ACCT3101_Lecture1_09

ACCT3101_Lecture1_09 - ACCT3101 AUDITNG PUBLIC PRACTICE Co ordinator Dr Marc Sim Associate Lecturer Stacey Beaumont Methodological aims

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ACCT7103 1 1 ACCT3101 AUDITNG & PUBLIC PRACTICE Co ordinator – Dr Marc Sim Associate Lecturer – Stacey Beaumont 2 Methodological aims introduction to the environment and methodology of auditing. It is intended to provide the theoretical framework around which auditing knowledge and skills can be built by further formal study or on the job experience. Learning & testing of key concepts: Opinion Materiality Professional judgment Professional scepticism Completeness Fairness Sufficient –evidence reasonableness Professional liability Risk 3 Assessment: details 30% 2 x 15 mark quizzes 10% ONLINE assignment 60% Final Examination Learning materials (learning guide, class slides) and quizzes on the elearn blackboard site www.elearn.uq.edu.au If you cannot access blackboard, please email Larelle with your uq username (not password) 4 Past text books & new standards ± Arens is 7 th ed edition, do not use earlier text. ± Quizzes are based on Arens chapters ± As all standards are new (ASAs) since July 06 please don’t rely on last years handbook (AUSs) – you will be examined on the 2008 ASAs ± You can take the handbook to the exam – see the course profile 5 Overview of course ± 4 main objectives of the course Concept & context Concept & context of auditing of auditing Audit planning Audit planning Audit process Audit process Audit completion completion 6 ACCT 3101 Topic 1 Introduction, overview & function of audit Ch 1 , 5 & 19 (PART)
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ACCT7103 2 7 Introduction: Nature and Function of Auditing 1. Nature and function of auditing 2. Relationship between auditing & accounting 3. Types of audit and auditor 4. Auditing in the accounting profession 5. Professional standards 6. Statutory requirements 7. Audit objectives - management assertions & auditor’s responsibility 8 What is Auditing? Obtaining and evaluating evidence…about assertions…to form an opinion about those assertions…and communicate that opinion to interested users. ASA 200 Objective and General Principles Financial report audit is most common. 9 Example – 1.21(a) The following questions deal with audits by public accounting firms. Choose the best response. Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? (1) It is difficult to prepare financial statements that fairly present a company’s financial position, operations and cash flows without the expertise of an independent auditor. (2) It is management’s responsibility to seek available independent aid in the appraisal of the financial information shown in its financial statements. (3) The opinion of an independent party is needed because a company may not be objective with respect to its own financial statements.
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This note was uploaded on 08/24/2010 for the course ACCT 3101 taught by Professor Drmarcsim during the Two '09 term at Queensland.

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ACCT3101_Lecture1_09 - ACCT3101 AUDITNG PUBLIC PRACTICE Co ordinator Dr Marc Sim Associate Lecturer Stacey Beaumont Methodological aims

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