logo

(Solved) Key Audit Matters - PDF

   

Added on  2020-12-09

16 Pages3667 Words313 Views
AUDITING

Executive SummaryAuditing is a systematic and independent examination of books of accounts, statutoryrecords and statements related with an organisation to ascertain accuracy and dependability offinancial statements revealed by that business. Auditing is vital task representing fair view offinancials of company. In this process authenticity of remuneration to directors and auditors ischecked.The outcomes are generated for audit report for CBA which is effectively prepared forfinancial statements with references taken from professional bodies regulations.

TABLE OF CONTENTSINTRODUCTION................................................................................................................................11. Auditor compliance with Independence requirements.....................................................12. Non-audit services..............................................................................................................13. Auditor's Remuneration and comparison with prior year.................................................14. Discussing Key Audit Matters.............................................................................................45. Audit Committee of company............................................................................................76. Outlining Audit Opinion......................................................................................................77. Directors and Management responsibilities differ from Auditor’s responsibilities...........88. Outlining material subsequent events...............................................................................99. Discussing effectiveness of material information- Group materiality...............................910. Undisclosed material information from annual report..................................................1011. Asking follow-up questions to Auditor at AGM.............................................................10CONCLUSION..................................................................................................................................10REFERENCES...................................................................................................................................12

INTRODUCTIONAuditing is vital task representing fair view of financials of company. Present reportdeals with CBA (Commonwealth of Australia), which is a banking company, providing widevariety of services to customers. In this report, CBA's annual report ended as at 30 June, 2017has been effectively reviewed particularly with that of Auditor's section. PwC is the auditor ofCBA and compliance of independence requirements are discussed along with non-auditservices. Moreover, remuneration of auditor with previous year is explained with percentagechange. Key audit matters and audit opinion are reviewed. Material subsequent events andeffectiveness of material informatics and follow-up questions to be asked to auditor arediscussed. In all, it can be said that auditor of CBA has assessed financials by taking into accountrelevant information and thus, carried out whether financial statements reflects fair view ofaffairs of company or not.1. Auditor compliance with Independence requirementsIn annual report of 2017, Auditor has complied with provisions of Corporations Act 2001of Australia and no contraventions are being made to it. Furthermore, no contraventions aremade with regards to professional code of conduct with respect to audit.2. Non-audit servicesThe non-audit services have been provided by Price water house Coopers to CBA aresatisfactory as they are compatible with independence declaration made by auditor. Suchservices were being adopted by Audit Committee as per the laid down provisions and policies(Craig, Smieliauskas and Amernic, 2017). On the other hand, nature of non-audit services werebeing complied and independence of auditor was not compromised as communicated bydirectors.3. Auditor's Remuneration and comparison with prior year1

End of preview

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

Related Documents
Audit, Assurance and Compliance- Assignment
|15
|4187
|313

Audit, Assurance and Compliance - A case study of BHP Billiton
|13
|3328
|434

Audit Assurance and Compliance Assignment
|12
|3229
|420

Audit, Assurance and Compliance Assignment - Appen Limited
|12
|3358
|243

Audit of Adelaide Brighton limited
|12
|2630
|263

Audit Report Analysis of Harvey Norman Holdings Limited
|13
|3261
|366