Reference no: EM132253711 , Length: word count:1500
AUDIT & CONTROL Assignment - Audit and the Risk of Material Misstatement in Financial Statements - A Critical Analysis
THE BRIEF - One of the fundamental purposes of an audit is "to enhance the degree of confidence of intended users in the financial statements" (see ISA 200, para 3). When undertaking an audit of an entity an auditor has responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment including the entity's internal control - this responsibility may be more challenging when it comes to the audit of large and complex entities.
REQUIRED - Write a report in business style with academic referencing (using Harvard Referencing System) to:
a) Consider International Standard on Auditing (ISA) 315 (Revised), henceforth referred to as "ISA 315" and after highlighting the key elements (briefly), critically assess the importance of ISA 315 and its key elements for the auditor in undertaking audit work.
b) Consider the relevance of ISA 315 to the following real examples: BP plc and Royal Dutch Shell plc by using critical analysis and making direct reference to examples from the audited financial statements for year ended 31 December 2017 (the 2018 statements are not yet available) - you should comment on what you think would have been the likely emphasis of the audit work for the 2018 year in the light of your analysis and review of the 2017 financial reports and audit reports.
The 2018 financial statements are not expected to be available until the second half of March 2019 so your analysis will inevitably be based on the figures for years ended 31 December 2017. Note: as part of your 'analytical review' it will be helpful to perform ratio analyses using the 2017 figures and comparatives for 2016 (provided in the financial statements for the year ended 31 December 2017).
Basic Materials required (as a minimum).
i. ISA 200
ii. ISA 315
iii. Annual Report and Financial Statements for BP plc and Royal Dutch Shell plc for the year ended 31 December 2017.
Instructions: Need 1500 words.
Attachment:- Assignment File.rar
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