Critically Analyse And Evaluate Key Audit Matters In Independent Auditor’s
Added on -2021-02-21
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Research, Critically AnalyseAnd Evaluate Key AuditMatters In IndependentAuditor’s Report Auditor’sReport
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Application...................................................................................................................................1Analysis........................................................................................................................................3Recommendations and Conclusion..................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONAuditing reports refers to reports that are being prepared for the purpose of showingamount of accuracy in the books of accounts and other business activities of a businessorganisation. These reports also helps in assuring that each legislation and standards applicableon the business have been appropriately complied by the company while performing its businessactivities. Banking industry is one of the largest industry of Australia. National Australian Bank,Commonwealth Banks, Australian and new Zealand banking Groups, Westpac (WBC) banks arebeing covered under big four banking organisations of the banking industry. The present reportsshows a reflation report over the ASA 701 and ASA 570 which are new auditing standards ofAustralia. It reports includes application of these standards in these standards in these bankingcompanies for generating better understanding of ASA 701 and ASA 570. MAIN BODYApplicationASA 701As per my study, The auditing standard ASA 701 deals with clearing the severalresponsibilities to Auditors in context to communicating all the essential auditing matterspresented into the auditor's reports (Sreekeshava, Kumar and Ravishankar, 2017). This auditingstandard says that an auditor needs to communicate all the positive and negative matters involvedin his report for the purpose of improving the value of reports made by the auditors for the usersof financial reports of the company. In my opinion, the major purpose of making proper communication about key matters ofauditing reports is to improve the transparency of the auditing report among auditors, companiesand users of financial reports as well (Hatami and ET.AL., 2018). Further, I also analysed thatASA 701 helps in providing additional information to the key users of financial reports apartfrom the information included in auditing reports. As pr auditing standards ASA 701, the essential matters to be disclosed by the auditorswhile developing their auditing report along with additional information includes effect ofvarious legislation and applicable on the company. All those information that can affect theinterest of users of the financial reports towards business organisation, compliance of all theaccounting policies and standards over the business' books and accounts and their impact overcompanies' books as well, etc.1
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