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Auditing Assignment Evaluating New Audit Standard Of Asa 701

Task: Auditing Assignment Task Details: The new auditing standard ASA701 Communicating Key Audit Matters in the independent Auditor’s Report is developed in the wake of the global financial crisis. This development is in response to calls from shareholders to know more about the companies they invest in. Further investors have also requested earlier warnings of potential issues that may exist with respect to an entity’s ability to continue as a Going Concern which resulted in the revision of ASA 570 (IAS 570) Going Concern. Students are required to select an compare two industries in the Australia ASX Top 100 listed corporation and assess the “areas of higher assessed risk of material misstatement, or significant risks identifies in accordance with ASA 315”, significant auditor judgement relating to areas in the financial report that involved significant management judgement” as well as “the effect on the audit of significant events or transactions that occurred during the period” (Para 9 ASA 701). The summary report should include data extracted from the General-Purpose Financial Report relevant to the material analysed.


Subject Name: Audit

Level: Undergraduate


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