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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)
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.
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.
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.
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