Overview%20of%20the%20Attestation%20Process%20%28October%203%2c%202011%29

Overview%20of%20the%20Attestation%20Process%20%28October%203%2c%202011%29

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Module II Begins… An Overview of the Attestation Process Tim Bauer ACCY 405 October 3, 2011
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Announcements Group Talk schedule for Module II. Instructions for Individual Writing Assignment (IWA) coming up. Professional Lyceum on October 6 th   Chris Lu, CEO Deloitte (China) Stephen Van Arsdell, CEO Deloitte (USA)
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Today’s Objectives Introduction to Module II Good Audits = Good Risk Assessments
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What Did We Learn in Module I? What is assurance? When is assurance potentially valuable? What are the cornerstones of high quality assurance? Professional Skepticism Next step: Attestation Written assertions and verification procedures.
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What are We Doing in Module II Overview of the attestation process.  Models related to f/s auditing: Traditional “audit risk model” Engagement risk model Revised “audit risk model” Strategic systems auditing (SSA) model Application: Mini & Big SSS Auditing Cases
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The Attest Process
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Back to Basics: What is Attestation? The AICPA definition of an attest engagement: An engagement in which a practitioner  is engaged to issue  or does issue a written communication  that expresses a  conclusion  about the reliability  of a written assertion   that is the responsibility  of another party. The audit of financial statements is a form of attestation.
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Overview of the Audit Process Client Acceptance and Retention Understand Client’s Business Environment Evaluate Control Response Over Financial Reporting Preliminary Analytical Procedures Knowledge Acquisition of Current Conditions Audit Completion and Reporting Tests of Financial Statement Assertions & Control Effectiveness
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Strategic analysis (SA) Process analysis (PA) Risk assessment (RA) What business risks exist, are they under control?   Implications for audit risk? Are company’s key non-financial performance measures 
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This note was uploaded on 11/17/2011 for the course ACCY 405 taught by Professor D during the Winter '11 term at University of Illinois at Urbana–Champaign.

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Overview%20of%20the%20Attestation%20Process%20%28October%203%2c%202011%29

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