State of the company’s industry and associated risk factors

Assignment Help Auditing
Reference no: EM131272 , Length: Word Count: 1000

Assignment-1

Assume that you are audit senior in an accounting firm. Your firm has recently won an audit for a company that you selected in assignment. However, your firm does not have any other clients that operate in this industry. Your audit partner is concerned about his lack of knowledge of the industry the company is operating in. He is aware of the requirements of ASA 315 (par 25 and 26).

Your audit partner asks you to prepare a memo on the ‘state of the company's industry' and associated risk factors.

Required:

a) Prepare a list of all useful sources that you can use to obtain the required knowledge.

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

c) Suggested five most important general balance-related or transaction-related audit objectives based on your finding of the risk factors.

Reference no: EM131272

Questions Cloud

Execution of a simple marie program : Complete a similar example for a different program n particular, for the MARIE program.
Case study: equip hire : Make an individual report outlining the information systems recommended for the case study business
Financial management- the expenditures are irreversible : Most major investment expenditures have two important characteristics which together can dramatically affect the decision to invest
Burger king beefs up global operations : Burger King Beefs Up Global Operations
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
Avon calls on foreign markets : Avon Calls on Foreign Markets
Build an equation for a hyperboloid of two sheets : A function y = f(x) whose graph in the xy-plane, when rotated around the x-axis
Impacts on the quality of accounting information : Why is measurement in the context of accounting so important
Design and programming : Use the semaphore methods to control the concurrency of the solution

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

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!

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