BUSINESS SCHOOL Unit of Study Outline Unit Code ACCT3014 Unit Title Auditing and Assurance Semester 2‚ 2013 Pre-requisite Units: ACCT3011 or ACCT3001 Co-requisite Units: n/a Prohibited Units: ACCT3004 Assumed Knowledge and/or Skills: You are assumed to understand the key principles and rules of specified accounting standards and be able to apply them in the context of business scenarios. Students are expected to comprehend the form and content of published financial statements and be able to
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Case 1.2 1. Revenue recognition principle under GAAP determines the specific conditions under which income becomes realized as revenue. Generally‚ revenue is recognized only when a specific critical event has occurred and the amount of revenue is measurable. For public company‚ performance of financial statement can have significant impact on stock price. It is essential for the users of financial statements to know that the real revenues are recorded and disclosed and not fraudulent revenues.
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Audit Risk Model Summary First: Let’s think about each of the components of the audit risk model. The auditor selects the overall audit risk they are will to accept‚ assesses inherent and control risk at the account (or account group) level‚ and calculates planned detection risk at the account (or account group) level. Audit Risk (AR) is the probability that the auditor issues a clean opinion when the financial statements are materially misstated. Note that acceptable level of audit risk is
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INTRODUCTION; 2 DEFINITIONS 3 Auditing 3 Financial statements: 4 Educational institutions 4 FINANCIAL AUDITING: 5 Objectives of auditing: 5 Primary objects 6 Subsidiary objects: 6 General Principles Governing an Audit of Financial Statements 6 Qualities of an auditor: 7 Types of audit: 7 Statutory audits: 7 Private audits 7 Internal audits: 7 Required procedures: 8 Auditors report: 9 AUDITING OF EDUCATIONAL INSTITUTIONS 9 INTRODUCTION: 9 Background of auditing educational institutions:
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1. Assertions about classes of transactions and events: I. Occurrence: transactions and events so recorded in the financial statements actually occurred and relates to the same period. II. Completeness: all such transactions and events that required recording have been recorded III. Accuracy: transactions and ancillary information have been recorded with accurate amounts IV. Cutoff: only those transactions and events have been recorded that pertains to the accounting period under consideration
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The assignment for GSLC‚ November 8‚ 2013 (05PAF SMART CLASS) Read the Chapter of “Motivation” and answer the following questions. 1. Identify five different criteria by which organizations can compensate employees. Based on your knowledge and experience‚ do you think performance is the criterion most used in practice? Discuss. 5 Different Criteria by which organizations can compensate employees: Discipline Results Contribution Diligence Attitude Yes‚ we do think that performance is
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9.19 Assertions Background information Existence or occurrence: -assets or liabilities of the entity exist at a given date and whether recorded transactions or events have occurred during the period Completeness: -transactions‚ events and accounts that should be presented in the financial statement are included Cut-off -all transactions‚ events and accounts have been recorded in the correct period Right and obligations: -assests represent rights of the entity and liabilities are the obligations
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‘Timely and valid internal and external audits are a primary safeguard against unethical financial behaviour’. Assess the accuracy of the statement. INTERNAL AND EXTERNAL AUDITING Introduction by Emil Nacua Timely and Valid internal and external audits are a primary safeguard which prevents unethical financial behaviour within a business. Audits examine the past and present financial records as they are important to maintain accuracy for those who use the records as they are an aspect of
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Auditing and Assurance: Week 1: Chapter 1: Question 1-44: In examining the audit opinion formulation process‚ identify the areas in which auditor judgment must be made. To what extent does that judgment extend beyond accounting issues? Answer: Well in this process there are four different phases the auditors must follow in order to reach phase 5. Whereas‚ this determines whether or not there is any fairness of an organization’s financial statements and‚ for integrated audits‚ the effectiveness
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AC 4342 Auditing Introduction to assurance and financial statement auditing Discussion Question: Messier Q1-13‚ 14 1 References HKICPA Members’ Handbook Amended Preface to the Hong Kong Quality Control‚ Auditing‚ Review‚ Other Assurance‚ and Related Services Pronouncements Hong Kong Framework for Assurance Engagements Reference Messier: Ch 1 2 CILOs and TLAs CILOs 1 Describe the auditing profession‚ the regulatory‚ legal and reporting framework of auditing. Recognize the basic
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