• read audit standard ASA315 focusing on audit responsibilitywith respect to client governance, •...

90.2K

Verified Solution

Question

Accounting

• read audit standard ASA315 focusing on audit responsibilitywith respect to client governance, • read the web page on the ASICreport on the Commonwealth bank which details the governance issuesraised by ASIC(http://www.apra.gov.au/MediaReleases/Pages/18_17.aspx), and
• prepare a report that: o summarises and justifies theauditor’s responsibility to review the governance of an auditclient, and o includes a table for use in the audit which explainsthe impact of each of the ASIC identified Commonwealth Bankgovernance issues on audit risk. The table should further explainwhy each of the ASIC recommendations would reduce audit risk. Thetemplate below should be used.
Issue Impact on raising audit risk Recommendation Reduction in audit risk because of the recommendation

Answer & Explanation Solved by verified expert

4.2 Ratings (604 Votes)

Issue Impact on raisingaudit risk Recommendation Reduction in audit risk because of the recommendation inadequate oversight and challenge by the Board and its committees of emerging nonfinancial risks See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: Accounting• read audit standard ASA315 focusing on audit responsibilitywith respect to client governance, • read...• read audit standard ASA315 focusing on audit responsibilitywith respect to client governance, • read the web page on the ASICreport on the Commonwealth bank which details the governance issuesraised by ASIC(http://www.apra.gov.au/MediaReleases/Pages/18_17.aspx), and• prepare a report that: o summarises and justifies theauditor’s responsibility to review the governance of an auditclient, and o includes a table for use in the audit which explainsthe impact of each of the ASIC identified Commonwealth Bankgovernance issues on audit risk. The table should further explainwhy each of the ASIC recommendations would reduce audit risk. Thetemplate below should be used.IssueImpact on raising audit riskRecommendationReduction in audit risk because of the recommendation

Issue	Impact on raising audit risk	Recommendation	Reduction in audit risk because of the recommendation