Develop in order to be effective

Assignment Help Auditing

Reference no: EM133062839

Prepare the following questions:

Question 1. With reference to the agency relationship (G&S p. 19) explain what an audit is and why it might be useful.

What are the levels of assurance that can be provided by an assurance provider?
Would it be possible for an assurance provider to provide absolute assurance? Explain your response.

Question 2. With reference to the audit expectations gap (G&S p. 21) what do you think the role of the auditor in relation to the following should be, and why?

Preventing corporate collapses?
Detecting fraud within client organisations?

Question 3. Review Cochlear's auditor report from their 2020 Annual Report (starting at page 107, available on iLearn). Consider the following:

- Who are the key users of the audit?

- What is the objective of the audit?

- Distinguish between management's and the auditor's responsibility for the financial report (see particularly p. 110)

- What audit opinion was issued for the Cochlear audit?

- What other information was provided?

Question 4. What are the key skills that auditors need to develop in order to be effective? Apart from auditing financial statements, how else might developing these skills be useful in your life? Think creatively! It will help with your motivation throughout the unit if you can identify how this material might be beneficial to achieving your goals.

Reference no: EM133062839

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