ACC300: Auditing and Assurance Expert’s Answer

TASK PART A: AUDITING AND ASSURANCE [15 Marks]

You are the manager of AWC Chartered Accountants. Your firm has recently been engaged as external auditor of Abundant Produce Limited 28 September 2019 to audit the company’s financial report of the year ending 30 June 2020. The engagement partner called you in his office on 1 October 2019 and gave you complete audited financial report of Abundant Produce Limited for the year ended 30 June 2019, and asked you to complete the following preliminary planning tasks and report to him on 1 November 2019:

You are therefore required to prepare a written report

Listing and explaining five important facts about the Abundant Produce Limited, its management and previous auditors [5 Marks];
Critically reviewing company’s history on five main aspects of performance and financial position [5 Marks]; and
Discussing five main matters that are required to be addressed for planning the audit for the year ending 30 June 2020 [5 Marks].

TASK PART B: TECHNOLOGY IN AUDIT AND ASSURANCE [10 Marks]

Audit and assurance have been inundated with huge technology disruptions and new regulatory interventions in recent years demanding new ways of addressing audit especially audit of public interest entities. Some auditing scholars believe that there is hardly a future for financial report auditing and other assurance services.

You are therefore required to prepare a written research essay

Listing and discussing five main technology and/or regulatory disruptions and interventions that the auditing and assurance profession has now been struggling with [5 Marks]; and
Critically discuss five main challenges and/or opportunities these technology and/or regulatory disruptions and interventions has been causing to the main players in audit and assurance profession [5 Marks].

The assignment comprises of two parts. The former part requires to plan audit, covering three key segments of the plan based on the audited financial report of the company and other publicly available information on the;

Company’s facts, management and previous auditors.
Analytical review of company’s financial position and history of performance.
Discuss main matters needed to be address for audit planning.

The latter part requires focusing on consequences and causes of IT and other technology disruption on the financial report audit, all around the world. Seems like the future auditors and auditing is set to be rewritten.

It is imperative to be mindful of policies and all PIA requirements in the crafting of academic work. To carry out appropriate research, use all publicly accessible information on the website of a company, newspapers, professional journals, online resources, academic journal data bases and periodicals etc. Applying and drawing support from Australian Auditing Standards and International Auditing and Assurance Standards is required.

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Auditing and Assurance

Auditing in a broader term is a systematic process of:

Independently attaining and evaluating evidence concerning assertions about economic events and action to determine the degree of correspondence between the established criteria and those assertions.
Commune the end to interested users. Attest services transpire when a practitioner issues a report or assertion about the subject matter, merely which is the responsibility of another party.

Assurance services are professional independent services that improve information quality, or its context, for decision makers. The systematic process means that there should be logical and a well-planned approach for carrying out an audit that entails objectively obtaining and assessing evidence.

Auditing is conceptual in nature comparatively to other accounting subjects. Rather than concentrating on learning techniques, computations and rule required to create financial statements, the auditing subject emphasize on learning a framework of logical and analytical skills to evaluate the reliability and relevancy of the system responsible for financial information.

To make successful attempt, it is important focus on the framework and use common and logical sense in applying auditing concepts to different situations and circumstances.

Understanding basics of auditing can inevitable improve decision-making ability of consultants, accountants and business managers by giving framework for evaluating the reliability and usefulness of information.

When analyzing any company, it is crucial to understand company’s strategies, internal and external environment, operations and relevant financial and non-financial information. This all can be acquired through comprehensive analysis of company and it’s environment.

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The Auditing and Assurance assignments usually requires applying skills and knowledge in analyzing a real company from auditor perspectives. The experts at MyAssignmentHelp Australia have potential grounds on accounting subject and other branches of it. Many have professional practical experience that helps them derive precise solutions meeting the requirements. To guide the analysis, they use the framework of Australian Auditing Standard and International Standards on Auditing. Moreover, they construct the report in professional manner by considering target audience and other formatting requirements.

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