New ACG 4632 Blackboard

New ACG 4632 Blackboard - January 5, 2011 Responsibility...

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Unformatted text preview: January 5, 2011 Responsibility for Financial Statements Reliance on those Statements Audit = "opinion" on fair presentation of financial statements Standard Audit Report pg. 53 Chapter One Auditing and Assurance Services Assurance Services Attestation Services Audit Not just public companies Information risk Business risk Auditing - general definition Professional Skepticism MANAGEMENT ASSERTIONS Presentation and Disclosure Classification Understandability Existence / Occurrence Rights and Obligations Completeness Valuation / Allocation Accuracy PERCV - "perceive" Brent Dorsey Case Read Andersen / Enron Case for Wednesday Designing Tests is a Work Backwards Approach "What do I want to know about the account?" CPA Profession Firms CPA Exam State Licensing Issues Issue of Mobility January 12, 2011 MC: 1 - 23,24,25,29,31,33,36,37,39,40,41 and 44 PCAOB ASB Yellow Book GAAS - Generally Accepted Auditing Standards General Standards Technical Training & Proficiency Independence Due Professional Care Standards of Fieldwork Planning & Supervision Internal Control Evidence Reporting Standards Accordance with GAAP Consistency Adequate Disclosures Express an Opinion *NEW AICPA Fundamental Principles Responsibilities Principle competence ethical requirements professional skepticism professional judgment Performance Principle plan materiality assess risk based on internal controls sufficient evidence Reporting Principle SAS - Interpretations of GAAS Quality Control PCAOB Framework Firm Leadership Ethics Client Acceptance / Retention HR Engagement Performance Monitoring January 26, 2011 Module B Ethics, Member of a Profession, Public Perception AICPA Code of Professional Conduct Rules of Conduct Rule 101 Independence Fact & Appearance The Specifics: SEC additions PCAOB additions Other Rules of Conduct Confidential Client Info Act Discredible Advertising Fees Form of Organization and Name Class Work for February 14, 2011 - HAPPY VALENTINES DAY We will be starting chapter 3, Management Fraud and Audit Risk. We finally get to start "doing" the audit. The first half of this chapter details our responsibilities for assessing fraud risk in connection with a GAAS audit. The second half of this chapter starts the foundation for basic audit fundamentals such as the different types of audit procedures and general risk assessment. Read pages 72 through 82 in your text. After your reading is complete you should be able to answer the following questions: In general what are the two major types of fraud? What are the auditor's responsibilities under SAS 99? Make sure you truly understand the responsibilities and not just memorize the list of items. You do not need to turn in the above questions from chapter 3....
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New ACG 4632 Blackboard - January 5, 2011 Responsibility...

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