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Report on Audit Planning

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Added on  2020-03-16

Report on Audit Planning

   Added on 2020-03-16

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Running head: AUDITINGAuditingName of the Student:Name of the University:Authors Note:
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1AUDITINGTable of Contents1. Audit planning:.......................................................................................................................31.1Analytical Review:................................................................................................................31.2Preliminary judgment of materiality:....................................................................................32. Selected First account:...........................................................................................................42.1 Rationale for selection:........................................................................................................42.2Assertion and explanation:....................................................................................................42.3 Recommended audit procedure:...........................................................................................43. Selected Second account:.......................................................................................................53.1Rationale for selection:.........................................................................................................53.2Assertion and explanation:....................................................................................................53.3 Recommended audit procedure:...........................................................................................54 Selected third account:............................................................................................................54.1 Rationale for selection:........................................................................................................64.2 Assertion and explanation:...................................................................................................64.3 Recommended audit procedure:...........................................................................................65. Selected fourth account:.........................................................................................................65.1 Rationale for selection:........................................................................................................65.2 Assertion and explanation:...................................................................................................75.3 Recommended audit procedure:...........................................................................................76. Selected Fifth account:...........................................................................................................76.1 Rationale for selection:........................................................................................................7
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2AUDITING6.2 Assertion and explanation:...................................................................................................76.3 Recommended audit procedure:...........................................................................................77.1 Rationale for selection:........................................................................................................87.2 Assertion and explanation:...................................................................................................87.3 Recommended audit procedure:...........................................................................................88. Selected seventh account:......................................................................................................88.1 Rationale for selection:........................................................................................................98.2 Assertion and explanation:...................................................................................................98.3Recommended audit procedure:............................................................................................9Reference..................................................................................................................................12
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3AUDITING1. Audit planning:In this report, innovative methods have been implemented to select seven accounts forthe purpose of audit. The choosing of number of accounts is being done in a way that toexamine the objective of extraordinary fluctuations in particular pieces and aids to detect thereason of the variations. The variations percentage in pieces along the variations in trailbalance is taken as a base. 1.1Analytical Review:The review in a systematic manner is displayed as the extraordinary variations in thecurrent year by utilising the dissimilar statistical and mathematical modus operandi through amodel of variations. The analysis of ratios is utilized to examine the extraordinary variationsin solidarity or liquidity ratio of a business along with the extraordinary variations inprosperity in the institute (Knechel W.R. and Salterio 2016). The sales have increased slight by 0.83% in the end of the year on 30th June 2017from the figures of the previous year. Therefore, the profit of the business have increased inthe current year. The system of audit proficiently discovers the cause of the augmentation ofthe profits in the system of audit that they will accomplish. 1.2Preliminary judgment of materiality:At this point of time the materials has been settled in intriguing into the considerationa particular percentage of the pieces sums to the full sum of the earnings, expenditures, assetsand liabilities that is related. The pieces are selected as per the earnings of the pieces and ifthe earnings is not less than 5% of the aggregate income of the business then those pieces aretaken into consideration and acknowledged or else no tactics and time are being maltreatmenton those times (Junior et al. 2014).
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