Explain three key or significant audit matters

Reference no: EM132722837

Question: Required: 1. Identify and explain three key or significant audit matters that were raised in the audit report that may lead to the risk of material misstatement in the financial report of your allocated company.

For every Key audit matter identified, discuss how the auditors responded to each matter raised. You are to discuss your own point of view about each of the key audit or significant matters, how they are important and their impact on the financial reports if not corrected

2. Apply analytical procedures to the financial report information of your allocated company for at least two years. For this purpose, restrict your procedures to ratio analysis (use at mleast two ratios each for profitability, solvency, and liquidity).

3. Explain how the results of your analytical procedures in 2) influence your planning decisions for the audit of the company.

4. From the financial statements of your allocated entity, select two revenue and two expense item from the Statement of Profit or Loss and Other Comprehensive Income, two asset and two liability items and one item from the equity section of the Statement of Financial Position.

Reference no: EM132722837

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