Bank Audit Assignment -
Question - Comment critically on Ms. Nancy's acceptance of the bank audit and explain what are the necessary steps need to be taken before accepting an audit for the audit firm.
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Answer - As we can see that Mr. Nancy is an another partner of Mr. peter and both of them have worked for many years for many reputed firms as mentioned in the case study. We know that audits are performed by the experienced people. And if a newly formed bank sent an document alarming them for their upcoming audits. It may be that bank has analysed all the income inflows and ouflows of ABDULLAH LLC and found something suspicious in this firm branches transactions and bank want to help Mr. Nancy for making a right decision by auditing every financial transactions in an efficient way.
There are some reasons of accepting bank document:
- Banks work by analyzing everything.
- It may be that the risk value for ABDULLAH LLC is higher than other audit operations.
- IT may be that bank has found something suspicious in the transaction the firm.
- It may be that a high amount of loan may be taken by that firm and that has not been repaid by them yet.
So Mr. Nancy should accept it.
Steps to be taken:
Objective of client behind audit: So auditor should take care of this that what is the motive of the client for conducting an audit in his firm. What he wants to get by results.
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Previous status of client: Auditors should take care of this that what is the financial status of client in his past . auditors shpuld also check his credibility and loans taken by him and their respective repayment. So if status is showing good performance then auditors should start to audit that firm.
Client's risk value calculation: Auditors should make the calculation about risk value of client. If therisk value amount goes higher then auditors should take care of such type of audits . and sometime auditors reject them.becaus risk value tells the client ability to do some financial task in a good manner.
Calculation of various ratios: Auditors should make a good analysis on the various ratios which tells the financial condition of a client. Some of those ratios are equity ratio, quick ratio. Debt ratio etc.
These ratio will acknowledge auditors about client's financial status and his credibility and these ratio will also help auditors to make their auditing in a good way.
Make preliminary financial analysis: Auditors should make primary analysis for a client like Hilsburg's ratio and short term debt paying ability of a client.
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