Auditing

Auditing is basically done to determine how accurate the financial statements offered by an organisation are. When you have multiple assignments to write, it is difficult to finish all the tasks due to lack of time. If you are a student of this subject and agree with the above statement, you understand why you need to buy professional auditing assignments help. MyAssignmenthelp.com brings to you the most useful academic assignment help service.

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Now, what is auditing in general? It is the examination of different books of accounts to ensure that accurate transaction recording system is followed in all the departments. Auditing is carried out to make sure that all the records are fair.

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Seek Our Audit Assignment Help To Deal With Academic Worries

Auditing is the investigation of any report, system, or entity. There are different types of audits on which your professor may ask you to write an assignment. MyAssignmenthelp.com is a one-stop solution that can help you with a diverse range of audit assignments.

Here is a list of the various auditing types for which we offer our help:

  • Compliance audit

In this type of auditing, the auditor examines an entity’s policies and procedures. This is to check if the establishment complies with the internal standards. This type of audit is usually conducted in educational institutions or regulated industries. Write excellent papers on this type using our auditing assignment help.

  • Financial audit

Here, the auditor analyses how fair the information that exists within the financial statements of an entity is. Usually, an independent CPA firm carries out this standard auditing. We have helped several students write excellent assignments on this type of auditing.  

  • Tax audit

This is another common auditing that is conducted to examine the tax returns submitted by an organiser or individual. This helps an auditor to see if the tax-related information and payment made by the concerned individuals are valid. Usually, these audits are carried out where the tax payment is excessively low. We have specialised online assignment writers in our auditing assignment help who can assist you in writing the best papers.

  • Investigative audit

This type of audit is carried out when there is suspicion regarding fraudulent activity. The investigation is done on any specific individual or area to detect and resolve control breaches. Other than this, the investigative audit is also done to gather evidence and bring charges against someone.

  • Construction audit

This special audit is done to analyse the cost of a certain construction project. This may include examining the contracts, prices paid, time taken to complete the project, overhead costs, etc. The auditor checks if the reasonable expenses were incurred for a particular project. Get perfect copies from our auditing assignment help.

  • Operational audit

This process consists of the goals, procedures, results, and planning processes of a business. This audit can be conducted internally or with the help of an external entity. You will get completely flawless papers on this type from our auditing assignment help.

  • Information systems audit

Information systems audit includes reviewing the control over data processing, software development, and access to computer systems. Through this auditing, any problem that can damage the IT system’s ability to give correct information is detected. Another goal of this auditing is to restrict access to unauthorised parties.

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Sample Question And Solution Of Financial Accounting Assignment

Question:

Part A

Part A.1

You are an audit partner with R David & Associates, a large and experienced audit firm.

You have been approached to accept the audit of Darwin Pharmaceuticals Pty Ltd (DPPL), a medium-sized chemical manufacturer. The manufacture of the chemicals results in highly toxic waste and DPPL is currently under investigation by the Environmental Protection Agency for a significant spill of toxic chemicals into a nearby river. The media have reported that senior employees were allegedly involved in trying to cover up the spill.

Required:

Identify and explain the key ethical matter regarding DPPL and its management that you should consider before making the decision to accept the engagement. (2 Marks)

Answer:

Part A:

Sub part A.1:

In Australia the companies and their operations have to in accordance with the provisions of Corporations Act, 2001. Companies must follow the standard practices in order to comply with the provisions of the act. In addition corporations must also abide by the Environment Protection Laws applicable in the country to protect the environment and ensure that the functions and operations of an organization are not violating the provisions of Environment Protection Law (Schaltegger and Burritt, 2017). Read More…

 

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An auditing process includes the following steps:

  1. The first step starts with defining the role of the auditor. The individual or entity must abide by the confidentiality provisions. Also, the terms of engagement are also defined in this step.
  2. The second step includes planning the audit.
  3. In the third step all the information collected from the audit is compiled in a systematic manner.
  4. The last step involves reporting the result. Once the results are found, they are recorded in the auditor’s report.

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Most Popular FAQs Searched By Students

Q. What Is The Purpose Of An Audit?

The purpose of an audit is for an independent third party to evaluate the financial statements of an entity. This examination is an objective evaluation of the statements that result in an audit opinion regarding whether the statements have been presented fairly following theapplicable accounting framework. For compliant auditors, the purpose of an audit is to let the auditors evaluate whether entities fully implement policies, laws and regulations or not.

Q. What Are The Two Types Of Auditing Methods?

There exist five methods to walkthrough and rest each control in place at a service organisation. Among them, two are- examination or inspection of the evidence, and computer-assisted audit technique (CAAT).

Inspection of Evidence is used to determine whether or not manual controls are being performed. On the other hand, CAAT is a method that can be used to analyse large volumes of data or every transaction rather than just a sample of all transactions.

Q. What Are The 3 Types Of Audits?

There exists three main category of audits- internal, external, and revenue service (IRS) audits. Internal audits are audits that are performed by your company. External audits incorporate customer, supplier, certification and surveillance. The IRS also performs audits routinely to evaluate the accuracy of a taxpayer’s return and specific transactions.

Q. What Is An Audit Assignment?

Auditing is basically conducted to determine how accurate the financial statements offered by an organisation is. Students pursuing this subject is often asked to deliver an exemplary audit assignment. The audit assignment deals with all the crucial concepts, techniques, methods, and theories related to the audit.

Q. How Do I Create An Informative Auditing Assignment?

Writing an impeccable auditing assignment is certainly no child’s play. Here are certain pointers you should keep in mind to leave your professors spellbound with your informative auditing assignments-

  • Provide the date of the audit
  • Explain the areas audited
  • Mention the standards used
  • Specify the name of the lead auditor and audit team members
  • Mention the persons interviewed
  • Report your observations

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