judgements about materiality levels • Considering the audit risk • Understanding internal control structure • Developing preliminary audit strategies for significant assertions The main source used in planning the audit is the WesFarmer’s annual financial report together with the relevant auditing standards: • ASA300 - Planning an Audit of a Financial Report • ASA315 - Understanding the entity and its environment and assessing the risk of material misstatement • And ASA 320- Materiality and audit
Premium Internal control Financial statements Auditing
Introduction to Auditing: “An Introduction to Assurance and Financial Statement Auditing” Assurance services: Independent professional services that improve the quality of information‚ or its context‚ for decision makers. Encompasses attest services and financial statement audits. Attest: A service when a practitioner is engaged to issue or does issue a report on subject matter‚ or an assertion about subject matter‚ that is the responsibility of another party. Encompasses financial statement
Premium Auditing Audit Auditor's report
1. We are all familiar with the basic revenue recognition rule: revenue should generally be recognized when it is realized or realizable and when it is earned. Although seemingly simple‚ that rule can be difficult to apply‚ particularly in rapidly evolving high-tech industries. Revenue recognition within the software industry has been a complex and controversial issue since the inception of that industry during the latter part of the twentieth century. The FASB addressed that issue at length
Premium Audit Auditing Financial audit
tr/dosya/fakulte/iibfdergi_2010_1/12-ibicioglu-kocabiyik-dalgar.pdf Juma’h‚ A.H.‚ (2009) The Implications of Materiality Concept on Accounting Practices and Decision Making‚ Inter Metro Business Journal‚ 5(1): 22‚ Accessed 12 November 2010‚ from http://ceajournal.metro.inter.edu/spring09/jumah0501.pdf Walter‚ C.‚ & Fortin‚ H.‚ (2004) Report on the Observance of Standards and Codes (ROSC) Chile – Accounting and Auditing‚ Accessed 12 November 2010‚ from http://www.worldbank.org/ifa/rosc_aa_chl.pdf Read more: http://ivythesis
Premium Decision making Financial statements Balance sheet
Executive Summary This is an analysis report of Qantas Airways Limited (Qantas Group) basis on the 2011 annual report. For the auditing purpose‚ the report will mainly focus on auditing perspectives. First of all‚ an overview of the company and industry‚ it gives an idea of what the business conditions in which they face with. By using the SWOT tool‚ we ensure the analysis is matched with the real business situations. Moreover‚ the report will discuss different categories of laws which would
Premium Qantas Airline
Auditing Exam 1 Spring 2014 In-Class Exam Review Name __________________________________. Multiple Choice (5 points total‚ 30 minutes). Read each question carefully. Choose the one best available answer. Unless otherwise indicated‚ questions relate to external financial statement audits. 1. What is the purpose of a financial statement audit? a. To confirm the accuracy of management’s financial statements. b. To provide assurance that the audited entity is financially sound. c.
Premium Auditing Financial audit Audit
Managerial Auditing Journal Emerald Article: Audit evidence: the US standards and landmark cases Rocco R. Vanasco‚ Clifford R. Skousen‚ Richard L. Jenson Article information: To cite this document: Rocco R. Vanasco‚ Clifford R. Skousen‚ Richard L. Jenson‚ (2001)‚"Audit evidence: the US standards and landmark cases"‚ Managerial Auditing Journal‚ Vol. 16 Iss: 4 pp. 207 - 214 Permanent link to this document: http://dx.doi.org/10.1108/02686900110389151 Downloaded on: 30-04-2012 References: This
Premium Auditing Financial audit Audit
References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board Auditing Standard No. 1 Appendix: Illustrative Reports AS No. 3: Audit Documentation Auditing Standard No. 3 Appendix A: Background and Basis for Conclusions AS No. 4: Reporting on Whether a Previously Reported Material Weakness Continues to Exist Auditing Standard No. 4 Appendix A: Illustrative Reports on Whether a Previously Reported Material Weakness
Premium Auditing Financial audit Audit
5.6 Case Instructional Notes Sarbox Scooter‚ Inc.: Scoping and Evaluation Judgments in the Audit of Internal Control over Financial Reporting Mark S. Beasley‚ Frank A. Buckless‚ Steven M. Glover‚ Douglas F. Prawitt INSTRUCTIONAL OBJECTIVES To help students gain an understanding of the steps involved in the scoping process for the audit of internal control over financial reporting. To provide an opportunity for students to determine the significance of accounts and locations based on both quantitative
Premium Audit Internal control Balance sheet
changed or influenced by the omission or misstatement of information‚ then that information is‚ by definition of FASB Statement No. 2: a. material. b. insignificant. c. significant. d. relevant. 2. easy b The preliminary judgment about materiality is the amount by which the auditor believes the statements could be misstated and still not affect the decisions of reasonable users. a. minimum b. maximum c. mean average d. median average 3. easy d Auditors are responsible for determining
Premium Auditing Audit Balance sheet