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HI6026 - Audit | The Analytical Process - Report

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Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   

Added on  2020-02-24

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In this report, the Analytical process organized on the financial report of DIPL for the audit work has been explained. The audit plans were developed after analyzing the financial report of the company. The primary objective of the analytical approach using common sizing is to make an evaluation based on the common points.

HI6026 - Audit | The Analytical Process - Report

   

Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   Added on 2020-02-24

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Running head: AUDITAuditName of the Student:Name of the University:Authors Note:
HI6026 - Audit | The Analytical Process - Report_1
2AUDITTable of ContentsApplying analytical procedures...........................................................................................3Explanation in which the result can be manipulated...........................................................4Reference.............................................................................................................................6
HI6026 - Audit | The Analytical Process - Report_2
3AUDITApplying analytical procedures In this answer, the Analytical process organized on the financial report of DIPLfor the audit work has been explained. The audit plans were developed after analyzing thefinancial report of the company. The audit plan that has been specifically developed forthe audit function should be strictly followed as a guideline during the performance ofaudit function (Knechel and Salterio 2016). The assessor has an important task tomaintain the costs of audit within the reasonable level. It is also the responsibility of theassessor to reduce the probability of misunderstandings with the customers within thereasonable level. The financial reports for DIPL analytical process would be used, itrefers to the broadcast of information that can be accessed from the financial report of thebusiness organization. The given process is weighted or calculated as per the use ofdifferent mechanisms (Simnett et al. 2016). It is significant to understand the declarationin the financial reports. It is because after analyzing the information where manyaccountants as well as financial analysts makes decision related to the application of theanalytical method.The primary objective of the analytical approach using common sizing is to makeevaluation based on the common points. However, it is helpful in comparing financial thefinancial statement for a particular period. The assessor is also responsible for evaluatingand verifying the different line of items that are reported in the financial report (Junior etal. 2014). This includes how items are recorded in the financial statement like netliabilities, net assets, movement in equity of the owner and verifying the debtor afterchecking and comparing it with the normal works. The benchmarking is one of thesignificant analytical process that can be applied as an audit process. In addition to this,
HI6026 - Audit | The Analytical Process - Report_3

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