Parameters of Australian Accounting Standards - Business Assignment Help

Assignment Task :

Introduction
The purpose of this audit is to be able to develop and provide an independent audit opinion and determine if the financial report of Lycopodium Ltd falls within the parameters of Australian Accounting Standards, Auditing Standard ASA300 and Corporations Act 2001. By completing this independent audit, we will be able to determine whether Lycopodium Ltd is free from material misstatement, meaning it gives a true and fair view of the financial performance for the financial year of 2019. The way this has been achieved is by ensuring the auditors main objective is to obtain sufficient evidence to provide reasonable assurance when forming the audit opinion. 

This report details the operations of Lycopodium Ltd enabling us to gain an understanding of our client.  Identification of five accounts in the financial statements that are considered to be materially misstated and an explanation of the movement between last financial year and this financial year. Lastly, the inherent risk and control risk is evaluated during the audit risk phase allowing us to determine the level of detection risk we are willing to accept for each account balance.

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