Auditing & Assurance Continuation Innovation Process

Question: Describe about the Auditing Assurance for Continuation Innovation Process. Answer: Introduction The case study provides the overall details of the research process and the development regarding the development of the fish food are carried out in the organisation of BSF Ltd. it generally deals with the aqua-cultural fish feeds that seems to be requisite for the growth and the development of the organisation. The research focuses on the enhancement of the process regarding the continuation of the process with thereby creating thrive in the organisation. As per the research conducted, the first stage provides the failure of the research process carried out in the organisation of BSF Ltd with thereby providing the decrement of the rate of the high value fish. As per case the case study, the second process is carried out with the continuation of innovation process in the research which enhances the views of the research with getting the changes in the research process (Alkafaji, 2007). Furthermore the research that is carried out using the plant feeds is mot eco-friendly with thereb y increasing the cost of the production and thereby decreasing the productivity. This process of the research seems to be destructive in nature and thereby creates various environmental issues. With the implementation of the wastages, the upper part of the plant with including bacteria, the research seems to be successful and thereby creating various issues regarding the cost expected with thereby helps in providing judgement for the expected case study. The test regarding this experiment proved to be successful in practical implications and thereby the patent is created for this experiment. Steps that are considered before accepting the Audit before applying them to BSF Ltd The steps provide various approaches before accepting the process of Audit for the organisation. The categorisation of the risks is created for the appropriate identification and thereby the mitigation of the risk factors is seemed to be very much helpful or the process of the research conducted (Dauber, 2005). The steps that consists of the categorisation risks with the creation of retention of the detection process helps in appropriate identification and there by the crucial components are identified which are as follows:- Auditors business risks are considered which consists of the potential litigations and thereby the risks of the other costs also seem to be audit failure and thereby the risk of the other costs is represented with fee realization and the reputational effects. Client business risk helps in depicting the association of the risk with regarding the survival of the client and the profitability. Audit risk consists of the risks that are creating unknowingly with the failing of the modified financial statements by the materials that are indicated (Heagney, 2012). With accepting engagement of the audit for the organisation BSF Ltd, there lay some few steps that needed to be followed by the organisation for the enhancement of the BSF Ltd which are mentioned below:- Identification of the circumstances helps in indicating the unusual risks that the auditor focuses for the intended uses of the financial statements. The firm faces the potential legal claims with the identification of the common law of negligence. The evaluation of the integrity of the management helps in indicating the values that focuses on the errors that are related to the material errors which are the appropriate identification of the irregularities and the management seems to be dishonest in the case of BSF Ltd management (Kallen, Kuniewski and Noortwijk, 2009). Accessing the competence to perform the audit determines the amount and henceforth the supervision seems to be necessary for the determining the audit and the related business. Evaluation of the independence is very much crucial for the enhancement of the rule of the code of conduct 101. The auditors liability is used with due cares with considering the third general standards with the appropriate identification of the two factors that are considered for the engagement of the better planning of the Auditor (Kew and Watson, 2012). These are the steps that are described above which helps in determining the views regarding the liability of the financial statements and thereby the consideration of the process is determined for explaining the above reasons. Accepting the role for doing an Audit of BSF Ltd Inherent risk helps in determining the risks that are possessed during to the omission of the errors and thereby the considerations are made with determining the omission of the financial statements. The failure helps in the appropriate identification of the issues that seems to be related to the control of financial statements by the organisation. It thereby creates the complex transactions that are depicted with the identification of degree of complexity and thereby the considerations are made accordingly (Mott, 2008). It also helps in creating the control structures that are related to the financial statement breakdown and thereby the control risks and the inherent risks are identified with the continuation of the lower levels for the purpose of Audit. Henceforth it creates and reasonable reason for the enhancement of the procedures that seems to be determining the reasonable level of the audit risk. The detection risk helps in the failure of the material misstatement that is produced by the organisation in depicting the misstatement of the financial statements. It thereby also helps in indicating the procedures