Report On Graincorp | Audit Planning

Added on -2020-02-18

| 8 pages| 2024 words| 122 views

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Running head: AUDIT AND ASSURANCE SERVICEAudit and assurance serviceName of the studentName of the universityAuthor reportStudent numberStudent IDPage 1 of 8
AUDIT AND ASSURANCE SERVICETable of ContentsIntroduction................................................................................................................................3Audit planning............................................................................................................................31.Make acceptance of the client and performing the planning for the initial audit...........32.Understanding the business process as well as the business industry of the client.........43.Analysing the client’s business risk................................................................................54.Performance of preliminary analytical procedure...........................................................5Audit test....................................................................................................................................6References..................................................................................................................................8
AUDIT AND ASSURANCE SERVICEGraincorp LimitedIntroduction Graincorp is a publically listed company under ASX (Australian Stock Exchange) andthe major business of the company is to receive and store the commodities related to grains.The company also offers the logistics and also carries out the marketing of these products.Their vision statement represents what they want and their strategies represent how toachieve those targets. The main objective is to get the identification and become the leader inthe world in delivering various retail goods and services in the fast growing retail sector andgenerating value for the company’s shareholders at the same time through providing betterworking environment and asking the local people in which the company operates to takeactive part in the business. The strategy of the company is to focus on strengthening the corebusiness of the company. These involve pursuing for the growth opportunities and deliveringthe return on the capital investment as well as expanding their business with improvement ofthe efficiency (Graincorp.com.au, 2016).Audit planning Audit planning involves establishment of overall strategies of audit for developingand engaging the audit plan. In particular, the audit plan includes the planning for the riskassessment process and planning the responses for the risk associated with materialmisstatement. Planning of audit is not the separate phase of the audit rather it is an iterativeand continuous process under audit (Chou, 2015). It starts with the previous audit and goeson till the conclusion of the current audit. The audit planning is a process that is carried outthrough steps and under the planning the internal control and the financial aspects of theclient are reviewed. It is recognized that preparing the audit plant by NY audit firm for theirclient Harvey Norman will require careful and in-depth observation. Different stages arethere under the audit planning aspects. They are –1.Make acceptance of the client and performing the planning for the initial audit As the business process and operating environment of each company is different, theplanning of the audit must be different and specific for each company. It is observed that thebusiness procedure and circumstances of Graincorp Limited is different as it included underthe agri-business. Therefore, the agri-business industry shall be analysed before planning the

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