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Assurance Engements

In: Business and Management

Submitted By kaikaitrinh
Words 688
Pages 3
ACC3AUD
Auditing and assurance
Assignment: Assurance engagement report
Due: 15th May

Water accounting is a process that identifies and reports relevant information relating to water. As water reporting has increased in popularity and importance the Bureau of Meteorology is developing Water Accounting Standard alongside with Water Accounting Standard Board to improve the quality of water reports being produced by companies.
Development of water standards started in 2004, the purpose was to provide support to the public and investors in the water trade as well as for consumption and mange environmental benefits. Since then, the Australian Water Accounting Standards has made yearly progress. * In 2006 the water accounting in Australia is at its starting phase which focused on managerial need and not for external users. * In 2007 the National Water Accounting Development Project and Committee was established and Pilot program involving water managers and practitioners was introduced. * In 2008 Bureau of Meteorology was tasked with water accounting development and production of national water account. * In 2009 Water Accounting Conceptual Framework has started development with the start of Australian Water Accounting Standard * In 2010 a draft of Australian Water Accounting Standard 1 was created and exposed to the public. * In 2011 the Bureau of Meteorology partnered up with Auditing and Assurance Standards Board and started development of Assurance standard. * In 2012 the Assurance standard draft was completed and gave it exposure to the public and Effects Analysis of adopting Australian water Accounting Standard 1 and Australian Water Accounting Standard 1 was created. * In 2013 the completion of Australian Water Accounting Standard 2: Assurance engagements of general purpose water accounting reports.
These standards are important because it gives the users of the reports sufficient information and consistent form for them to compare with other companies. These standards are also important to the provider because it gives them a structure and guideline and enforceable law to make these reports consistent and comparable to give users the confidence they need for using the reports. The standard helps the firm by evaluating and allocation of resources. Such allocation of recourse but not limited to management or trade of water and water rights or obligations and provision for water related services. http://environmentalaccounting.org.au/wp-content/uploads/2014/01/Andrew-Terracini-BOM-Development-of-Australian-Water-Accounting-Standards.pdf In the new standard on Assurance Engagements/Australian Water Accounting Standard has included both reasonable and limited assurance engagements. An assurance engagement is defined as an engagement which practitioner expresses a conclusion, which is designed to enhance the confidence of the intended users other than the responsible party about the result of the evaluation and testing or measurement of the subject matter being tested. A reasonable assurance is the highest level on assurance, but it does not mean it is an absolute assurance on the reliability of the subject matter. Which means that the auditor has sufficient evidence from testing, which allows the auditor to conclude that the information is low risk, and an engagement risk that is acceptable at a low level. This means that the auditor can be positive that the information can be assured and reliable. On the other hand limited assurance has only a moderate assurance on the reliability of the subject matter. This means that the auditor has done reasonable amount of work to lead them to an opinion where the auditor can believe and conclude that the information assured is true and fair. However, limited assurance has more risk compared to reasonable insurance because limited assurance is based on matters that has caught the auditors attention which causes the auditor to believe the subject matter information is materially misstated. The nature, timing and extent of the procedures performed in a limited assurance engagement is limited, but it still plans to obtain a level of assurance that is adequate for the auditor to give a professional judgement. To be meaningful the level of assurance obtained by the auditor is likely to enhance the intended users' confidence about the subject matter information to a degree that is clearly more than inconsequential

http://www.bom.gov.au/water/about/publications/document/awas2.pdf…...

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