Assurance and Compliance (HI6026)

   Added on 2020-03-01

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Running head: AUDIT, ASSURANCE AND COMPLIANCEAudit, assurance and complianceName of the studentName of the universityAuthor note
HI6026 - Report on Audit, Assurance and Compliance_1
1AUDIT, ASSURANCE AND COMPLIANCETable of ContentsQuestion 1..................................................................................................................................2Impact of the outcome on the audit plan....................................................................................2Question 2..................................................................................................................................4Inherent risk associated in the DIPL business operation...........................................................4Impact of inherent risk on material misstatement......................................................................5Question 3..................................................................................................................................6Susceptibility of misstatement owing to the risk of fraud..........................................................6Identification of the risk factors.................................................................................................7Reference....................................................................................................................................8
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2AUDIT, ASSURANCE AND COMPLIANCEQuestion 1The analytical procedures incorporate the examination of financial data. The auditoruses the analytical approach with respect to the finance related explanation of DIPL toseparate the issues into the segments required for comprehending it. Further, the analyticalprocedure for the annual reports is among the different financial review method that assiststhe auditor to comprehend the business and any adjustments in the matter of the customer andto perceive the potential hazard divisions for arranging the other audit techniques. However,the utilization of analytical method can be done through various approaches and variousanalysts, accountants and auditors understand the data in various ways for to take the finaldecisions of the business (Burk and Hendry 2014). For comparing the annual reports of the company, any of the items from the theannual reports can be selected as per the professional and judgemental approach of theanalyst. For example, the analyst can choose the shareholder’s equity to assess the solvencyof the company or he can choose the net income and sales to measure the profit earningability of the company. Then the outcome can be compared with the benchmark, if any, tomeasure the variance and plan the audit accordingly (Hayes, Wallage and Gortemaker 2014). Impact of the outcome on the audit planGenerally, the financial performance and the reporting framework greatly affect theplanning of the audit. Moreover, the data management, availability of data of client’sbusiness greatly affects the audit planning decisions.Ratio calculationCalculation of ratio
HI6026 - Report on Audit, Assurance and Compliance_3

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