...ACC305 – Auditing and Professional Practice Unit Outline – 2015 Unit Coordinator: Dr Chun Jiang (PhD, FCPA) 1|P age Introduction Welcome to Elite Education and ACC305 – Auditing and Professional Practice. This document provides you with information relevant to successful completion of this unit; including schedule of lecture topics, prescribed texts, assessment policies, assessment tasks, examinations, academic and administrative contacts and online learning support facilities. Student Handbook and Administration Office The Elite Student Handbook provides valuable general information for students and a printed copy will be provided to you. In addition, the Institute staff are available to assist you personally during office hours. Office Contact Details: Elite Education Institute 1 James Place, North Sydney, NSW 2060 Tel: 02 9212 2120 Unit Overview This unit introduces the major conceptual and technical aspects of auditing and assurance services. Accordingly, the unit provides critical insights into the auditor's legal and societal role, the underlying conceptual theory of auditing, professional auditing techniques, and contemporary auditing issues. The core theme of this unit is the external audit of corporations, from initial planning to final reporting in the context of a professional environment. Assumed Knowledge Prerequisite: ACC101 – Fundamentals of Accounting I, ACC102 – Fundamentals of Accounting II, and ACC204 – Advanced...
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...| |UNIVERSITI TUNKU ABDUL RAHMAN (UTAR) | | |FACULTY OF BUSINESS AND FINANCE (FBF) | | |Bachelor of Commerce (Hons) Accounting | Unit Plan | | | | | |Unit Code & |UBAF 2023 AUDITING | | |Unit Title: | | | | | | | |Course of Study: |Bachelor of Commerce (Hons) Accounting | | | | | | |Year...
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...University of North Texas ACCT 4400 (3 hours): Auditing - Professional Responsibilities Summer II 2012 Section 001 - Section Time Place 001 MTWR 10:00am -11:50am BLB 255 Instructor: Jay Baker, MSFS, MBA,CPA,CFP Email: Best way to contact me – EMAIL ME ONLY at Keith.Baker@unt.edu Phone: 940.369.8156 Office and Office Hours: BLB 387C - Tue. & Wed. 12:00 p.m. – 1:00 p.m. Required Materials: 1. Auditing & Assurance Services: A Systematic Approach. Messier, Glover, and Prawitt. 8th ed. 2012. Prerequisites: ACCT 3120 and ACCT 4100; BLAW 3430; must have a 2.5 GPA in all ACCT 3000 and ACCT 4000 courses taken at UNT or their equivalent taken at other colleges and universities to take this course. ACCT 4400 may not be taken more than twice whether at UNT or at another college or university. Class Website: A class website will be established and maintained throughout the course on Blackboard (go to http://www.unt.edu/ and click the link at the top for “Blackboard”). Course materials such as notes will be available on Blackboard. You are responsible for anything that I note through Blackboard emails and announcements. Course Description: Introduction to auditing and the professional responsibilities of a career in any specialty of the accounting profession. Topics include the legal and ethical responsibilities of accountants; professional auditing standards; the audit risk model; the acquisition, evaluation and documentation of audit evidence; reports on the results of the audit engagement...
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...Auditing Standards Essay: Auditing Planning Broadly speaking, audit planning is specific guidelines for auditor to perform an audit. Audit planning is usually conducted at the beginning stage of audit process. AICPA (American Institute of Certificate Public Accounting), PCAOB (Public Company Oversight Board), and IFAC (The International Federation of Accountants) are organizations or non-profit corporations who contributes to developing standards and guidance in auditing area, including standards for audit planning. Thus, this essay will discuss the requirement, and compare and contrast, of standards and guidance for auditing planning that has been issued by them; as well, analyze the impact on the performance of the audit. AICPA, by its publication titled AUC Section 300, addresses guidance for auditors in planning an audit. This contains introduction, objective, requirements, and application and other explanatory material. First, the introduction part includes the scope in planning the audit, the role and timing of planning, and the effective date of this standard. The scope of planning an audit explains the responsibility of the auditor to plan an audit of financial statement. This section also mentioned to refer to section 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) for further information related to the auditor’s responsibility. The role of planning and timing explains the adequate benefit in planning...
