chapter1.pptx - 2 3 ASSURANCE-RELATED SERVICES Learning...

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ASSURANCE-RELATED SERVICES 2 3
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All Rights Reserved FUNDAMENTALS OF AUDITING © Oxford Fajar Sdn. Bhd. (008974-T), 2017 1– 3 At the end of this chapter, you should be able to: Explain and describe the level of work involved in assurance-related assignments. Learning Outcomes
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All Rights Reserved FUNDAMENTALS OF AUDITING © Oxford Fajar Sdn. Bhd. (008974-T), 2017 1– 4 Introduction Assurance services An independent professional service in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria. (IFAC)
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All Rights Reserved FUNDAMENTALS OF AUDITING © Oxford Fajar Sdn. Bhd. (008974-T), 2017 1– 5 Introduction (cont.) Related to decision making. Provided by independent professionals. Help to capture information, improve its quality and enhance its usefulness for decision-makers. Covers a broad category of services which include financial and non-financial information, systems and processes, behavioural and human resource practices.
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All Rights Reserved FUNDAMENTALS OF AUDITING © Oxford Fajar Sdn. Bhd. (008974-T), 2017 1– 6 Introduction (cont.) Types: (i) Risk assessment (ii) Information system reliability (iii) Business performance measurement (iv) Electronic commerce
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All Rights Reserved FUNDAMENTALS OF AUDITING © Oxford Fajar Sdn. Bhd. (008974-T), 2017 1– 7 Introduction (cont.) The International Framework for Assurance Engagements or also termed as the ‘Framework’ was issued by the IAASB in 2004. To provide a frame of reference for professional accountants providing assurance services. Applicable to all engagements, including audits and reviews of financial statement and other assurance engagements.
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All Rights Reserved FUNDAMENTALS OF AUDITING © Oxford Fajar Sdn. Bhd. (008974-T), 2017 1– 8 Introduction (cont.) In Malaysia, specific ISAs have identified four levels of engagements and their related forms of conclusions: (a) Engagements to Review Financial Statements (ISRE 2400) (b) The Examination of Prospective Financial Information (ISAE 3400) (c) Engagements to Perform Agreed-upon (ISRS 4400) (d) Engagements to Compile Financial Information (ISRS 4410).
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All Rights Reserved FUNDAMENTALS OF AUDITING © Oxford Fajar Sdn. Bhd. (008974-T), 2017 1– 9 Introduction (cont.) Review The practitioner provides a conclusion in the form of negative assurance. The report states whether any information came to the practitioners’ attention to indicate that the assertions are not presented in all material respects in conformity with the applicable criteria. Unrestricted in its distribution.
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All Rights Reserved FUNDAMENTALS OF AUDITING © Oxford Fajar Sdn. Bhd. (008974-T), 2017 1– 10 Introduction (cont.) Examination results in a conclusion (positive form); In the report, the practitioner makes a direct statement as to whether the presentation of the assertions conforms to the applicable criteria.
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