Question: Assignment
Audit planning is one of the most demanding and important aspects of an external audit. Auditors summarise client and industry background information and discuss important accounting and auditing issues related to the client's financial statements. Your assignment is to find and document information for inclusion in an audit planning memorandum. Obtain the necessary information by downloading one of the public company's most recent annual report from its website (you are to select one from the list below) or other sources of information. You should address the following four matters in your response:
Brief company history
Description of the company's business (industry it is in; related companies; parent or holding company; competitors) describing the possible risk areas to the audit.
Key accounting issues identified from a review of the company's most recent annual report (in addition to the basic financial statements you should refer to management reports as well as the footnotes).
Necessary experience levels (for example, industry experience) required of the auditors to be involved in the audit.
Just write about the third issue, we choose the Navitas Limited (NVT)as the company. The third issue: Key accounting issues identified from a review of the company's most recent annual report (in addition to the basic financial statements you should refer to management reports as well as the footnotes).