Executive Summary

With the passage of time, the trends and developments in the field of auditing have entirely changes the
companies perspective about auditing. Independence of the interior auditor implies independence from
parties whose interests may be hurt by the consequences of a review. Independence of the outer
auditor implies independence from parties that have an enthusiasm for the outcomes distributed in
budgetary proclamations of a substance. The auditor's report is a disclaimer thereof, issued by either an
inside auditor or a free outer auditor because of an inner or outside review, as a confirmation benefit
altogether for the client to settle on choices in view of the after-effects of the audit. An auditor's report
is viewed as a basic instrument when revealing money related data to clients, especially in business. The
remuneration package of the auditor has been fixed in the first general meeting with the management
of the company. In addition to that the remuneration of the auditor also contains any facility provided to
the auditor during the auditing of the company. The audit committee has been consisted of directors
that form a board for monitoring the financial affairs of the company regards to the auditing. The
committee also monitors the business compliance of the company as well as the risk management and
audit reporting for the company. The independent auditor report has been very useful in understanding
the role it has played in the auditing function of the company. The key audit matters are the most
significant information points in the financial report of the company in the given time period. The non-
audited services were not included in the financial report of 2016 for the company. The information was
not covered by the financial report of year 2016 and therefore no type of auditing reporting, conclusion
or financial inference can be given on non-auditing services. It can be seen from the above mentioned
image that the remuneration package for the auditor has been undergone considerable increment in
year 2016 as compared to the year 2015.The review of financial statements reached to 69 in year 2016
that were 15 in year 2015. Total remuneration o f BDO corporate finance company for the year 2016
was 111 as compared to 15 in year 2015. The key audit matter has been explained in the image
mentioned below; it had also illustrated the audit procedure used to sort out the key audit matter. It
was regarding the recovery cost of exploration and evaluation project in a specific area started by the
company. From the financial report, it has been learned that the directors are the members of boards
formed for executing different major functions as well as they are the head of departments. Managers
are in assistance with the directors to handle, organize and manage the departments. They are the 2nd
tyre of leadership, gives out guidance to the team members that drives them through to the diverse
working conditions. Auditors are the professional consultants that are being utilized by the company for
the purpose of auditing and preparing the annual financial report for the given year. A critical manner by
which reviews offer some benefit to stakeholders is through evaluating inner control and making
suggestions for enhancements. In the light of the given question, the consideration has been made
about possible types of frauds that might have taken place in the payroll and other business operations
of the company. That was not included in the report to secure the reputation and image of the company
in the market.