Auditing and Assurance in Australia: Analysis of Woolworths Ltd. Audit Report

Running head: AUDITING AND ASSURANCE IN AUSTRALIA
Auditing and Assurance in Australia
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AUDITING AND ASSURANCE IN AUSTRALIA
Executive Summary
The main purpose of this report is to make evaluation of the basic key auditing factors that
helps in making the audit report of the company Woolworths Ltd. The basic auditing
standards consists of the key auditing matters that are discussed in this report for the
purpose of evaluating all the basic auditing ethics.
In order to make evaluation of the efficiency of audit report, there are some instances that
can be taken into consideration such as the auditors and their basic remuneration. In
addition the term and key elements of audit matters, along with audit opinion and the
responsibility of the company auditors for the materiality and standard of Auditing.

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AUDITING AND ASSURANCE IN AUSTRALIA
Table of Contents
Introduction............................................................................................................................. 3
Audit Report Analysis............................................................................................................... 4
Auditors Independent Requirements.......................................................................................4
Non - Audit service nature....................................................................................................... 4
Audit Committee...................................................................................................................... 5
Remuneration of the Auditors................................................................................................. 6
Key Auditing Matters................................................................................................................7
Main basis of Audit Opinion.....................................................................................................7
Main differences between the responsibilities directors and auditors....................................9
Subsequent events of Auditing.............................................................................................. 10
Materiality standard of Auditing Reports...............................................................................11
Follow up questions............................................................................................................... 12
Conclusion.............................................................................................................................. 13
Reference List.........................................................................................................................14

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AUDITING AND ASSURANCE IN AUSTRALIA
Introduction
This audit report of the complaint Woolworth Ltd needs to be analysed for detailing
the perspectives and the aspects that are stated in the report for making evaluation the
audit reports (Zhou, Simnett and Green 2016). It would also enable to make identification of
the financial status of the business entity that keep a note on the audit reports. The key
factors can be essentially considered for the evaluating the company’s annual reports that
comprises of the non-audit and the audit Services that is provided by the company’s audit
committee, the auditing key factors, the auditors remuneration reports, effectiveness and
intense materiality of the company audit report and the financial opinion that is generated
from the audit reports.
Auditing within a business firm needs to be done for recording the statutory data of
the company through a systematic and independent manner. All the records of finance and
voucher along with documentation that is related to the company’s financial activities are
strictly considered while laying down the audit reports. The main focus of the audit data
reporting is based on the disclosing the non-financial and financial statements of the
business entity to the organisation’s stakeholders (Stewart, Kent and Routledge 2015). It is
required for ensuring for meetings the legal obligations that needs to be performed with all
considerations.