Professional Auditing

Running head: Professional Auditing
Professional Auditing
Name of the Student
Name of the University
Author Note

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Professional Auditing
Executive Summary
The report show about auditing process of the company y and show how the auditor gives its
opinion upon the financial statement of the company. It also shows about the company name
Konekt Limited. It shows about the misstatement of the account in the company and also
show the planning materiality of the company. Lastly it show the risk assessment procedure
which is to be followed by the auditor in regards of the misstatement of the account in the
company financial statement.

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Professional Auditing
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
Overview of the Client/ Company.........................................................................................3
Materiality in the Company financial statement....................................................................4
Audit Risk Assessment..........................................................................................................8
Conclusion................................................................................................................................11
Reference..................................................................................................................................12
Appendix..................................................................................................................................14

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Professional Auditing
Introduction
Auditing is the process to know about the financial statement of the company,. The
auditing process is been carried by both internally and externally. Internally Audit is been
carried out by the employee of the company or the audit committee of the company. It is been
done so that the company can able to know whether there lacking behind and able to do the
correction of the mistake (Adler et al., 2018). As internal audit is able to check the internal
control of the company so it able to find all the problem which are there in the internal
control of the company and as a result it able to guide the company about the problem which
are there in the internal control and the company is able to do the correction in the internal
control problem and help the management to do the business smoothly (Barton and Bruder
2014). The external person is called auditor who carry audit process in the company and
gives its opinion whether the financial statement are showing true and fair view or not. To
check the details of the financial statement auditor have to carry many procedure so that it
able to ascertain the amount of risk which is there in the financial statement and able to give
proper opinion about the financial statement (Christensen, Elder and Glover 2014). It also
check about the internal control of the company as it is the main reason where the most fault
of the company can occur and also it is the place which can tell the auditor about whether
there is any fraud is happening in the company or not and also it show about the material
misstatement in the financial statement of the company. The assignment is been based about
the company Konekt Limited and it show about the various risk which are been associated in
the company and also it show about the planning materiality of the company.