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...International Accounting Ch 13. 1. A strategy indicates the general direction in which a firm plans to move to attain its goals. The strategies of any business organization, whether purely domestic or multinational, are determined by matching two key ingredients: core competencies and available opportunities. Internal factors relate to the identification of core competencies of a firm focusing on strengths and weaknesses with regard to the expertise available within the firm in the areas of technology, manufacturing, distribution, and logistics. 2. A strategy indicates the general direction in which a firm plans to move to attain its goals. The strategies of any business organization, whether purely domestic or multinational, are determined by matching two key ingredients: core competencies and available opportunities. The external factors relate to the identification of the opportunities available to the firm, the second key ingredient in formulating strategy. Identification of opportunities also includes the threats facing the firm in the areas of competitors, customers, suppliers, regulatory bodies, as well as socio-political circumstances. 3. Accounting provides the skills necessary to quantify in financial terms the factors that influence strategy formulation -- strengths, weaknesses, opportunities and threats --, and to develop projections of costs and benefits as financial expressions of strategy. Capital budgets are a prime example of the contribution...
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...CHAPTER 2 OVERVIEW OF AUDITING I. Review Questions 1. One definition of auditing is that it is a systematic process by which a competent, independent person objectively obtains and evaluates evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. The Philippine Standards on Auditing (PSA) 120 “Framework of Philippine Standards on Auditing” states the objective of an audit as follows: “The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared in all material respects, in accordance with an identified financial reporting framework.” 2. This apparent paradox arises from the distinction between the function of auditing and the function of accounting. The accounting function is the process of recording, classifying and summarizing economic events to provide relevant information to decision makers. The rules of accounting are the criteria used by the auditor for evaluating the presentation of economic events for financial statements and he or she must therefore have an understanding of generally accepted accounting principles (GAAP), as well as generally accepted auditing standards (GAAS). The accountant need not, and frequently does not, understand what auditors do, unless he or she is involved in doing audits, or has been trained...
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...Audit in Latvia Latvia has created a decentralised internal audit system, i.e. own internal audit system is established within each ministry, directly subordinated to the head of the institution and directly reporting him on the audit results. To ensure appropriate work of the internal audit units, the Government of Latvia approved the Regulations Nr. 342 "On the Internal Audit" on 5 October, 1999, that stipulate the obligations and tasks of internal audit units and heads of institutions in the field of internal auditing and internal control system. To facilitate the independence of the internal audit, the Internal Auditing Council was established in accordance with the Cabinet of Ministers' regulations Nr. 346 "Statutes of the Internal Audit Council" approved on 5 October, 1999. The members of the Council were appointed on 9 August 2000 by the Cabinet of Ministers (Decree Nr. 401). The Council consists of five members, including representatives from the state institutions, public organisations, scientific and vocational educational institutions as well as business associations possessing knowledge and experience in the field of internal audit. The Internal Audit Council is a co-ordinating institution. Its aim is to co-ordinate the implementation of the internal audit system and the unified state policy in order to improve and make more efficient and rational the operation of the public administration institutions. In accordance with the recommendations of DG-AUDIT...
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...Chapter 12 Take Home Quiz |1. Typical controls developed for manual systems which are still important in IT systems include: | |a. proper authorization of transactions. | |b. competent and honest personnel. | |c. careful and complete preparation of source documents. | |d. all of the above. | | | |2. ______ controls prevent and detect errors while transaction data are processed. | |a. Software | |b. Application | |c. Processing | |d. Transaction | | | |3. Which of the...
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...[pic] SCHOOL OF ACCOUNTANCY COLLEGE OF BUSINESS UNIVERSITI UTARA MALAYSIA COURSE CODE : BKAA3023 COURSE NAME : AUDITING AND ASSURANCE II PRE-REQUISITE : AUDITING AND ASSURANCE I _____________________________________________________________________ 1. SYNOPSIS This is a continuation of Audit and Assurance 1. It intends to strengthen and enhance the students’ understanding in auditing. Among the topics that will be discussed are code of ethics, auditors’ liability and in-depth explanations on analytical procedures, computer assisted audit techniques, audit sampling, materiality and audit risk, group audit and current issues facing the auditing profession. This course will justify other activities than financial statement audit that can be performed by a public accountant like performance/operational audit, internal audit and compliance audit. 2. COURSE OBJECTIVES This course intends the student: 1. To comprehend applicable regulations, legal responsibilities and ethical standards and current issues facing the audit profession. 2. To appreciate the concepts of internal control system and the use of computer assisted audit techniques in auditing a computerised environment. 3. To understand and apply audit risk, materiality, and statistical and non statistical audit sampling techniques. 4. To be familiar with related issues in audit completion, group audit, internal audit and related audit services and other services that...
