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Student_ACC_421_Chapter_Six_Outline

Student_ACC_421_Chapter_Six_Outline - ACC 421 Chapter Six...

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ACC 421 Chapter Six Outline I. Objectives and responsibilities for the audit A. Management’s responsibilities A.1. Adopting sound accounting policies A.2. Maintaining adequate internal control A.3. Making fair representation in the financial statements B. Auditor’s responsibilities B.1. Terms B.1.a. Material B.1.b. Reasonable assurance B.1.c. Professional skepticism B.2. Detect material error B.3. Detect material fraud B.3.a. Misappropriation of assets B.3.b. Fraudulent financial reporting B.4. Discover illegal acts B.4.a. Terms B.4.a.i. Direct-effect acts B.4.a.ii. Indirect-effect acts B.4.b. Auditors responsibility for finding and reporting illegal acts B.4.b.i. When no reason to believe indirect-effect illegal acts exist B.4.b.ii. When there is reason to believe either type of acts may exist B.4.b.iii. When auditor knows of an illegal act II. Divide financial statements into cycles A. Cycles B. Setting audit objectives B.1. Transaction-related audit objectives B.2. Balance-related audit objectives B.3.
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