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Assignment - Distinguish between analytical procedures required by ASA315 and ASA520
You have learned that 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 NEC Australia Pty Ltd:
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 NEC Australia Pty Ltd 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.
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Analytical procedures and their appropriateness for auditing is discussed in this report. Their specific applicability as well as different insights provided in the report. Also provided with appropriate references.
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Assessment criteria 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 copy of this assignment in person in class and through Turnitin by 5.00pm 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.
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) Analytical Procedure Explanation 1. 2 Note: ? Chapters 5, 6 and 11 of the Arens text are helpful in answering this question. ? ASA315 and ASA520 can be viewed online from the AUASB website. Copies of these are made available on Blackboard Course website>Resources.
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