ACCT3600 Accounting and Auditing in Practice HD Notes

Description

Notes cover content for entire semester Topics covered: * The auditing and assurance environment, understanding the importance of auditor independence and the use of professional scepticism * Planning the audit and understanding the concept of "business risk" * Introduction to the concept and importance of internal controls * Understanding audit risk assessment and the linkage to key accounts and management's financial statement assertions * Audit evidence collection linked to priority key account assertions and the concept of materiality * Developing audit tests of controls and auditing substantive tests linking to evidence collection and evaluation * Understanding the use of other external auditors and independent experts * Audit strategy * Designing audit procedures for the IT Environment and linkage to the IT control environment * Using computer-assisted auditing tools (CAATs) to perform substantive procedures * An introduction to the concepts of audit sampling and examination of fraud as a special risk to the audit process * Completing the audit part 1 - subsequent event analysis * Understanding the auditor's approach to the type of audit opinions that may be issued on a set of financial statements * An introduction to the "Going Concern Principle" * Completing the audit part 2 - selection of the appropriate audit opinion to be expressed and determination of the appropriate audit report * Investigation of limitation of scope events, and further development of the going concern principle * Audit quality and expectation gap * New assurance services and Integrated Reporting * The Auditor's Responsibility for Professional Due Care and Potential Legal Liability Includes lecture notes and the textbook