ACCT 315 Principles of Auditing Assignment Example UAEU, UAE
This assignment sample will discuss the principles of auditing according to the course taught in UAE University under the course code ACCT315.
This course will introduce the student to auditing. The concepts of materiality, audit risk, and evidence will form the conceptual framework for the program. Topics emphasized will include the necessity of the auditing function, professional ethics, the auditor’s objectives, responsibilities, and liabilities about a company’s financial statements. The student will become familiar with the auditor’s approach to various audit decisions under International Standards for Auditing (ISAs), applied in the UAE.
Finally, the student will learn about the auditor’s opinion and the basics of writing the audit report. Skills needed and developed in this course include mainly writing and critical thinking skills. The study guide will contribute to the student’s research skills as well. The prerequisite for this course is a minimum of a D grade in course ACCT235.
ACCT 315 Principles of Auditing course learning outcomes
Auditing is the process of examining the financial statement and information of the entity. In this process, we examine that is the company making a profit or not. It is a systematic process in which we analyze the economic condition and actions. Let us learn in more detail about it. At the end of the course, students will be able to :
Identify The Various Phases Of The Auditing Process
When accountants conduct an audit or review, they can not test every transaction. Instead, they set a materiality threshold. This benchmark is to obtain reasonable assurance in an audit or limited promise in a review of detecting misstatements that could be large enough, individually or in the aggregate, to be material to the financial statements.
The Internal Control System Evaluation
An evaluation of internal control is an examination of the effectiveness of an organization’s system of internal controls. By engaging in this evaluation, an auditor can determine the extent of other tests that must arrive at an opinion regarding the fairness of the entity’s financial statements. A robust system of internal controls reduces the risk of fraudulent activity, which moderates the need for additional audit procedures.
Audit Evidence identifies eight types of evidence-gathering procedures that the auditor can adopt to obtain audit evidence.
- Inspection of documents and records of ownership, invoices stamped paid or authorized for payment by an appropriate signature, sales values, and purchase costs.
- Inspection of tangible assets
- Provide evidence that a control is being operated, e.g. double staffing or a cheque signatory.
- Management representations are part of overall inquiries. These involve obtaining written responses from management to confirm oral inquiries
- Evidence of the existence of balances, e.g. receivables confirmation and reliable evidence of valuation, e.g. customers may confirm receivable amounts but, ultimately, be unable to pay in the future.
- Checking the arithmetical accuracy of the client’s calculations, e.g. depreciation amounts.
- Reperforming client procedures, e.g. test checking inventory counts.
- Comparisons of sets of data to identify trends and understand the relationships between the sets of data.
Describe The Auditor’S Professional And Legal Responsibilities.
Concerns about the legal liability of auditors continue to grow every day. Auditors are highly important people because, ultimately, they are responsible for enhancing the reliability of financial statements for all kinds of external users. Legal Liabilities generally implies four things:
- The auditor must possess the requisite skills to evaluate financial statements
- With the duty of an auditor, they have to employ such skill with reasonable care and diligence
- The auditor undertakes his task(s) with good faith and integrity but is not infallible
- An Auditor may be liable for negligence, bad faith, or dishonesty, but not for mere errors in judgment
Moreover, Auditors are responsible for two groups of third parties:
- Known users of the financial statements
- A limited class of foreseeable users will rely on the financial statements.
Explain The Auditing Basic Concepts
Audit risk refers to the risk that an auditor may issue an unqualified report due to the auditor’s failure to detect material misstatement either due to error or fraud. This risk is composed of Inherent risk, the risk involved in the nature of business or transaction.
Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, or discrepancy.
Audit evidence is evidence obtained by auditors during a financial audit and recorded in the audit working papers. However, auditors need audit evidence to see if a company has the correct information considering their financial transactions so a C.P.A. can confirm their financial statements.
Explain The Importance Of Auditing And Assurance Services
Auditing can reduce the information risk present in management assertions in published financial statements. Also, the audit is important as it provides credibility to a set of financial statements and gives the shareholders confidence that the accounts are true and fair. It can also help to improve a company’s internal controls and systems.
Prepare A Group Field Report / Case Analysis And Make A Presentation Before A Group Of Audience.
When writing a field report you need to:
- Systematically observe and accurately record the varying aspects of a situation.
- Continuously analyze your observations.
- Keep the report’s aims in mind while you are observing.
- Consciously observe, record, and analyze what you hear and see in the context of a theoretical framework.
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