that detects the frauds and the errors created in the financial statement and thereby the detection of the errors is taking place. The misstatement helps in indicating the undetected statements which are left behind during the time of the audit. The detection can be reduced by the help of conducting more numbers of testing and thereby the sample tractions also seem to be used for the removal of the risks (Ruhnke and Lubitzsch, 2010). Controlled risk management helps in continuing the material misstatement with viewing the risks of the financial statements and thereby the detection of fraud and errors are identified. It thereby also helps in creating the absence of the failure of the operations and henceforth the relevant controls are depicted with detecting the instance of the fraud (Sarker et al., 2016). The assessment of the control risks are created with the help of considering the risks factors that are identified for mitigating the frauds detected. The segregation of the statements is prepared by creating individual report that does not consist of technical knowledge in order to resolve the problem identified. Henceforth the estimated inherent risk provided in the case study is about 90% and the detection risks is about 80% with minimum control risk which seems to be 5%. Henceforth the consideration of lowered control risks helps the auditor to continue the audit program in order to remove the chance of mistakes determined in this case study. Discuss and list the audit program included for BSF Ltd The internal auditors risk helps in identifying the issues that are related to the audit program of the organisation. It thereby helps in identifying the audit engagement programs that depicts the application control with carrying out the effective operation strategies for the enhancement of the operation. The process regarding the audit program also depicts the implementation of the program with designing the management of operation and designing the application control (Saita, 2007). The objectives of the application controls help in determining the circumstances which are mentioned below. The audit program also includes the BSF Ltd for coverage of the audit program is enlisted below are as follows:- Data must be stores in accurate form and thereby the completion of the data storage process can be achieved in an appropriate format (R., 2016). The input data must be accurate with the completion of process of appropriate authorization must be done. Data is processed as it seems to be intended in an appropriate format with the creation of appropriate time period. The outputs must be focused and the completion of the accurate and complete format must be done appropriately. Records are maintained by keeping track on the problems regarding the risk management with creating the input, storage and the output of data. The steps requisite for determining the objectives are as follows:- Determining the problems with performing the risk management Determining the scope in order to review the guidelines of audit. Appropriate development of the communication plan that need to be executed as per assisting the resources (Wolf, 2008). Determining the computer assisted programs with assisting the audit techniques which must be implemented for assisting the techniques. Conducting the audit program with approximate creation of audit program. The audit program must be maintained with determining the control programs seem to be related to the generation and maintenance of the transactional data. The verification process helps in identifying the audit techniques that helps in creating storage and the output with providing clear descriptions regarding the process executed. The case study helps in depicting the conversations that are presented for providing appropriate formation of the development of costs and thereby the enhancements considered helps in presenting actual situation and also provides appropriate justification for the undertaken case study. It thereby also helps in depicting the current program features with enlisting the associated programs for the enhancement of the organisation (Stittle and Wearing, 2008). Discussing the concerns for the auditor of the RD transactions The concerns that are depicted for the auditing for the organisation depicts grant treaties that are depicted for the usage of the flexibility of the resources (Subramaniam and Carey, 2011). Thereby the proactive strategies are implemented with forming the information for the creation of response with implementing the direct investment. It provides the grant treaties that are depicted in this case which determines the flexibility of the resources and thereby the proactive implementation of the proactive strategies is considered with creating response for the direct investment. Therefore the enhancement of the proactive planning for the research groups which considers the start up implementation plan for the response received (Holton, 2012). This emphasizes on differentiating the capital investment with creating strategies and thereby the reactive use seems to be taking place by enhancing the flexibility of the resources with making changes in the research areas. The approaches consid ered in the research helps in brining greater changes in the organisation of CSIRO with creating variation in the flexibility of the availability of the RD resources. The case of flexible strategy depicts the substantial progress in this case with delivering the importance of the substantial progress. Henceforth the mixing of the researches creates a huge harm for the organisation CSIRO which led to market failure. The