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(solved) Auditing and Assurance Assignment

   

Added on  2020-05-16

14 Pages2475 Words64 Views
Finance
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Running head: AUDITING AND ASSURANCEAuditing and AssuranceName of the Student:Name of the University:Author’s Note:Course ID:
(solved) Auditing and Assurance Assignment_1

1AUDITING AND ASSURANCEExecutive Summary:The current report aims to deal with carrying out the risk assessment of a new client.In this case, AGL Limited has been selected as the new client and the intention is to developa thorough risk assessment procedure of the firm along with suggesting the necessary controlelements. The audit committee has lesser responsibilities along with the nomination of aneffective external auditor that will anticipate the company’s opinion regarding fairness andmateriality associated with Audit report. In such manner, the shareholders might considerannual report’s fairness of the organization along with accepting the same as a factsheet.
(solved) Auditing and Assurance Assignment_2

2AUDITING AND ASSURANCETable of Contents1. Introduction:...........................................................................................................................32. Inherent risks, impacted ledger accounts, assertions and audit process or task:....................33. Financial ratio analysis:..........................................................................................................64. Identified area of concern:.....................................................................................................75. Control elements:.................................................................................................................116. Conclusion:..........................................................................................................................13References and Bibliographies:................................................................................................14
(solved) Auditing and Assurance Assignment_3

3AUDITING AND ASSURANCE1. Introduction:The current report aims to deal with carrying out the risk assessment of a new client.In this case, AGL Limited has been selected as the new client and the intention is to developa thorough risk assessment procedure of the firm along with suggesting the necessary controlelements. 2. Inherent risks, impacted ledger accounts, assertions and audit process or task:Inherent RiskExplanationImpacted Ledgeraccount andAssertion Audit Process/TaskUnbilled revenue It explains that recordedrevenue which is notbilled yet over acontract. An unbilledrevenue of $1032million mentionedwithin the Note 11indicates that gas andelectricity value offeredto consumers amongthe last meter readingand reporting date inwhich bill has not beenoffered by AGL to itsconsumers at thereporting period end(AGL Energy Ltd,2016).Assertions:-Precision-Cut-off-Segmentation- Event-ExtensivenessImpacted ledgeraccount:-Revenue-Cash on hand-Retained EarningsCertain processesencompass attaining acommon view of majorcontrols regardingmanagement fordetermining theanticipation of unbilledrevenue.
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