1 / 10

Audit Assurance and Compliance Assignment Help

OZ Assignment help is leading assignment writing service provider, explore Audit risk model (ARM) in HI6026 Audit Assurance Compliance Assignment Help

kaijohnson
Télécharger la présentation

Audit Assurance and Compliance Assignment Help

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. HI6026 Audit Assurance and Compliance Assignment Help OZ Assignment Help

  2. :Audit Assurance: Introduction • The assignment is based on the risk of auditing of BSF Ltd. an Australian company. The Bio-sustainable Feeds Ltd. is a company, which researches on aquaculture feeds for two decades to discover sustainable aquaculture feeds. Aquaculture is a method by which feed can be converted into protein, which is needed to survive the farmed animals. Their research is mainly focused on plant-based feed. Before this, it was fish based feed. By converting their type of feeds they are facing issues like social and environmental. They again have started research on usage of bacteria in producing fish feeds true overcome issues.

  3. Analyzing of eight steps required before choosing a client: • As per the IFAC Code of ethics for Professionals, before accepting a new relation with the clients, it is necessary for the professional in the public practice to determine whether the acceptance would lead to any threats to compliance with principles.

  4. Following are the few steps that are to be taken into consideration before accepting an audit: •  Assessment of integrity between management and the client •  Irregularities in material and fraud activity •  Recognition of special circumstances and unusual risks •  Assessment of the competence for performing the audit •  Auditors independence •  Determination of the auditors’ liabilities •  Preparation of the engagement letter and signature of the client •  Development of checklist

  5. Company should select those clients who are reliable with their ethical requirements. • Step one: If a company fails to choose right client they may face financial losses and damage of reputation. The company should consider the circumstances when it accepts a new client or decides to continue with an existing client. • Step two (Ethical and legal consideration): BSF Ltd. expects that their client should maintain same ethics as it has. The quality and behaviour of integrity should be matched with the client. The threats of risk may arise if the audit company’s member has shares in the clients. Then client should not be turned down, rather reduction of threats must be done at an acceptable level. Another ethical matter is conflict of interest. The letter of professional clearance is required to accept the new clients. • Step three: If the client is specialised in a particular industry the auditor’s performance of competency should be evaluated. The matters of location, resources needed to perform a task, deadline of completion of a work should be focused.

  6. Discussion of inherent risk of BSF Ltd: • Audit risk is defined as the auditor’s risk which states unsuitable audit opinion when the financial statements are misstated materially (Brasel et.al, 2016). This is different from the business risk, which is related to risks caused by effects of events, circumstances on the business objectives. Audit risk is related to assertions. Classes of transaction, accuracy of auditing are the statements. Valuation and allocations are important. The other issues of risks arise if the company owns different sites and instantaneous inventory counts.Inherent risk occurs due to error on financial accounting because of failure of control. The transaction of a company when becomes complex, inherent risk occurs.

  7. Understanding the overall strategy of BSF Ltd: • Substantive test of auditing is a method of testing financial statement and their supporting documents to check errors. To check the accuracy, completeness and validity financial statements this test is very efficient.  This type of testing can be done by the internal audit stuffs also. To carry out this test, auditor considers that the figures used in the financial statements are related to the source documents. According to Coetzee & Lubbe (2014), substantive tests therefore include analytical procedures in addition to the four classes of audit procedures available for testing controls, so giving the well-known mnemonic AEIOU: Analytical procedures, Enquiry and confirmation, Inspection, Observation, RecalcUlation and reperformance.

  8. Social and environmental responsibility of BSF Ltd.: • Conversion of fish based feed into plant based feed changes the low value fish into the high value fish. The most of the fish are died due to this change. The high value fish is profitable for the company. It degrades the nutritional value of the fish and makes the carnivorous fish into herbivorous. This affects the ecosystem and in turn affects the environment. Most of the seafood eaten by the human beings are generated from the aquaculture. Aquaculture acts as important seafood provider in Australia and globally and it affects the society, environment and health of human being.

  9. Get complete solution Visit- http://www.ozassignmenthelp.com.au/ E mail- help@ozassignmenthelp.com.au Thank you

More Related