Auditing 1 Lecture Notes Final .docx - Auditing 1 Lecture Notes Final Exam So this has to do with Fraud the pronouncement number is different but it

Auditing 1 Lecture Notes Final .docx - Auditing 1 Lecture...

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Auditing 1 Lecture Notes- Final Exam So this has to do with Fraud, the pronouncement number is different, but it does not make a difference the substance is still in effect. The first 18 pages are technical material, look at the appendix at pages 16-17 would you memorize the long list- no, but make sure to get a feel of what’s it about and you have to answer the case studies. Make sure to answer the multiple choice questions. Audit documentation – old terminology called “work papers” Working papers represent documentation of the audit. So they call it Audit documentation, professor call’s it “work papers”. Now there are purposes, reasons in order to maintain Audit documentation, have you heard of US GAAS- What’s that stand for? US Generally Accepted Auditing Standards, accepted in the United States. We went over the 10 US GAAS earlier, but they are still part of it. One part of the documentation is to show that you complied with US GAAS. US GAAS is for Non Issuers so we have to show we complied with US GAAS for non issuers. Do you think that you will have to comply with some form of auditing standard if you are auditing an issuer? Yes, but that would be PCAOB. If its an issuer, then you would have to show that you complied with the PCAOB (US). What is the purpose of an Audit? - It is to express an opinion. -Sufficient appropriate audit evidence. Reasonable basis for our opinion. Query Alerts: T/F We need to obtain sufficient appropriate audit evidence to support the representation’s in the financial statements. Proper plan an audit, you MUST have an audit plan. A written audit plan is Mandatoryin the work papers. A written audit plan-either on computer, cloud, or on paper. Given that the audit plan has detailed listing plan of procedures we plan to perform; will it assist us (help us) in the conduct of the actual audit? Yeah, in that audit plan will it most likely say whois performing what procedure? So does it help it supervise the engagement? Yes. Another
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