auditing assingnment (1).docx - Name Kritika Budhathoki sapkota Student number 11701563 Lecturer Demi Chung Tutorial Andrew Chew Assignment Auditing

auditing assingnment (1).docx - Name Kritika Budhathoki...

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Name: Kritika Budhathoki sapkota Student number: 11701563 Lecturer: Demi Chung Tutorial: Andrew Chew Assignment: Auditing assurance and services individual research 1
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Executive summary This report focuses on the new and revised auditing standard ASA 701 in the ASX top 100 listed companies. This report highlights the information technology(IT) company which reviews the audit report of four companies which are REA group, caresales.com, link admin (HLDG) and computer share group (CPU). The audit reports of the company focus on the current affairs that they faced and the conclusions that were derived from following the auditing standard. The report also reflects the importance of communicating key audit matters in the auditor's independent report. It also highlights a short summary of the going concern concept and the global financial crisis followed by conclusion and recommendations. Table of Contents 2
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Introduction: ........................................................................................................................................ 4 ASA 570 going concern concept .......................................................................................................... 5 Key audit matters ................................................................................................................................ 5 How KAM are communicated ............................................................................................................ 7 Review of the company’s annual report and key audit matters. ...................................................... 9 REA Group ............................................................................................................................... 9 Link admin HLDG (LNK) ...................................................................................................... 9 Computershare Ltd: .............................................................................................................. 10 Caresales.com.ltd: .................................................................................................................. 10 Global financial crisis ........................................................................................................................ 11 Conclusion and recommendations .................................................................................................... 12 References .......................................................................................................................................... 13 3
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Introduction: “Auditing is the process of examining an organization or individual final records to decide and determine whether they are accurate and as per the applicable rules (which includes accounting standards ), regulations and laws” (Accountingedu.org, 2018). To evaluate the company performance external auditor comes to analyze the accounting and financial records and give opinions and views on those records. According to the law, all public company has their financial statements externally audited. Internal auditors for the association as internal employees to look at records and help enhance internal procedures such as operations, risk management, governance etc. Auditing standard deals with the establishing and providing a complete set of financial statements of a company without being engaged in any type of fraudulent activity. The auditing standard ASA 701 is applied so that the investors can use relevant information which is specific to the company in accordance with the company Act 2001. It is the responsibility of the auditor to communicate key matters in the auditor's report. The key audit matters need to be communicated so that it provides a clear vision about the audit that was performed. Communicating such key audit matters in the auditor’s report also forms an opinion on the financial report as a whole. This report focuses on the key factors of ASA701 of the top companies in ASX in Australia. The top companies are selected by a committee of standards and Poor's (S&P) and the Australian securities exchange ASX are positioned by market capitalization.
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