Task details: The new auditing standards ASA701 communicating key audit matters in the Independent auditor’s Report is developed in the wake of the global financial crisis. This development is in response to call from Shareholders to know more about the companies they invest in. Future, investors have also requested earlier warnings of potential issues that may exist with respect to an entity’s ability to continue as a going concern which resulted in the revision of ASA 570 (ISA 570) Going Concern.

Students are required to select and compare two industries in the Australian ASX Top 100 listed corporation and assess the ‘’areas of higher assessed risk of material misstatement, or significant risks identified in accordance with ASA 315’’, ‘’Significant auditor judgments relating to areas in the financial report that involved significant management judgment ‘’ as well as ‘’the effect on the audit of significant events or transactions that occurred during the period ‘’ (para 9 ASA 701). The summary report should include data extracted from the General- purpose Financial Report relevant to the Material analysed.

Compare and contrast the given two topic for two industries telecommunication and Banking Each industries must have two companies so please write about Telstra and TPG telecom and similarly for banking Common wealth and ANZ. Define about audit standards and audit maatters, its necessary role and importance. Compare and Contract the four companies based on audit mattters only their financial report and Recommendation. 2500 words