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Key Audit Matters in Annual Report of Organisation

   

Added on  2023-06-15

10 Pages3813 Words381 Views
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Running head: AUDITING AND ASSURANCE
Auditing and Assurance
Name of the Student:
Name of the University:
Authors Note:
Key Audit Matters in Annual Report of Organisation_1

AUDITING AND ASSURANCE
1
Executive Summary:
The report evaluates the Key audit matter in annual report of organisation and depicts its
significance. The Communication of Key Audit Matters was mainly conducted in annual
report of the organisation after the commencement of financial crisis, as companies were not
disclosing all the relevant data in their annual report. With the implementation of Key Audit
Matter companies were mainly forced by accounting standard to follow the regulation for
reducing the occurrence of next financial crisis. Moreover, companies are mainly responsible
for disclosing the explanatory materials in key audit report in the independent auditor’s
report. This disclosure is mainly conducted according to the standard mentioned in ASA 701,
which could depict actual financial condition to its stakeholders. The relevant transactions
conducted by the company during the fiscal year needs to be evaluated by the auditor for
detecting the material misstatement present within operations of the organization. this
detection of material misstatement could eventually allow the auditor to convey the message
in key audit matters of the organization. This transfer of information from the auditors to the
investors could eventually help them understand the actual financial position of the
organization while making a relevant investment decision.
Key Audit Matters in Annual Report of Organisation_2

AUDITING AND ASSURANCE
2
Table of Contents
Introduction:...............................................................................................................................3
Analysis:.....................................................................................................................................3
Research- extent and application:..............................................................................................5
Recommendation and conclusion:.............................................................................................6
Reference and Bibliography:......................................................................................................8
Key Audit Matters in Annual Report of Organisation_3

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