Prevailing in Australia Assignment 2022

AUDITING
ASSIGNMENT
BAO3306
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EXECUTIVE SUMMARY:
This paper has been analysed in lines with Auditing Standards prevailing in Australia issued by the
respective board so as to have uniformity and quality in the process of Audit. The major focus of
the paper is the steps and the aspects required to be analysed while planning the audit of an entity
for the first time. The auditors are responsible for stating the opinion on the true and fair view of the
financial statements being prepared by the management so that the stakeholders can use the same
with confidence for taking decisions in respect of the entity concerned. Furthermore, Auditors are
require to disclose even the matters that they think are at risk in their report. All this helps the
auditors to frame effective Audit Planning that will help in having them in having the sampling to
be more reliable and transparent. The standards have been analysed taking the company Kneomedia
Limited’s last year annual reports in account. The paper discusses impact of the various auditing
standards on the process of Audit Planning which are required to be considered by the Auditors
during the process of audit to make it more reliable and acceptable.
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Table of Contents
EXECUTIVE SUMMARY:................................................................................................... 2
INTRODUCTION............................................................................................................... 4
KEY INFORMATION.......................................................................................................... 4
a) GAIN AN UNDERSTANDING OF THE CLIENT...........................................................5
b) IDENTIFYING SIGNIFICANT ACCOUNTS MOST AT RISK OF BEING MATERIALLY
MISSTATED:................................................................................................................. 6
c) SET PLANNING MATERIALITY LEVEL:.....................................................................7
d) IDENTIFICATION OF THE AUDIT RISK ASSESSMENT OF THE SELECTED FIVE
ACCOUNTS:................................................................................................................. 7
CONCLUSION:................................................................................................................. 8
REFERENCES:................................................................................................................. 9
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