problem regarding the failure of market indicates various forces that are impeded on the market with making effective adoption. The recognition is created by creating conflict and henceforth the functions that are carried out helps in the making effective adoption with thereby creating functions in providing funds to the RD and thereby the functions are carried out with providing funds for making it an effective adoption process (Chung, 2016). The recognition seems to be created with thereby creating conflict and thereby the internal expectation seems to be turning into conflict. The effort seems to be provided in a more effective manner and thereby the collaboration helps in creating conflict for the creation of cost of productivity. The involvement of the research helps in adapting the cost of productivity with thereby making the demand depending on the cost and thereby the advantage of productivity is gained. A high value of technology is provided by the appropriate effort for the judgment with creating impact on the organisation. Tipple Bottom Line The income statement or the profit and the loss statement determine the diverse bottom lines with creating conventional profit. The 2nd bottom line is the account of the company which helps in measuring the social responsibility throughout the business operation of the company. It henceforth measures the degree of social responsibility. The third bottom line helps in creating the three Ps that are the people, profit and planet (B. Rust, 2011). The TBL is considered as an adequate balanced score card with the implementation of same fundamental principles and thereby the measurement helps the organisation to gain attention. At the time when the business organisation provides adequate attention for the measurement of the environmental impact, the society helps in obtaining the environmentally responsible conditions for the organisation. The concept of the business strategies helps in creating the effective strategies for the appropriate implementation of the research and development pro cess (Brimblecombe et al., 2003). It thereby also helps in improving the social acceptance of the company with thereby creating low cost fish feeds. It thereby helps in improving the strategy with creating the growth in the fish and also the cost of the fish seems to be increased as per the market value. The innovative product for the company helps in creating stability for the company with the decrement of the cost of production and thereby the company seems to have established serious impact on the case depicted with the creation of focus on the environmental impact. It thereby also helps in mitigating the cost issues that seems to be depicted in this case. The implementation of the environmental conditions created by the organisation helps in the increment of values with creating stability for the organisation. It thereby also helps the company BSF Ltd to gain stability in order to sustain in the competitive market. Exclusive control management over the research made In respect to the patent created, the management of BSF Ltd created values with respect to the prospectus of the company BSF Ltd. It thereby also helps in creating the enhancement with exclusive control and thereby the bacteria feed technology. The case depict the grant which is conducted seems to be undertaking the consideration of alternative agricultural feeds which helps in considering the case and thereby the alternative aquaculture feeds with the cost of signifying the aquaculture feeds. The control management depicts the enhancement of the history which helps in considering the research made by the BSF Ltd. The enhancement must be created in this case. The control management helps in depicting serious case that seems to be indicating the aquaculture with focusing on the systematic improvements (Bowen and Aragon-Correa, 2014). It thereby helps in depicting the systematic improvements with the creation of the growth for the organisation. The enhancement regarding the case helps in indicating the factors that seems to be responsible for creating the systematic improvements and thereby the growth is focused in the organisation of BSF Ltd. the enhancement of the control management helps in indicating the values that are related to the organisation BSF Ltd. The exclusive control structure also depicts the research made for the management which denotes the following:- It depicts the enhancement of the control measures with bringing sustainability in the organisation. It helps in creating sustainable environment in the organisation (Weygandt, 2009). Appropriate usage of the renewable resources and the wastage materials that helps to gain productivity and reducing the costs. The exclusive control in return is created. The control management also helps in the enhancement of the systematic improvements with creating exclusive return for production. The consideration of this case helps in mitigating the issues that depicts the enhancement of the case study and thereby the production rate seems to be increased by considering the profitability of the organisation (Hillstrom and Hillstrom, 2002). The control measurements also help in creating the production returns in a profitable manner and thereby the appropriate form is solved by measuring the case which is depicted in this case. The exclusive control system helps in the enhancement of the quality production and also it helps in determining the appropriate usage of the wastages in a controlled manner and thereby creating a sustainable environment. References Rust, M. 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