User Account

All Pages

Analytical procedures as substantive procedures

Assignment Help Auditing
Reference no: EM131974030

Company - Adcorp Group Australian

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 is An application based question for audit and its application it deals with ensuring how auditing with help of expert knowledge and practical experience helps in defining problems and cordiantes between theory and practical knowledge

Reference no: EM131974030

Questions Cloud

What is andrew and maries net investment income tax : Andrew and Marie and married taxpayers and file a joint return. In 2015, Andrew had a salary of $60,000. What is Andrew and Marie's Net Investment Income tax?
Write six-month call options on bhp shares with strike price : It is February 2017. You have formed a consortium of Monash University finance alumni and your group, currently called Finance Fanatics.
Calculate samanthas annual savings : Assume taxes are 10% of her income per year and that Samantha completely smooth's consumption over her lifetime. Calculate Samantha's annual savings.
Compute the nav of the fund : The FCC Fund is a closed-end investment company with a portfolio currently worth $300 million. It has an account payable balance of $13 million, and 20 million.
Analytical procedures as substantive procedures : PACC6002 Auditing and Assurance Service identify and briefly explain two (2) ways you could use analytical procedures as substantive procedures during the audit
What was last year dividend per share : Fauver Enterprises declared a 3-for-1 stock split last year, and this year its dividend is $1.50 per share. This total dividend payout represents a 6% increase.
Compute the amortization schedule for four periods : Samantha Cordelia, and intermediate accounting student, is having difficulty amortizing bond premiums. Compute the amortization schedule for four periods.
Reflective Essay- Culture and contemporary leadership : MBA401 People, culture and contemporary leadership Assessment - Reflective Essay. What type of leader am I and what are the key areas that I need to improve
Find current value of feinstein breweries common stock : Feinstein's Breweries currently (d0) pays a $1.00 common stock dividend. Dividends have been recently growing at a 10 percent annual rate and are expected.

Reviews

Write a Review

Auditing Questions & Answers

  Internal audit

Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?

  Accounting professional and ethical standards

Code of Ethics for Professional Accountants

  Prepare swag''s consolidated balance sheet

Prepare Swag's consolidated balance sheet

  Auditing and assurance

Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to

  State of the company’s industry and associated risk factors

Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors

  Prepare a memo to the audit partner

Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.

  Adjusting or non- adjusting events

State whether Event is adjusting or non-adjusting event.

  Audit financial data

As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.

  Identify principal audit risk

To identify principal audit risk and corresponding audit procedures

  Auditing and assurance

Show the audit inherent risk and rate the risk as low, medium or high.

  National health reform

Explain the role of the following three 'bodies' in National Health Reform

  Prepare a memo on the state of the company''s industry

Prepare a memo on the 'state of the company's industry' and associated risk factors.

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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