Aim for between 500-750 words - so be concise and precise!

Company CWN-Crown Resorts Limited

You have learned in Ch.4 of your Moroney, et.al., Auditing: A Practical Approach 3rd Edition text that ASA 315 stipulates analytical procedures be used as risk assessment procedures, while ASA 520 stipulates their use as substantive procedures. The standards also discuss the nature and purpose, extent of reliance on analytical procedures and subsequent investigation of unusual items identified. You may also find material in text chapters covered in Module 3 helpful.

Using the financial report/statements of the entity you chose for Assessment Task 2:

• identify and briefly explain two (2) ways you could use analytical procedures as risk assessment procedures, (5 marks) and
• identify and briefly explain two (2) ways you could use analytical procedures as substantive procedures during the audit. (5 marks)

This requires you to use examples from your chosen entity to illustrate the application of ASA 315 and ASA 520 in the application of Analytical Procedures to the audit process you have been learning about in the unit. You are being asked to provide examples to support your explanation ... simply describing procedures is not sufficient.