Auditing & Assurance Services
AC 4342 Auditing
Introduction to assurance and financial statement auditing
Discussion Question: Messier Q1-13, 14
1
References
HKICPA Members’ Handbook
Amended Preface to the Hong Kong Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements Hong Kong Framework for Assurance Engagements
Reference
Messier: Ch 1
2
CILOs and TLAs
CILOs
1 Describe the auditing profession, the regulatory, legal and reporting framework of auditing. Recognize the basic principles, objectives and ethical requirements of audit and assurance services. Identify the audit process from client acceptance, design of audit procedures and express an appropriate audit conclusion based on the audit evidence obtained. Assess risks and threats to an audit of financial statements through analytical and critical thinking. Communicate effectively in writing and verbally.
√ √
2
3
4 5
√
3
Specific learning outcomes
Understand the major concepts of auditing – why, what, how & limitations Differentiate the types of services offered by public practitioners assurance and nonassurance services
Describe the 3 fundamental concepts in conducting a F/S audit ( Materiality, Evidence, Audit risk )
4
CILOs and TLAs
TLAs
1 Lectures, in-class activities and assignments, designed to assist students’ understanding and learning of auditing principles, objectives, legal and ethical requirements of audit and assurance services. Lectures, in-class activities and assignments, designed to assist students to understand and perform audit tests on financial statement account balances and formulate appropriate audit reports.
√
2
5
The Study of Auditing
The study of auditing is different from other accounting courses that you have taken because …
OTHER COURSES
Rules, techniques and computations to prepare and analyse financial information
AUDITING
Analytical and logical skills Much more conceptual in nature
6
The Demand
Introduction to assurance and financial statement auditing
Discussion Question: Messier Q1-13, 14
1
References
HKICPA Members’ Handbook
Amended Preface to the Hong Kong Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements Hong Kong Framework for Assurance Engagements
Reference
Messier: Ch 1
2
CILOs and TLAs
CILOs
1 Describe the auditing profession, the regulatory, legal and reporting framework of auditing. Recognize the basic principles, objectives and ethical requirements of audit and assurance services. Identify the audit process from client acceptance, design of audit procedures and express an appropriate audit conclusion based on the audit evidence obtained. Assess risks and threats to an audit of financial statements through analytical and critical thinking. Communicate effectively in writing and verbally.
√ √
2
3
4 5
√
3
Specific learning outcomes
Understand the major concepts of auditing – why, what, how & limitations Differentiate the types of services offered by public practitioners assurance and nonassurance services
Describe the 3 fundamental concepts in conducting a F/S audit ( Materiality, Evidence, Audit risk )
4
CILOs and TLAs
TLAs
1 Lectures, in-class activities and assignments, designed to assist students’ understanding and learning of auditing principles, objectives, legal and ethical requirements of audit and assurance services. Lectures, in-class activities and assignments, designed to assist students to understand and perform audit tests on financial statement account balances and formulate appropriate audit reports.
√
2
5
The Study of Auditing
The study of auditing is different from other accounting courses that you have taken because …
OTHER COURSES
Rules, techniques and computations to prepare and analyse financial information
AUDITING
Analytical and logical skills Much more conceptual in nature
6
The Demand
References: Auditing – a general def’n Extracted from American Accounting Association Committee on Basic Auditing Concepts (1973)