Learning Objectives LO1 Explain the importance of auditing. LO2 Distinguish auditing from accounting. LO3 Explain the role of auditing in information risk.

Slides:



Advertisements
Similar presentations
AUDITING : AN OVERVIEW. Auditing defined It is a critical and systematic examination or review of accounting reports, documents, records, procedures and.
Advertisements

Learning Objectives LO1 Describe the role of professional judgment in achieving the overall objectives of the independent auditor in conducting an audit.
Auditors Have a Great Responsibility
Financial Statements Audit
Auditing Concepts.
CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION Fall 2007 u What is auditing? u Types of Audits u Independent Auditor Relationships u Services.
1. Management Income Statement Balance Sheet Stmt of CF Management Prepares 1 Users Basic Mistrust 2 Auditors Independent Auditor 3 Lends Credibility.
Chapter 1 An Introduction to Assurance and Financial Statement Auditing McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights.
Audit and Assurance services
Dr. Mohamed A. Hamada Lecturer of Accounting Information Systems Advanced Auditing Lecture 1 Assurance and Attestation Services.
Learning Objectives LO1 Describe the current audit environment, including developments in regulatory oversight and provincial regulation of public accountants.
An Introduction to Assurance and Financial Statement Auditing
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder The Demand for Audit and Other Assurance Services Chapter 1.
1 ACC 3303: AUDITING 2 Assurance Services ?? Need for Assurance ? Illustration using an Audit Engagement as an example.
An Introduction to Assurance and Financial Statement Auditing
AUDITS AND ASSURANCE SERVICES The Attest Function Chapter 1.
By: Stephanie Wallace, Yoichi Miyahira, Rui Matsuura.
Introduction to Audit & Other Assurance Services By David N. Ricchiute
The Demand for Audit and Other Assurance Services Chapter 1.
9.401 Auditing Chapter 1 Introduction. Definition of Auditing The accumulation and evaluation The accumulation and evaluation Of evidence about information.
18- 1 © 2006 The McGraw-Hill Companies, Inc., All Rights Reserved. Chapter 18 Integrated Audits of Internal Control (For Public Companies Under Sarbanes-Oxley.
BIT-224 Audit Muhammad Khurshid Khan THE DEMAND FOR AUDITING Why do organizations request an audit? –Agency relationship Evidence supporting a demand.
1 - 1 The Demand for Audit and Other Assurance Services Chapter 1 Highlights.
Learning Objectives LO1 Distinguish between management and auditor’s responsibilities regarding an auditee organization’s internal controls. LO2 Explain.
Auditors Have a Great Responsibility Internal auditor Gene Morse found an unsupported entry for $500 million in computer acquisitions. Billions of dollars.
The Audit Function -- An Overview (Attestation). Auditing Defined #1 A systematic process of objectively obtaining and evaluating evidence regarding assertions.
Learning Objectives LO1 Distinguish between management and auditor’s responsibilities regarding an auditee organization’s internal controls. LO2 Explain.
Learning Objectives LO1 Introduce the concept of auditor responsibilities. LO2 Explain the importance of the study of ethics in helping define auditor.
Learning Objectives LO1 Describe the association framework. LO2 Determine whether a PA is associated with financial statements. LO3 Describe the three.
Auditing & Assurance Services, 6e
Learning Objectives LO1 Describe the role of professional judgment in achieving the overall objectives of the independent auditor in conducting an audit.
Learning Objectives LO1 Describe the conceptual audit risk model and its components. LO2 Explain the usefulness and limitations of the audit risk model.
An Introduction to Assurance and Financial Statement Auditing
BASIC PURPOSE OF AN “AUDIT” One party (for example, management) asserts. A self-report. Motivation to misrepresent? CPA attests to that assertion. What.
Chapter 1 Assurance Services. Need for Assurance Why do you need assurance? Potential bias in providing information. Remoteness between a user and the.
1 - 1 ©2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder The Demand for Audit and Other Assurance Services Chapter 1.
Introduction to Auditing. Introduction The role of audits is critical in the business environment of the early twenty-first century. Important decisions.
©2003 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley The Demand for Audit and Assurance Services Chapter.
Learning Outcomes At the end of this chapter you should be able to: Explain the meaning and purpose of accounting; Describe the role of accounting as.
Chapter 1 An Introduction to Assurance and Financial Statement Auditing Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or.
The Assurance Services Market
Copyright © 2007 Pearson Education Canada 1 Chapter 1: The Demand for Auditing and Assurance Services.
Pengauditan (Auditing) What is auditing? Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about.
An Introduction to Assurance and Financial Statement Auditing
1 Auditing and the Public Accountant Profession Importance of Auditing Bodies required to have an annual audit: All public and larger private companies.
CHAPTER 1 An Overview of Auditing. What does an auditor do?
Auditor’s Professional Roles and Responsibilities.
©2010 Prentice Hall Business Publishing, Auditing 13/e, Arens/Elder/Beasley The Demand for Audit and Other Assurance Services Chapter 1.
1 - 1 Copyright  2003 Pearson Education Canada Inc. CHAPTER 1 An Overview of Auditing and Assurance Services.
©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley The Demand for Audit and Other Assurance Services Chapter 1.
Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 20-1 Chapter Twenty Assurance, Related Services and Internal.
©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley The Demand for Audit and Other Assurance Services Chapter 1.
Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall. Chapter
©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley The Demand for Audit and Other Assurance Services Chapter 1.
AUDIT STAFF TRAINING WORKSHOP 13 TH – 14 TH NOVEMBER 2014, HILTON HOTEL NAIROBI AUDIT PLANNING 1.
1 - 1 The Demand for Audit and Other Assurance Services Chapter 1.
Auditing Concepts.
Modern Auditing: Assurance Services and the Integrity of Financial Reporting, 8th Edition William C. Boynton California Polytechnic State University at.
The Demand for Audit and Other Assurance Services
An Introduction to Assurance and Financial Statement Auditing
The Audit Function G & S Chapter 1 ASA200, ASA220, ASA260
The Demand for Audit and Other Assurance Services
Chapter 1 An Introduction to Assurance and Financial Statement Auditing.
Assurance, Related Services and Internal Auditing
The Demand for Audit and Other Assurance Services
The Demand for Audit and Other Assurance Services
Chapter 1 Introduction Prof. G. B. Bhosale
Chapter 1 The Demand for Audit Services
Presentation transcript:

