Developing an Audit Program for Cygnus Gold Limited - HA3032 Auditing
VerifiedAdded on 2022/09/14
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Project
AI Summary
This project focuses on developing an audit program for Cygnus Gold Limited, an exploration company. The assignment includes understanding the nature of the entity, identifying risks such as liquidity, currency, market, and interest rate risks. The audit risk is determined using the audit risk model, considering inherent, control, and detection risks. Analytical procedures are used to evaluate the financial position, identifying material account balances like trade payables, revenue, and property, plant, and equipment. Relevant assertions such as completeness, occurrence, valuation, and understandability are assessed. Material misstatements are evaluated, considering the impact of new accounting standards and discounting provisions. The conclusion highlights the overall low audit risk and identifies key material account balances. The audit program developed assists in identifying these material account balances for Cygnus Gold Limited. References include sources such as CPA Australia and Cygnus Gold Limited reports.
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