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...Notes I.28 Session – I important that they would affect the auditor’s report if not resolved. They include the following: • Matters that are significant and involve issues regarding the appropriate selection, application and consistency of accounting principles pertaining to the financial statements, including related disclosures. Such matters often relate to accounting for complex or unusual transactions or to estimates and uncertainties and any applicable management assumptions. Results of auditing procedures that indicate the financial statements or disclosures could be materially misstated or that the auditing procedures need to be significantly modified. Circumstances that cause the auditor significant difficulty in applying auditing procedures he or she considers necessary. Other findings that could result in modification of the auditor’s report. Compliance of Auditing Standards and Audit Documentation – a must for all practice units satisfy any applicable legal or regulatory requirements for records retention. Internationally the norm is assemble the final audit file and submit it for archiving within 60 days from the date of our audit report. The PCAOB standard has shortened this period to 45 days. 51 The auditor would also need to adopt procedures that enable him or her to gain access to the documentation throughout that period. One way for auditors to accomplish this is by creating a policy to maintain electronic documentation. One needs to bear in mind...
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...function of the PCAOB and AS 5 and AS 11 Ramecha Davis This paper is submitted in partial fulfillment of the requirements for Auditing BUS5423 Section 70 Texas Woman’s University Dr. John Nugent April 20, 2015 Abstract The purpose of this research paper is to provide an in depth review of the Public Company Accounting Oversight Board (PCAOB) and how it contributes to the interest of the Sarbanes Oxley Act of 2002. The research highlights the importance of the PCAOB’s role in the accounting profession as well as prospective changes that may evolve in the future related to PCAOB. Upon reading this research the reader will be familiar with PCAOB’s roles and functions, as well as auditing standards (AS) released such as AS5 and AS11. The PCAOB’s significance in the protection of investors is revealed as well. Keywords: SEC, PCAOB, SOX, AS 5, AS 11, Internal Control, Materiality Table of Contents Introduction……………………………………………………………………………………………….5 PCAOB…………….……………………………………..……………………………….……….……5-6 a) The PCAOB Mission, Vision, & Core Values………………………………….………........6-7 b) Current Standards…………………………………………………………….…..............…7-8 c) Future Standard Plans…………………………………………………………………….…8-9 Sarbanes Oxley Act of 2002 Section 404……………………………………………………………...….9 a) Auditing Standard 5…………………………………………………………………….….9-10 b) Auditing Standard 11……………………………………………………………………..10-12 c) Communication Requirements..............................................
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...Code: Course Description: Date of exam: ACCT1111 Auditing and Assurance Services 28/10/2008 Start time of exam: 9:15 AM Duration of exam: 3hr 15min Total number of pages (incl. this cover sheet) 8 ALLOWABLE MATERIALS AND INSTRUCTIONS TO CANDIDATES 1. Write your full name and student number on each examination booklet together with the number of examination books used. Students must not write during reading time. 2. This is a CLOSED BOOK Exam. 3. Commence each question on a new page. Carry out the instructions on the front cover of the examination script book and the front of this exam paper. 4. Non text storing calculators are allowed. 5. Bi-lingual dictionaries are not allowed. 6. No electronic devices such as mobile phones, laptop computers, electronic dictionaries etc. are permitted to be taken into the exam room. 7. The examination paper contains the following questions: Section A ONE essay questions 25 marks Section B TWO short answer questions 15 marks Section C FIVE application questions 60 marks Totalling 100 marks 8. To obtain a pass in this course, candidates must achieve at least 50 marks overall and obtain at least 50% of the total marks on this examination paper. 9. Attempt ALL questions and all parts of questions. 10. No dictionaries are allowed in this examination unless duly authorised as a special consideration by the Course Coordinator, on recommendation of RMIT disabilities Liaison Unit or a Student Counsellor. Students must bring this authorisation...
