Audit Framework Case Study Example | Topics and Well Written Essays - 6500 words

Audit Framework - eccentric Study ExampleTo do an audit, there must be information in a confirmable form and some standards (criteria) by which the auditor can evaluate the information. Information can and does take galore(postnominal) forms. Auditors routinely perform audits of quantifiable information, including companies financial statements and individuals federal income tax returns. Auditors also perform audits lf more ingrained information, much(prenominal) as the effectiveness of computer systems and the efficiency of manufacturing operations.This is a case study for auditing Southern Rock, a mettlesome street UK Bank, registered in Southampton. Here audit partner in the firm is APMC Auditors has provided some questions to answer. Answers of the precondition questions argon answered as bellow respectivelyAnswer to the question no-1Concept of acquittance Concern The pass associate perception is one of the regulatory foundation stone of the financial accounting arena. The spirit of press release away extend to express that the Balance Sheet of a companionship must be an echo the tilt of that confederacy as if it would stay in existence for and beyond the predictable future. In other words, the going business organisation concept also states that the company would be file for bankruptcy within one twelvemonth from the conflict of Balance Sheet. This paper would go to analyse the going concern concept and its vital counsel to a rational observation of Southern Rock Plc. a Banking company as far as possible. There are two major parties in the assessment of a company as a going concern, they are the companys management and its auditors.... Information can and does take many forms. Auditors routinely perform audits of quantifiable information, including companies financial statements and individuals federal income tax returns. Auditors also perform audits lf more subjective information, such as the effectiveness of computer systems and the eff iciency of manufacturing operations.This is a case study for auditing Southern Rock, a high street UK Bank, registered in Southampton. Here audit partner in the firm is APMC Auditors has provided some questions to answer. Answers of the given questions are answered as bellow respectively Answer to the question no-1Concept of Going Concern The going concern perception is one of the regulatory foundation stone of the financial accounting arena. The spirit of going concern express that the Balance Sheet of a company must be an echo the weight of that company as if it would stay in existence for and beyond the predictable future. In other words, the going concern concept also states that the company would be file for bankruptcy within one year from the date of Balance Sheet. This paper would go to analyse the going concern concept and its vital focus to a rational observation of Southern Rock Plc. a Banking company as far as possible. It would nail the Impact of Going Concern on Financ ial statement and Audit procedure to establish Going Concern in Banking Sector as well as the liquidation value of a company and its asset.Going concern assessment There are two major parties in the assessment of a company as a going concern, they are the companys management and its auditors. In addition, the following factors may pack to a going concern reconsideration. The list