User Account

All Pages

Illustrate the application of asa 315 and asa 520

Assignment Help Auditing
Reference no: EM131976747

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)

 

Analytical Procedure

Explanation

1.

 

 

2

 

 

Verified Expert

This an audit assignment which can be easily dealt in a given format by having an in-depth knowledge about the various aspects of the analytical procedure and risk assessment concepts of the company which actually running in the country. No hypothetical all real situations exist in the assignment.

Reference no: EM131976747

Questions Cloud

Prepare amortization schedule for five years : Prepare an amortization schedule for five years of 59,000. Interest rate is 7 percent per year, and loan calls for equal annual payments
How that asset is valued is a very important issue : How that asset is valued is a very important issue for both the company and others outside the company (i.e. government (IRS)).
What is their future value if the compounding rate : what’s their future value if the compounding rate is 9.50 percent APR?
Explain the pressures associated with ethical decision : How did corporate culture, leadership, power and motivation affect Thomas' level of managerial hubris?
Illustrate the application of asa 315 and asa 520 : ASA 315 stipulates analytical procedures be used as risk assessment procedures, while ASA 520 stipulates their use as substantive procedures
Write a report about your discovery and the whole process : You need to write a report (around 3-4 pages, Maximum 1500 words) about your discovery and the whole process of data collection and analysis.
Create a capital investment plan proposal : For your Final Project, you will create a capital investment plan proposal utilizing the health care business you selected in Week One as well as the answers.
Decorate his building with the equipment as collateral : The next day, you receive a call from the local bank claiming that they loaned him money to decorate his building with the equipment as collateral.
What is the relationship between self-esteem and esteem need : What is the relationship between self-esteem, esteem needs, and belonging to a group? Why is it important for a manager to understand and appreciate employees.

Reviews

Write a Review

Auditing Questions & Answers

  Discussion of audit opinion and management sign-off on the

By looking to Pall corporation rations  (debt to total assets, current ratio, current assets to total assets, profit margin, and return on assets)-- (what conclusions would you as an auditor make and what additional testing would you do as a result)?

  Why inventory so easy to inflate without auditor detection

Why, from your perspective, is inventory so easy to inflate without auditor detection? Why do you think Mickey Monus got away with his scheme for so long?

  How are these things mitigated by the accounting

BUACC3741: Auditing ASSIGNMENT. How are these things mitigated by the accounting/auditing profession and regulatory statutes and accounting/auditing standards

  Explain why they require special attention

You have just been appointed as the auditor of Gritty Manufacturing Ltd and you are in the process of planning your first audit. Gritty manufactures security cameras and is a part of the electronics industry.

  Show the components of teamschedule

Show the components of TeamSchedule and how does the use of TeamSchedule and TeamTEC improve the monitoring and reporting of resources?

  Explain why you can or cannot honor clients request

Prepare a letter to the potential client explaining the following: Why you can or cannot honor his request. The reasoning for your decision.

  Reasons for integrated audit

Discuss the reason for an integrated audit. Present a recent failure of a corporate governance in the US. What action did the public think was necessary to improve the quality of corporate governance in this example?

  Evaluate any threats in relation to auditor independence

HI6026 Audit, Assurance and Compliance Assignment. You are an audit manager with Clarke & Johnson (CJI). For each situation, identify and evaluate any threats in relation to auditor independence

  What was the company involved and who was the fraudster

What was the company involved, and who was the fraudster? How was the fraud perpetrated? What was the dollar value of the loss?

  What happens to a drug that metabolizes quickly in the liver

084086RR- What happens to a drug that metabolizes quickly in the liver? Which of the following adverse drug reactions indicates an impaired production of platelets? Which of the following adverse drug effects indicates sleepiness?

  Evaluate mr howes assertions

Mr. Tu Dewie has asked you to evaluate Mr. Howe's assertions- Mr. Dewie is the senior partner of DCH, Mr. Howe (as a junior partner) can hurt you if you are not polite and considerate.

  What type of auditing procedure is being conducted

Determine what type of auditing procedure is being conducted and the auditor watched two employees open the safe with their respective codes.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd