ASA 315 and Audit Risk Analysis for AMP Limited - Semester 2
VerifiedAdded on 2023/06/04
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Report
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This report analyzes the audit risks faced by AMP Limited, focusing on the impact of the Royal Commission hearings and the application of ASA 315. The report evaluates how revelations from the Royal Commission would affect the audit plan, emphasizing the importance of identifying and assessing material misstatements, considering both error and fraud. It identifies two major audit risk areas for AMP: the valuation of materials and the valuation of sales due to currency differences. The report explains the significance of these accounts and discusses the potential impact of these audit risks on the company's financial statements, including the risk of fraud or misrepresentation. Furthermore, the report details specific auditing procedures, such as cross-referencing figures and evaluating internal controls, to verify the account balances impacted by the identified risks. The analysis highlights the importance of adapting audit plans to address emerging risks and ensure the accuracy and reliability of financial reporting.
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