Auditing & Assurance Services, A Systematic Approach – 7e

Auditing & Assurance Services, A Systematic Approach...

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Chapter 01 - An Introduction to Assurance and Financial Statement Auditing Chapter 1 An Introduction to Assurance and Financial Statement Auditing Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases Internet Assignments/ ACL Problems/ EarthWear Mini-Cases (EWMC) LO 1 : Understand why studying auditing can be valuable to you and why it is different from studying accounting. 1 24 30 31 LO 2: Be able to explain why there is a demand for auditing and assurance. 2,3 13,14,20 24,25 LO 3: Understand intuitively the demand for auditing and the desired characteristics of auditors and audit services through an analogy to a house inspector and a house inspection service. 4 13,14,20 24,25,26 30 LO 4: Understand the relationships among auditing, attestation, and assurance services. 5,6 13,14,15, 16 LO 5: Know the basic definition and three fundamental concepts of a financial statement audit. 7 17,18 26 30 ACL LO 6: Understand why on most audit engagements an auditor tests only a sample of transactions that occurred. 8 LO 7: Be able to describe the basic financial statement auditing process and the phases in which an audit is carried out. 9,10 17, 19, 20 27 EWMC LO 8: Know what an audit report is and the nature of an unqualified report. 11 21,22,23 28, 29 30 LO 9: Understand why auditing demands logic, reasoning, and resourcefulness from auditors. 12 30 31 1-1
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Chapter 01 - An Introduction to Assurance and Financial Statement Auditing END OF CHAPTER MATERIALS COMPARISION CHART Number in 7 th edition Compariso n Number in 6 th edition 1-1 Unchanged 1-1 1-2 Unchanged 1-2 1-3 Unchanged 1-3 1-4 Unchanged 1-4 1-5 Revised 1-5 1-6 Unchanged 1-6 1-7 Unchanged 1-7 1-8 Unchanged 1-8 1-9 Unchanged 1-9 1-10 Unchanged 1-10 1-11 Unchanged 1-11 1-12 Unchanged 1-12 1-13 Unchanged 1-13 1-14 Unchanged 1-14 1-15 Unchanged 1-15 1-16 New 1-17 Unchanged 1-17 1-18 Unchanged 1-18 1-19 Unchanged 1-19 1-20 New 1-21 Unchanged 1-21 1-22 Unchanged 1-22 1-23 Revised 1-23 1-24 Unchanged 1-24 1-25 Unchanged 1-25 1-26 Revised 1-26 1-27 Unchanged 1-27 1-28 Revised 1-28 1-29 New 1-30 Revised 1-29 1-31 Unchanged 1-30 When students enter the first introductory class they seldom have an understanding of what assurance or auditing entails. Generally, they will not have read Chapter 1 before class, so it’s important to spend the time necessary during the first class to capture students’ attention and stimulate their interest in auditing. 1-2
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Chapter 01 - An Introduction to Assurance and Financial Statement Auditing Introduction After going over the class expectations, we spend the first part of class discussing and illustrating the demand for auditing and the role of auditing in society. If students are to be interested and excited to dig in and learn this daunting new material, they need to be convinced that it is important and useful. Thus, we also emphasize that the concepts underlying auditing are useful in many contexts other than auditing, including consulting and management. Later in the class, we might ask the students how they would audit the automobile revenues
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Auditing & Assurance Services, A Systematic Approach...

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