Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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theft. D. Expected effectiveness of controls. 13. The risk that an auditor’s procedures will lead to the conclusion that a material misstatement does not exist in an account balance when‚ in fact‚ such misstatement does exist is referred to as A. Audit risk B. Inherent risk C. Control risk D. Detection risk 14. Evidential matter concerning proper segregation of duties ordinarily is best obtained by A. Preparation of a flowchart of duties performed by available personnel. B. Inquiring whether
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– Skills Module‚ Paper F8 (UK) Audit and Assurance (United Kingdom) 1 (a) (i) Importance of reporting to those charged with governance June 2013 Answers In accordance with ISA 260 (UK and Ireland) Communication with those charged with governance‚ it is important for the auditors to report to those charged with governance as it helps in the following ways: (1) It assists the auditor and those charged with governance in understanding matters related to the audit‚ and in developing a constructive
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Simnett: Auditing and Assurance Services in Australia‚ 5th Edition‚ McGraw Hill‚ 2012. 3. Aasmund Eilifsen‚ William F. Messier‚ Jr. Stevan M. Glover and Douglas F. Prawitt‚ Auditing and Assurance Services‚ 2nd International Edition‚ McGraw Hill‚ 2010. 4. Alvin A. Arens‚ Randal J. Elder‚ Mark S. Beasley‚ Noor Afza Amran‚ Faudziah Hanim Fadzil‚ Nor Zalina Mohammad Yusof‚ Mohamad Naimi Mohamad Nor‚ and Rohami Shafie‚ Auditing and Assurance Services in Malaysia: An Integrated Approach‚ 2nd Edition‚ Prentice-Hall
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1 Chapter 7: Audit Evidence I. Definition: Evidence – information used by the auditor to draw conclusions on the fair presentation of the financial statements. Audit objectives suggest the types of evidence to accumulate. II. Decisions on evidence accumulation A. Which audit procedures to use. General Objectives: Six TRAOs Eight BRAOs Four PDAOs Accounting Cycles: Five Management Assertions Specific Objectives: At least: Six TRAOs Eight BRAOs Four PDAOs Audit Procedures: At least one
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the circumstances and opinion expressed by an auditor‚ where he is unable to obtain sufficient audit evidence. 2. Auditors of M/s Santa Banta (P) Ltd. were changed for the accounting year 2010-11. However there was no change in the position of closing stock which remained at ` 400 lacs . The auditors of the company propose to exclude the audit of closing stock of ` 400 lacs from their audit programme on the understanding that it pertains to the preceding year which was audited by another
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understanding and to check that it is your original work 3. You need to submit Assessment Cover Sheet for each assessment. 4. You are permitted to use dictionaries and to seek support‚ as required. 5. Where your work has been deemed as unsatisfactory‚ you will be permitted to resubmit the assessment. Refer to RGIT reassessment policy and procedure. 6. Unless the assessment task specifically allows pair work or group activities such as brainstorming‚ you must submit their own original work and are
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PTLLS TASK 4 (UNIT 6) Microteaching Evaluation A microteaching lesson can be used to find out what works well in a lesson and what can be improved following feedback. Harvard University states “Microteaching is organized practice teaching. The goal is to give instructors confidence‚ support‚ and feedback by letting them try out among friends and colleagues a short slice of what they plan to do with their students. Ideally‚ microteaching sessions take place before the first day of class‚ and are
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Standards Introduction Self-regulated: the standards governing audits were established by members of the profession themselves Sarbanes-Oxley Acct of 2002 Created: Public Company Accounting Oversight Board (PCAOB) to provide external and independent oversight over the audits of public entities Responsible for registering public accounting firms‚ establishing standards for audit engagements‚ and inspecting the quality of audits conducted by public accounting firms ****Generally Accepted Auditing
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expectations for revenue accounts Recognize factors that lead to precise expectations of account balances Appreciate the degree of professional judgment involved in evaluating differences between expected and reported account balances Understand the audit planning implications of using analytical procedures as substantive tests of account balances Burlington Bees‚ an independent‚ minor league baseball team‚ competes in the North-west Coast League. The team finished in second place in 200X with
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