Learning Objectives LO1 Explain the importance of auditing. LO2 Distinguish auditing from accounting. LO3 Explain the role of auditing in information risk reduction. LO4 Describe the other major types of audits and auditors. LO5 Provide an overview of international auditing and its impact on Canadian audit standards. 1

Demand for Reliable Information Accounting attempts to record and summarize a company’s transactions into financial statements for the benefit of users.  Accounting is a function of the organization’s management.  Users are removed from accounting due to complexity, remoteness or consequences. 2 LO2

Auditing Preparation of financial information by management creates a conflict of interest between users of financial information and management.  The auditor serves as an independent intermediary who lends credibility to the financial information.  Also called providing assurance as to the reliability of the information. 3 LO2

Auditing An external auditor is independent of management and of the production of the financial information.  This creates three-party accountability.  Auditee refers to the organization whose financial information is being audited.  Client refers to the person who hires the auditor and pays the fee. 4 LO2

Professional Judgement A professional reaching a complex decision by incorporating standards and ethics in a coherent manner.  Professional judgement is used widely in accounting and auditing.  Application of professional judgement requires critical thinking. 5 LO2

Definition of Auditing Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested parties. 6 LO2

Audit Objectives “The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. This is achieved by the expression of an opinion by the auditor on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.” CAS LO2

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2024 SlidePlayer.com Inc. All rights reserved.