User Account

All Pages

Explain two ways you could use analytical procedures

Assignment Help Auditing
Reference no: EM131974035

Company -Telstra

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 use and identifies various analytical procedures as risk assessment procedure in the annual report and states them in the given format along with appropriate examples which are faced by the company in their day to day working process.

Reference no: EM131974035

Questions Cloud

How do you feel about the longer to investing : How do you feel about the longer, more fixed approach, to investing .This would be as opposed to market timing. How would you apply the SML and the CAPM.
Find application in dialysis practice : Discuss how Culture Care Diversity and Universality theory find application in dialysis practice.
Fostering ethical culture in an organization : What are the roles of leaders and other corporate governance entities in fostering ethical culture in an organization?
What is the gross profit for each of the two products : Sandalwood Company produces various lines of high-end carpeting. What is the gross profit (gross margin) for each of the two products, in total per square yard?
Explain two ways you could use analytical procedures : PACC6002 Auditing and Assurance Services - company to illustrate the application of ASA 315 and ASA 520, using Analytical Procedures to the audit process
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.

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