Types of Audit
ACG 4632
Introduction to Financial Statement
Auditing
Spring 2015 Section 422
Instructor: Devin Williams, CPA
Chapter 2
The Financial
Statement
Auditing Environment
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• http://www.youtube.com/watch?feature=pla yer_detailpage&v=KBV-JHJcB7c&list=UUp_A9 126rB138FOGsdm90vw
Types of Auditors
•
•
•
•
•
External auditors
Internal Auditors
Governmental Auditors
Forensic Auditors
Information Technology
2-4
Types of Audit, Attest, and Assurance
Services
Audit Services:
Internal Control Audits, Compliance Audits, Operational
Audits, Forensic Audits
Attest Services:
Reporting on nature and quantity of inventory stored in a company’s warehouse so that the company can obtain a bank loan
Assurance Services:
Auditing is a specialized form of assurance service
Nonaudit Services:
Tax Preparation and Planning Services, Management
Advisory Services, Compilation and Review Services
2-5
Many Types of Services
•
Audits (external)
•
Attestations
–
•
SOC 1 (former SAS 70)
(http://www.aicpa.org/interestareas/frc/assuranceadvisoryservice
s/pages/aicpasoc1report.aspx)
Non-audit Services
–
Limitations for audit clients per SOX
(http://www.sec.gov/rules/final/33-8183.htm)
– Bookkeeping, information systems design / implementation, internal audit, etc.
–
Limitations for audit clients per the EU
(http://www.pwc.com/gx/en/auditservices/publications/assets/pwc-fact-sheet3-eu-audit-reformsnas-june2014.pdf)
Non-audit Services
•
Let’s look at a firm’s website to see what services they provide –
http://www2.deloitte.com/us/en.html
–
MSFT
Public Accounting Firms
Public accounting firms range in size from a single proprietor to thousands of owners (or “partners”) and thousands of professional and administrative staff employees.
Big 4
Mid-Tier
PwC
Grant Thornton
EY
BDO Seidman
Deloitte
Regional
Local
RSM
Introduction to Financial Statement
Auditing
Spring 2015 Section 422
Instructor: Devin Williams, CPA
Chapter 2
The Financial
Statement
Auditing Environment
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• http://www.youtube.com/watch?feature=pla yer_detailpage&v=KBV-JHJcB7c&list=UUp_A9 126rB138FOGsdm90vw
Types of Auditors
•
•
•
•
•
External auditors
Internal Auditors
Governmental Auditors
Forensic Auditors
Information Technology
2-4
Types of Audit, Attest, and Assurance
Services
Audit Services:
Internal Control Audits, Compliance Audits, Operational
Audits, Forensic Audits
Attest Services:
Reporting on nature and quantity of inventory stored in a company’s warehouse so that the company can obtain a bank loan
Assurance Services:
Auditing is a specialized form of assurance service
Nonaudit Services:
Tax Preparation and Planning Services, Management
Advisory Services, Compilation and Review Services
2-5
Many Types of Services
•
Audits (external)
•
Attestations
–
•
SOC 1 (former SAS 70)
(http://www.aicpa.org/interestareas/frc/assuranceadvisoryservice
s/pages/aicpasoc1report.aspx)
Non-audit Services
–
Limitations for audit clients per SOX
(http://www.sec.gov/rules/final/33-8183.htm)
– Bookkeeping, information systems design / implementation, internal audit, etc.
–
Limitations for audit clients per the EU
(http://www.pwc.com/gx/en/auditservices/publications/assets/pwc-fact-sheet3-eu-audit-reformsnas-june2014.pdf)
Non-audit Services
•
Let’s look at a firm’s website to see what services they provide –
http://www2.deloitte.com/us/en.html
–
MSFT
Public Accounting Firms
Public accounting firms range in size from a single proprietor to thousands of owners (or “partners”) and thousands of professional and administrative staff employees.
Big 4
Mid-Tier
PwC
Grant Thornton
EY
BDO Seidman
Deloitte
Regional
Local
RSM