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...in a position that will take full advantage of my experience, technical knowledge and skills in a competitive world of dynamic business environment. PROFESSIONAL BACKGRAUND: YEAR 2014 CPA PART III: SECTION UNITS COVERED SECTION 6 Advanced Taxation Advanced Auditing and Assurance Advanced Financial Reporting UNITS COVERED SECTION 5 YEAR 2014 CPA PART III: SECTION 5 YEAR 2013 CPA PART II: SECTION 4 UNITS COVERED SECTION 4 ÿ Taxation ÿ Company Law ÿ Quantitative Analysis Year 2012 CPA PART II: SECTION 3 SECTION 3 ÿ Financial Reporting. ÿ Financial Management. ÿ Management Information Systems YEAR 2008 – 2009 CPA PART I: SECTION 1 & SECTION 2 SECTION 2 ÿ Cost accounting. ÿ Economics. ÿ Auditing and Assurance SECTION 1 ÿ Financial Accounting. ÿ Introduction to Law. ÿ Entrepreneurship and Communication YEAR 2006 – 2007 ATC Intermediate Level & Final Level Intermediate level: 1. 2. 3. 4. 5. Introduction to Financial Accounting Introduction to Law Entrepreneurship and Communication Principles of Management Business Mathematics/statistics Final level: 1. 2. 3. 4. 5. Financial Accounting Fundamentals of Information Communication Technology Cost Accounting Taxation Auditing COMPUTER SKILLS YEAR 2007 Computerized accounting & computer certificate 1. Quick books 2. Pastel 3. Sage YEAR: 1999 – 2002 Merigi High School Kenya Certificate of Secondary Education (KCSE) YEAR:...
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...Seminar in Auditing Spring 2015 Name ________________________________________________________________ Answer the following questions (1-9) with a short answer – no more than a paragraph. 1. What was the significant of the McKesson & Robbins case? It redefined some auditing standards. Prior to this case, auditors had no responsibility to verify inventory. As a result of the McKesson & Robbins case, it was determined that auditors should extend verification beyond “the books” to establish the actual existence of the assets and liabilities shown on the balance sheet. Confirmation of receivables and observation of physical inventory became mandatory audit procedures. 2. Briefly describe an American audit at the turn of the 19th to the 20th century. Bookkeeping was only briefly reviewed while the balance sheet and verification of current assets/liabilities was the main focus. The audits at the turn of the 19th – 20th century were basically a certification of balance sheets to be used by bankers to determine the credit worthiness of applicants. 3. Discuss how and why a CPA firm might screen potential audit clients. Before accepting new clients, the CPA firm should investigate the potential clients to determine acceptability (integrity, knowledge of client industry, other business risks). This can be done by: * Communication w/ predecessor auditor * Gathering info from local attorneys, banks, other businesses * Talk to clients...
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...CHAPTER 1 The Role of the Public Accountant in the American Economy Review Questions 1–1 The “crisis of credibility” largely arose from the number of companies that restated their previously issued financial statements as a result of accounting irregularities and fraud. Especially responsible were the very visible Enron and WorldCom fraud cases. Both companies filed for bankruptcy and constituted the largest companies in American history to do so. The extent of the accounting irregularities and fraud being investigated and disclosed brought into question the effectiveness of financial statement audits. In addition, the criminal conviction of Arthur Andersen, LLP, one of the then Big 5 accounting firms, on charges of destroying documents related to the Enron case brought into question the ethical standards of the profession. 1–2 Assurance services are professional services that enhance the quality of information, or its context, for decision making. The two types are: (a) those that increase the reliability of information and (b) those that involve putting information in a form or context that facilitates decision making. 1–3 A financial statement audit is, by far, the most common type of attest engagement. The overall assertion, made by management, most frequently is that the financial statements follow generally accepted accounting principles. 1–4 A large corporation with securities listed on a stock exchange is required by the rules of the stock...
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