Audit and Assurance Assignment (Question & Answers)

Added on - 01 Mar 2020

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Running head: AUDIT AND ASSURANCEAudit and AssuranceName of Student:Name of University:Author’s Note:
1AUDIT AND ASSURANCETable of ContentsAnswer of Question 1:.....................................................................................................................2Application of the analytic procedures to DIPL’s financial report information:.........................2Answer to Question 2:.....................................................................................................................3Determination of the risk factors inherent, arising from the nature of DIPL’s Businessoperations:....................................................................................................................................3Answer to question 3:......................................................................................................................7Identification as well as the explanation of two major risk factors connected to themisstatements arising from the fraudulent financial reporting:...................................................7References:......................................................................................................................................8
2AUDIT AND ASSURANCEAnswer of Question 1:Application of the analytic procedures to DIPL’s financial report information:The most important nature of the economic report of the DIPL has been useful indevelopment of the plan of audit. The time of undertaking the audit follows the planning processof auditing. Overall the assessor maintains the audit costs up to a level or a stage which is moreor less reasonable. It has been found that this helps the maintenance of the audit cost as wellhelps in the misunderstanding related to the clients. DIPL’s economic statement is related to thedissemination from the firm’s financial declaration.Approach in an analytic sense for the common size is dependent upon the financialstatement as well as the common point of references. Further it has been found out that this ishelpful in the comparison of the economic statements that are related to different corporations.Related to this the assessors can deem the several items that have been discussed in the financialreport. An example can be cited as, the registering procedure of the items like the net assets aswell as the liabilities associated with the owner’s in the company’s report. It is of a financialnature. It also helps to understand the deviation from the usual process of reporting (Hayes,Wallage and Gortemaker 2014).Furthermore, it is found that the analysis of ratios can be considered as a suitable analytictechnique used for the audit plan assessment as well as the declarations of an economic nature.Procedural analysis of results influencing the audit planning decisions:The most significant result of the decision regarding to the planning has been deemedimportant for the result analysis. The results of the analysis have been found to be influenced by
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