71305 Auditing Level 7 Assignment Answer

This Is the assignment answer’s of 71305 Auditing Level 7 Assignment Answer NZ.

In this online course you will learn more about auditing and how to apply it in different contexts.

You’ll be able to engage with key concepts, theories, and skills that are essential for success as an auditor or accountant who deals with audits on a day-to-day basis.

We have courses for people who want to learn about audits. You can learn about the basics of accounting and how it works in a business.

With our course, you will know exactly what you need to do if you are working behind a desk doing audit cases!

Assignment Solutions of 71305 Auditing Level 7 Assignment Answer NZ

Assignment Activity 1. demonstrate research, analytical and interpretive skills in auditing theory and practice

The same logic can be applied to auditing. Practice is crucial in the field of auditing because the auditor must know and understand the material well enough to allocate resources and use them effectively.

They will experience problems if they try to force things out of their comfort zone, so it’s best for new analysts to begin with something they are comfortable with before attempting more complicated work.

In auditing reports and working with audit data, analysts need to be comfortable using the information they receive from their management and other professionals.

Assignment Activity 2. provide a conceptual framework for auditing and analyse the role of auditors in society

A conceptual framework for auditing and analysing the role of auditors in society can be illustrated by understanding what

a) their broad responsibilities are with regards to ethics.

b) statutory, regulatory and international standards that they are accountable to.

c) different approaches that can be taken when formulating an audit plan whilst recognising the importance of being transparent about one’s approach.

d) relevant research findings from literature.

Assignment Activity 3. discuss legal and professional requirements relating to the appointment, removal, rights, and duties of auditors

There are numerous laws, codes, and regulations that affect the appointment, removal, rights, and duties of auditors.

I am not aware of any requirements relating to whether or not an auditor may be compensated for his/her services.

It is possible that this could have legal ramifications. If you need clarification on this point please ask your countries’ governing body and contact a qualified professional about the matter of compensation for their service fee.

Please consult with an accountant if you have tax related problems in your business!

The government determines the qualifications required to call oneself a certified public accountant (CPA).

They show evidence of undergraduate education from accredited schools as well as completion of Y hours in accounting-related courses credited by one’s state board of accountancy.

Assignment Activity 4. discuss the relationship between internal and external audits, and current issues in external and internal auditing

“The relationship between internal and external audits is a well known fact.”

Additionally, if there’s some cause for concern about whether the company’s documents might contain classified information, then an outside auditor should be called.

In this way, all personnels are subject to audit without any discrimination. However, often these audits are performed by a government entity from within that jurisdiction which have their own set of laws or rules in place that they must adhere to when conducting these processes.

This circumstance would necessitate at least two separate teams with different objectives so as not to jeopardize one agency’s auditing process while another agency is conducting theirs.

Internal and external auditing have a number of challenges in common. These include an increase in the regulatory environment which adds more oversight, changing regulations that can be difficult to keep up with, and especially when it comes to audits performed by ethics and compliance personnel who deal with fraud issues.

Some things that are important in both internal and external audits are the audit’s scope, risk assessment, audit methodology selection, independence checks on auditor performance or outputs.

Testing of controls implemented by management during the course of the audit test process is also important. The identification and remediation of material violations identified through carrying out regular audits is also important.

Assignment Activity 5. analyse and discuss the nature and importance of planning and audit judgement, and its influence on detailed audit procedures

Planning is the foundation of human society and has played an important part in the evolution of civilization. Organized planning or decision-making ensures efficiency, equity, and fairness, while reducing pressures on resources.

Good planning takes into consideration both current realities with a focus on mitigating impacts to the environment for future generations.

This involves understanding our implications on humanity’s “footprint” as well as actively shaping your own “legacy.” It also requires thoughtful judgement about what will happen after we’re gone.

Planning should be done holistically over all levels of discourse–from local communities to international organizations–to optimize efficiency and provide for a just global vision based upon indigenous values that tout sustainability, stewardship, reciprocity, diversity of life , human rights, and equality.

The broad level audit procedures of planning are not influenced by the judgment process but rather by the main area of interest.

A detail audit procedure is a personal opinion, or an opinion on how to perform an audit procedure. This type of audit procedure is not subject to approval before it’s used in a detailed evaluation.

The data collected from this type of procedural assessment is conclusive enough to be considered appropriate for analysis; simply stated, it doesn’t need muster with higher-level decisions before being utilized as part of the project plan.

A judgment process, however, does require approval before being implemented and should only be used if it has been determined that they’re needed for the specific type of detailed analysis at hand.

Assignment Activity 6. analyse the effect of computers on audit planning and procedures

There are many arguments about whether computer-based technologies have significantly impacted auditing. At the end of the day, only time will tell.

Yet it is important to keep in mind that computers can be immensely helpful audit planning and procedures by providing a more efficient way for managers to complete their reviews.

Computers allow managers to quickly search data with a keyword or range of dates, and this information will automatically display all files that meet those criteria, eliminating the need for manual retrieval from filing cabinets or records storage rooms.

They also abstract tasks so humans can perform other duties and they minimize documentation required by a human author since these activities are automatically logged into databases as transactions occur on the system.

Assignment Activity 7. discuss the nature of audit testing, sampling theory, and analytical review

Audit testing is a planned sampling method, used to ensure that systems or programs are operating according to the specifications.

Two types of audit testing exist, one for in-progress audits and the other for completed audits; both rely on some form of statistical analysis.

Outsourced audit testing helps eliminate fraud when it comes to financial reports. This type of audit also provides peace of mind by identifying faulty inventory control systems and parts containing defects during production.

Serving as an excellent supplement for existing quality management initiatives, IT outsourcing services provide businesses with vital solutions such as system administration and security modifications which can prevent serious data leaks from occurring at any time.

They conduct thorough prerequisites analysis initially before beginning any work on an ERP migration project.

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