Audit Planning

MEMORANDUM FOR:SEALANT COMPANY PTY LTD. FROM:EDDIE P. IRINCO & ALINE TEXTEIRAAudit Seniors cogitation:AUDIT PLAN We have conducted an efficient and effective visit with adequate intentning. Under ASA 300.5 (ISA 300.02) our study squad had thoroughly plan the work to enable the audit performed in an effective manner. sealer Company Pty Ltd was assessed on two risks aspects, Business Risk and the train of Inherent Risk. BUSINESS RISK ASSESSMENT The audit team had assessed sealer Company Pty. Ltd on the basis of understanding its dividing line and industry. Further, the audit team had identified and assessed risks of material misstatement based on the side by side(p) incidentors; Account TypeAction Taken The organization ( sealer Pty Ltd) and its business milieu Obtained comprehensive information through; Thorough knowledge of the business methodological understanding of the audit teams in scathe of internal control. Audit AnalysisSWOT Analysis The audit team had used SWOT Analysis in regularise to determined Sealants competitive situation by assessing its Strengths, Weaknesses, Environmental Opportunities, and Threats (Gay & Smith 2007). PEST Analysis The audit team had identified relevant factors on the business engagement of Sealant.

The social clubs relationship between the industry and the broad economical and its business environment. Assessment ClassificationThe Audit focus on high up risk as the major determination of the business risk. 1. Credit sales cycle and trade receivables It is considered a high inherent risk at assertion level for the fact that the processing errors are only partially mitigated by the sales manager and credit controller. 2. Cash receipts and payments Sealant Ltd shows low inherent risk in terms of ply integrity when it comes to cash receipts and payments, however when the exchanged specie is put into analysis, inherent risk is increased because of the rate gains and losings resulting from this... If you want to get a full essay, order it on our website: Orderessay

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