Briefly explain two ways you could use analytical procedures

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Reference no: EM131669167 , Length: word count:750

Auditing and Assurance Services Assignment - Distinguish between analytical procedures required by ASA315 and ASA520

You have learned that 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 your Group Assignment and Presentation has chosen: Company name- Billabong.

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.

Need to copy the table in word and then choose two example for each of the one and explanation.

Reference no: EM131669167

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Reviews

len1669167

10/5/2017 6:54:35 AM

Need 750 Words. Company Billabong. You need to copy the table in word and then choose two example for each of the one and explanation. Company name:- Billabong. Word limit:- 750. Please follow the table format to answer the question. Make sure you see the marking criteria before you start work on it. Don't take revenue because another group member already take revenue. Billabong data must be from 2016-2017 and you can compare the data for explanation. Use simple language for explanation.

len1669167

10/5/2017 6:54:29 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>Resources. Note: In answering this assignment, the examples or explanations that you provide should differ from another member in your group. Students using same example/explanation as another group member will likewise, be marked accordingly.

len1669167

10/5/2017 6:54:24 AM

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). The maximum word count is 1000 words. You will find in most of the individual assignments that less than 1000 words will suffice.

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