HA3032-HOLMES INSTITUTE-Auditing-“Developing an Audit Program for a selected Publicly listed Company”
Question
| CODE | UNIVERSITY | WORDS COUNT | REFERENCE |
| HA3032 | HOLMES INSTITUTE | 3000 | APA |
QUESTIONS:
1.Explain how the audit planning process directs the auditor to obtain
adequate evidence to support audit findings and address the importance of materiality in an audit.
2.Explain the process of audit planning to determine risk assessments and an overall audit strategy.
3.Explain the auditors’ obligations with regards to understanding the
client’s business and internal controls, and assessing business risks.
4.Which risk rating would you apply (Low, Medium or High) to the company’s inherent risk assessment and control risk assessment?
5.How does this affect your assessment of Detection Risk and Audit Risk?
6.Discuss with your group members which account balances are considered “material”.
7.Explain how you calculated materiality for planning purposes and provide appropriate justification for your decision-making.
8.Select up to ten different material account balances, at least five assets and five liabilities.
9.Explain why the selected assertions are applicable to each account.
10.Include a sampling plan, which details how you will use sampling for each material account balance to be tested. How many items will be tested for each test?
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Answer ( 1 )
The group project of Auditing mainly focuses over the formulation and implication of Audit plan, based on the overall performance of company, internal control system, the key risk associated with company and performance of company during the last few years. The groups project mainly focus over the aspects, related formulation of audit plan based on the information drive from the areas of to inherent risk, overall performance and structure of internal control system, the financial position of the company and the level of materiality which are exit among the assets and liabilities of companies.