Reflection on Audit and Assurance Case: Brilliant Construction Limited

It was my immense pleasure to complete the case on Brilliant Construction Limited on Audit
and Assurance and this case has provided me an opportunity to gather a lot of lesson
regarding the audit and assurance. Audit and assurance is the independent examination of
financial statement and the internal control system applied in the organization.

I just read thoroughly and done brainstorming of the case and drew important ideas and issues
of the case. Issues of the case were collected in a group and we drew most important issues
among the group to be addressed. We also tested the data and done comparative analysis of
the statement for three years. Environmental scanning was done though PESTLE analysis for
external environment and internal environment analysis was done from the given case
information since it was the hypothetical company. For this, we use to meet daily on library to
discuss about this case and to complete the case.

Although we went through the given data in the case, it was difficult to ascertain
comprehensive analysis of individual expenses head and revenue head. Therefore, it went
difficult to us when brief schedules of income statement were not attached herewith. If items
like working capital, loan amount, reserve, and surplus then the analysis would be much
realistic to get the real cause and the area of control. This would be possible with the
comprehensive balance sheet. To make the complete audit and assurance, complete financial
statement is essential. However, the case included only the income statement and this cause
the problem for the complete analysis of the case. Therefore, this was most difficult part to
analyze the case completely. Only the income statement would not be sufficient to audit but
also the complete financial statement is essential to generate the accuracy analysis of the
organization.

Although limited information in the case caused me difficulty in solving the case as
mentioned above but it worked me as a challenge and helped to learn more about the audit
and assurance. Audit is not only ascertaining the accuracy in book keeping system it also
involves risk analysis arose from the environment. It helped me to know about the analysis of
the financial statement vertically as well as horizontal. It also helped me to know about the
financial analytical tool and its uses. It not only helped me about the financial analytical too
but also helped me to analyze the environment that provides strength and weakness and also
creates the opportunities and threats to the company.

Since I have shifted my academic background from science to profession accounting, analysis
of financial statement was new task for me. Although I got to get the knowledge of auditing
but the core knowledge of the accounting was missing though. This was the best experience
for me to do the case because it had given me an in hand experience of auditing and
assurance.