Analytical procedures as risk assessment procedures

Assignment Help Auditing
Reference no: EM131974018

Company - Qantas Australian

Assignment

Distinguish between analytical procedures required by ASA315 and ASA520

ASA 315 stipulates analytical procedures be used as risk assessment procedures, while ASA 520 stipulates their use as substantive procedures. The standards also discuss the nature and purpose, extent of reliance on analytical procedures and subsequent investigation of unusual items identified.

Using the financial report/statements of the company that you have chosen for your Individual Assignment A and B:

a) identify and briefly explain two (2) ways you could use analytical procedures as risk assessment procedures, and

b) identify and briefly explain two (2) ways you could use analytical procedures as substantive procedures during the audit.

This requires you to use the material from your chosen company to illustrate the application of ASA 315 and ASA 520, using Analytical Procedures to the audit process. You are asked to provide examples from the financial statements to support your explanation.

Use the following templates for your answers.

Analytical procedures as risk assessment procedures (ASA315)

 

Analytical Procedure

Explanation

1.

 

 

2

 

 

Analytical procedures as substantive procedures during audit (ASA520)

 

Analytical Procedure

Explanation

1.

 

 

2

 

 

Verified Expert

This assignment deals with understanding various auditing concepts and correlating them into real working companies. This assignment is completed by writing the actual risk identified and analytical procedures undertaken in the annual report for WATTLE HEALTH AUSTRALIA LIMITED.

Reference no: EM131974018

Questions Cloud

Calculate the incremental income after taxes : Fast Turnstiles Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $216,000 in additional credit sales
Appropriate for a phone number field : Of the data type Text, or Yes/No, which would be the most appropriate for a phone number field that needs to store data in the format (123)555-7890?
Calculate the profit for each alternative : Calculate the profit (or loss) for each alternative, assuming Sam can sell all the meals he can serve. Should Sam operate at one, two, or three lanes?
Illustrates the proper logic : For individuals 21 or older, display the message "you are 21 or older." Be sure to test your flowchart to make sure it illustrates the proper logic.
Analytical procedures as risk assessment procedures : PACC6002 Auditing and Assurance Services - Identify and briefly explain two ways you could use analytical procedures as risk assessment procedures
Program internal documentation : List at least three types of information that should be included in a program's internal documentation (comments).
Compute the depreciation for the current fiscal year : Compute the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.
Weight and the average weight of a shipment : What is the heaviest weight and the average weight of a shipment? Name the columns with a literal of Heaviest_Weight and Average_Weight.
Average monthly revenue of customers : For SQL I have to answer this query: Give names and average monthly revenue of customers having annual revenue exceeding $20 million.

Reviews

len1974018

5/7/2018 7:50:13 AM

Individual Assignment C - Assessment Marking Criteria Requirement Content Marks Analytical procedures as risk assessment Two identified ways from your chosen company For each identified way, 0.5 mark for an example + 2 marks for an explanation in the context of your chosen company. Analytical procedures as substantive procedure Two identified ways from your chosen company For each identified way, 0.5 mark for an example + 2 marks for an explanation in the context of your chosen company. Presentation and clarity Deduct up to 2 Note: In your answer to this assignment, the examples or explanations that you provide should be specifically related to your chosen company and may involve calculations or/and comparison of relevant financial or/and non-financial data.

len1974018

5/7/2018 7:50:01 AM

Note: ? Chapters 5, 6 and 11 of the Arens text are helpful in answering this question. ? ASA315 and ASA520 can be viewed online from the AUASB website. Copies of these are made available on Blackboard Course website > Course Materials > Resources. Assessment criteria The accuracy and correctness of your answer or analysis for each of the questions will be the primary criteria for grade differentials in this assignment. Please refer to the marking criteria below. Each of the individual assignment will be marked out of 10 marks (weighting 5% to total assessment mark). You must submit a hard copy of this assignment through Turnitin by 9.00 am and in class in person by 2.00 pm on the due date. The maximum word count is 1000 words. You will find in most of the individual assignments that less than 1000 words will suffice.

Write a Review

Auditing Questions & Answers

  Internal audit

Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?

  Accounting professional and ethical standards

Code of Ethics for Professional Accountants

  Prepare swag''s consolidated balance sheet

Prepare Swag's consolidated balance sheet

  Auditing and assurance

Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to

  State of the company’s industry and associated risk factors

Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors

  Prepare a memo to the audit partner

Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.

  Adjusting or non- adjusting events

State whether Event is adjusting or non-adjusting event.

  Audit financial data

As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.

  Identify principal audit risk

To identify principal audit risk and corresponding audit procedures

  Auditing and assurance

Show the audit inherent risk and rate the risk as low, medium or high.

  National health reform

Explain the role of the following three 'bodies' in National Health Reform

  Prepare a memo on the state of the company''s industry

Prepare a memo on the 'state of the company's industry' and associated risk factors.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd