Search

Level 3 HND B TECH Risk Assessment

Risk assessment procedures

  1. i) The aim of risk assessment process to provide the assistance to auditor to gain a good understanding regarding client audit. The following method states evidence of auditor risk assessment procedure regarding material misstatement in financial statements. Along with this, it delivers different segments of transactions at the client end. On the basis of this, the auditor able to determines various risks during auditing process.
  2. ii) There are various sources of audit evidence that auditor can use as part of risk assessment procedure. These are observation of organization activities by inspecting its financial statements, by communicate with management and other key personnel, using the process of ratio analysis of client financial data.

Assignment Prime

Assignment Prime is an online assignment writing service provider which caters the academic need of students.

Get Best Pricing Quotes Free Samples Email : help@assignmentprime.com Order Now

Issues that needed to be considered when providing services to Serenity client

  • Required skills: Mal & Co should ensure that either they are capable to deliver auditing services to business client or not. The reason is because auditing company only has seven partners and to carry out the audit process of Serenity, it has important to make sure organization has required staff members with important skills or not.
  • Self review threat: If Mal & Co is planning to introduce a new control system then it will essential to adopt those auditing systems which become part of the statutory audit. In this context, it is an issue in front of company to make sure that the available staff members are skilled or not to drive the new control system.
  • Acceptance of non-audit work: There is a possible threat that Mal & Co can breach any kind of statutory or ethical framework during the work.
  • Free income: As per the ACCA’s Code of Ethics and Conduct, the amount generated from free income from the client should not be more than 15% for non PLC companies. In the context of Mal & Co may be breach this policy during serving the clients.
  • Client growth: As per the given case, Serenity Company is growing with exponential speed but the poor internal control may create a high financial risk for company. In this, context, Mal & Co may not give focus on this issue during auditing process.
  • Internal audit: In the case of Serenity Company, internal auditors will take time to understand working of new system and this may affect the quality and level of internal audit of the firm.
  • Association threat: Serenity Company is starting to produce a new mobile telephone but the legal status of this product is still unclear. In this case, there may be a threat that company will produce illegal goods without taking confirmation.

Explaining the term negative assurance and its application during reporting on a cash flow forecast

The meaning of negative assurance is when an auditor carries out work on forecasting cash flow but accuracy of that work cannot be confirmed. In the other words, the cash flow may be reasonably prepared but it does not seem to be true and fair. It is used to forecasting of cash flow which assists the organization to take future decisions regarding working capital.

Download Full Sample
Cite This Work To export references to this Sample, select the desired referencing style below:
Copy to Clipboard copy icon
Copy to Clipboard copy icon
Copy to Clipboard copy icon
Copy to Clipboard copy icon
Assignment Prime. [Internet]. Assignment Prime.(2024), Retrieved from: https://www.assignmentprime.com/free-samples/general-studies/level-3-hnd-b-tech-risk-assessment
Copy to Clipboard copy icon
Boost Grades & Leave Stress

Share Your Requirements Now for Customized Solutions.

Lowest Price
USD 8.58

Delivered on-time or your money back

100+ Qualified Writers

For Best General Studies Assignment Help

View All Writers
FREE Tools

To Make Your Work Original

  • tools Paraphrasing Tool

    Check your work against paraphrasing & get a free Plagiarism report!

    Check Paraphrasing
  • tools Plagiarism Checker

    Check your work against plagiarism & get a free Plagiarism report!

    Check Plagiarism
  • tools Reference Generator

    Get citations & references in your document in the desired style!

    Generate References
  • tools Grammar Checker Tool

    Make your content free of errors in just a few clicks for free!

    Grammar Checker
  • tools Essay Typer

    Generate plagiarism-free essays as per your topic’s requirement!

    Essay Typer
app
Download App

Avail the Best Assignment Writing Services in Just One Tap!

Add "5% extra off on app"

iphone android
QRcode

 
AP whatsapp

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. Know more

IT'S OK