Task
Question One
Indentify the key corporate policies and procedures that framework auditing and reporting on financial systems and records.
Reporting periods
Taxation payment timings
Delegated authorities
Internal control procedures
Taxable transactions
Question Two
Indentify the key Australian Accounting Industry professional standards for auditing and reporting on financial systems and records.
Australian Accounting Standards Board (AASB)
Australian Accounting Standards
Australian Auditing Standards
Auditing Guidance Statements
Ethical requirements
Superannuation Industry (Supervision) (SIS) 1993
Question Three
By providing examples explain what are internal control procedures and their significance to auditing and reporting on financial systems and records
Identification, measurement and recording of income, assets, expenditure, liabilities and equity.
Safeguarding and insurance of assets.
Decision making authorities.
Accuracy in valuation.
Transparency in financial reporting.
Risk management strategies.
Question Four
In terms of auditing and recording on financial systems and records explain the importance of accessing options.
It identities the statutory requirements from assessment of terms of reference and client objective and obligations.
It review and analyses the client activities and procedures to establish familiarity whit systems and guide the selection of appropriate audit methodologies.
Development of audit methodologies to identify significant features of audit and establish criteria for conducting the audit in accordance with professional auditing standards.
Question Five
By providing examples identify various information sources that provide required information to be used when auditing and reporting on financial systems and records
Budgets and forecasts.
Financial statement and reports.
Market valuations.
Australian Bureau Of Statistic (ABS) economic data.
Financial markets monitoring services (eg. returns).
Credit rating.
Cash flow
Question Six
Identify the characteristics of 2 alternative audit strategies and identify the factors that would impact on an organizations decision to determine audit strategies?
Gathering and evaluating data.
Compliance and substantive testing.
Question Seven
Part of an audit strategy is to schedule resources and timeline and
