Auditing Standards in Australia Case Study by ABCs

Auditing Standards in Australia
An in-depth review of the revised "Auditing Standard ASA 200" in Australia.
# 114164 | 2,203 words | 4 sources | APA | 2009 | US
Published on May 31, 2009 in Accounting (Financial)


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Description:

The paper outlines the objectives of auditing, the auditor's opinion within the standard and how the "Auditing Standard ASA 200" of Australia conforms with the "International Standard on Auditing". The paper lists the separate divisions of the "Auditing Standard ASA 200" and relates that the "Auditing Standard ASA 200" is for the most part, the same in the public and private sectors of Australia in terms of standards and requirements of auditing. The paper also identifies the internal controls that are expected by auditors to be present in the entities. The paper shows how the "Auditing Standard ASA 200" has undergone recent reform in 2006, and relates that this will very likely drive up the costs and expenses associated with auditing, however, it is not believed that these reforms will serve to boost the confidence of the public of financial reporting in Australia.

Outline:
Objective
Introduction
Terms and Definitions
Objectives of an Audit
Auditing Opinions on Financial Reporting
Mapping of Auditing Standards in Australia
Mixed Economy
Standards Reform and Increasing of Audit Costs Explored
Summary and Conclusion

From the Paper:

"This case study conducts an examination of the Auditing Standard in Australia and specifically the 'Auditing Standard ASA 200' published in April 2006. The Auditing Standard ASA 200 is issued by the 'Auditing and Assurance Standards Board'. The purpose of the 'Auditing Standard' is to: (1) set out the objective of an audit of a financial report; (2) to require the auditor to comply with relevant ethical requirements relating to audit engagement; (3) to require the auditor to conduct an audit in accordance with Auditing Standards; (4) to require the auditor to comply with each of the Auditing Standards relevant to the audit in determining the audit procedures to be performed and to not represent compliance with Auditing Standards unless all of the Auditing Standards relevant to the audit have been complied with; (5) requires the auditor to, if possible, perform appropriate alternative audit procedures and to document certain matters where, in rare and exceptional circumstances, factors outside the auditor's control prevent the auditor from complying with an essential procedure contained within a relevant mandatory requirement."

Sample of Sources Used:

  • Auditing Standard ASA 200 (2006) Objective and General Principles of an Audit of a Financial Report. April 2006. Australian Government - Auditing and Assurance Standards Board. Online available at: http://www.auasb.gov.au/docs/AUASB_Standards/ASA_200_28-04-06.pdf
  • Mapping of: AUASB Standards (ASAs) issued by the reconstituted AUASB and applicable to financial reporting periods commencing on or after 1 July 2006 to Auditing Standards (AUSs) issued by the former AuASB of the Australian Accounting Research Foundation. Online available at: http://www.auasb.gov.au/docs/Mapping_of_ASAs_to_AUSs.pdf
  • AUASB Glossary (2006) Issued by the Auditing and Assurance Standards Board. Nov 2006. Online available at: http://www.auasb.gov.au/docs/AUASB_Standards/AUASB_Glossary_28-04-06.pdf
  • Nicoll, Paul (2005) Audit in a Democracy: The Australian Model of Public Sector Audit and Its Application to Emerging Markets. Ashgate Publishing Ltd. 2005. Online Google Books. Available at: http://books.google.com/books?id=XChYNUZOikEC&dq=Australia:+Auditing+Standards&source=gbs_summary_s&cad=0
  • McCollum, T. (2006) Australian Standards Reforms May Increase Audit Costs. Internal Auditor Oct 2006. Online available at: http://findarticles.com/p/articles/mi_m4153/is_5_63/ai_n16808489

Cite this Case Study:

APA Format

Auditing Standards in Australia (2009, May 31) Retrieved December 07, 2019, from https://www.academon.com/case-study/auditing-standards-in-australia-114164/

MLA Format

"Auditing Standards in Australia" 31 May 2009. Web. 07 December. 2019. <https://www.academon.com/case-study/auditing-standards-in-australia-114164/>

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