The auditor is aware that audit risk and account balance is inversely proportional. For example, the risk of an account balance with high amount of mismatch might have very low impact on the overall audit report, whereas would be high for a low amount. To reduce this, auditor should select better procedure for auditing, perform audits at year ends and increase the time for a particular audit process. Basedtheir past experience auditors should come prepared with a robust module which would help reduce the difference in balance by keeping into account the qualitative and quantitative aspects, their knowledge of the subject and their expertise in the field.
In CBA, the auditor could not find any discrepancy in the account balance as the internal audits take place throughout the year in CBA thus nullifies any difference. Here like British telecom they used the horizontal approach for auditing, so that same team would audit all departments. It is easy to give feedback, each department is aware of the discrepancies with others, so that all of them could work together to reduce the risk in future.
The internal auditor.
The end users who would be working on the report submitted by the audit team.
For example, British Telecom – UK’s largest communication service company which follows the standards set for internal audit, but two years back they have changed their approach to internal auditing by splitting the audit team into six smaller teams wherein each team takes care of a particular department like retail, wholesale and global, there would also be a general team who would conduct the reviews for all the departments independently. However, the risk areas of one department were not known to others, hence BT changed to a horizontal procedure, where one audit team will do the review across for same type of department.
All organizations big or small undergo changes with time, hence it is the responsibility of the internal auditor to confront the management and they are ready with an enhanced model to accept the new risks and are in a position to control them. (Parker, Guthrie and Linacre 2011)
Public limited company from ASX200
ASX is “Australian Security Exchange”. This was created in 2000 and ranks amongst top 200 companies in trading and capitalization. As per the capitalization, the weight of the market gets adjusted every quarter or there can be a rebalance in-between also.
A company must satisfy the following three to be included in the list of ASX200.
The stock of the company to be listed on Australian Security Exchange, as preferred or ordinary.
How easily a stock can be liquidated that is bought or sold by an investor, wherein the number of investors has to be large.
The float-capital of the company must be in line with the ASX.
(I(II)Auditing procedures to verify the account balances impacted by risk
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