Reference no: EM132971136

Question - Scenario for audit reporting - You have been asked to act as a project manager to assist with data collection, provide data, ensure that any other assistance is provided and collaborate with regard to writing the audit report.

During the year the organisation transacted a number of mergers and acquisitions. You have been asked to pay special attention to the acquisitions and to check the due diligence processes. You also need to determine whether any changes and adjustments need to be made to the current budgets.

Explain what all this means and how you will manage the process.

In answering those questions, you will need to also address the following questions:

a. What is an internal audit?

b. How does it mitigate the risk of management frauds?

c. Are there particular statutory requirements that should be followed?

d. What does due diligence mean in terms of finances and financial reporting?

e. What reports might be prepared for the ATO?