module10 - Module 10 Recent issues and e-commerce...

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Module 10: Recent issues and e-commerce applications Overview This final module explores current issues facing the auditing profession, beginning with the recent changes to the audit risk model and the role of the audit committee following the crisis of confidence in the wake of financial failures in the United States. In addition to these changes, you consider topics such as e-commerce, continuous auditing, digital evidence, and eXtensible Business Reporting Language (XBRL), which have gained increasing attention as a result of the pervasive nature of the Internet and the dependence of companies on computers. All of these factors point to an assurance environment that will be significantly different from earlier years. This final module emphasizes technical assurance skills related to adapting programs and plans to the new and emerging professional standards. You should be able to identify and analyze risk factors, implement and advise on measures to mitigate risk, and identify opportunities and threats within the organization. Through your study of the impact of e-commerce on auditing, you will be able to evaluate advances in technology and their impact on the organization, advise on the development of IT strategy, and make recommendations to safeguard IT assets. You will also be able to apply professional ethical standards and protect the public interest. Test your knowledge Begin your work on this module with a set of test-your-knowledge questions designed to help you gauge the depth of study required. Learning objectives 10.1 Outline the recent changes to the audit risk model, including the definition of business risk, describe how this impacts audit planning and execution, and describe the characteristics of a strategic systems- based audit approach. (Level 1) 10.2 Describe the audit committee s fundamental concepts and role, and list the areas that external auditors should discuss with the audit committee. (Level 1) 10.3 Compare and contrast continuous and traditional auditing, and describe the areas that could be subject to continuous auditing, necessary conditions for its use, and its associated audit process. (Level 2) 10.4 Describe the basic components of EDI systems, the advantages of web- based e-commerce systems over EDI, the audit considerations unique to e-commerce applications and digital evidence, and XBRL, its issues, risks, and related audit procedures. (Level 2) AU2 - Module 10 Page 1
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10.1 Changes to the audit risk model Learning objective Outline the recent changes to the audit risk model, including the definition of business risk, describe how this impacts audit planning and execution, and describe the characteristics of a strategic systems-based audit approach. (Level 1) Required reading AU2 Readings Book : Reading 10-1: Changes to the audit risk model (Level 1) LEVEL 1 In this topic, you will examine the changes in the audit risk model as a result of recent corporate failures in the United States. You should recognize that the
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module10 - Module 10 Recent issues and e-commerce...

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