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Carpetright plc (Audit and Assurance) - Assignment Example

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The risk based approach is an auditing method that was developed to be applied entirely in audit work in an effort to be used efficiently and effectively focusing on the timing, nature and extent of audit procedures in areas within an organization that have a high potential of…
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Carpetright plc (Audit and Assurance)
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Download file "Carpetright plc (Audit and Assurance)" to see previous pages... The external auditor’s judgment at this level will be very important which reduces the likelihood that the auditor will miss some necessary information in the company. Other essential things that the external auditor need to understand include; competitors, the structure of the company, the nature of the firm,
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industry in which it operates in, internal control system and financial reporting processes that are key to the company. This information could be derived from enquiry from relevant authorities, performing analytical procedures, important financial and non-financial information, and inspection and through observation of processes within the organization and documentation.
The second step the auditor will take into account in carpet right plc. Is identifying and assessing potential risks that are in the company. This includes risk that affect individual transactions, disclosures, account balances and overall annual report. The auditor’s professional skills and judgment will be relevant on assessing how the potential risks have an impact on the measurement, accuracy, occurrence, completeness. Presentation and disclosure in the annual report of the company. The potential risk within the company will also determine how the auditor designs the audit program. The risk within a company is either significant or normal. Where significant is likely to occur while normal has a possibility of occurring.
The third level will involve responding to the potential risk in the company. This requires the auditor to acquire substantial amount of evidence in the company. The auditor will be required to relate any risk identified on its impact in the financial report of the company, the individual transactions, disclosure and account balances. In concluding his report, the auditor will be required to provide a report whether he obtained all the information necessary deemed for the audit and whether the risk contains material misstatement in the company.
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