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ACC3510 Accounting Information Systems

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Question:

How can accounting and auditing contrasted ?

The financial report is the product of the entity’s accounting system and of judgments made by those charged with governance and management.

  • Purpose of the audit is to enhance the degree of confidence of the intended users of the financial report – ASA200.3.
  • To form a judgment on the financial report, auditor must look behind the financial report to the data and allocations of the data.
  • Therefore there is a close relationship between accounting and auditing.

What is professional scepticism and judgement ?

Accounting standards allow choice of accounting methods and require accountants to use judgement. Financial reports can also be biased, as preparers have vested interest in the information contained in the financial report.

What are financial report assertions and audit objectives ?

Directors and managers make assertions which are  embodied in the financial report when they present a financial report.

  • Auditors use these assertions to identify and assess risks by considering different types of potential misstatements that may occur and designing audit procedures in response to risks

What are financial report assertions and audit objectives ?

Assertions about classes of transactions and events for the period under audit:

  • Occurrence — transactions and events that have been recorded have occurred and pertain to the entity.
  • Completeness — all transactions and events that should have been recorded have been recorded.
  • Accuracy — amounts and other data relating to recorded transactions and events have been recorded appropriately.

What are financial report assertions and audit objectives ?

Assertions about account balances at the period end:

  • Existence — assets, liabilities and equity interests exist.
  • Rights and obligations — the entity holds or controls the rights to assets, and liabilities are the obligation of the entity.
  • Completeness — all assets, liabilities and equity interests that should have been recorded have been recorded.
  • Valuation and allocation — assets, liability and equity interests are included in the financial report at appropriate amounts and any resulting valuation adjustments are appropriately recorded.

What are financial report assertions and audit objectives ?

What are audit procedures and evidence ?

What are common audit procedures ?

  • Inspection
  • Observation
  • External Confirmation
  • Recalculation
  • Re-performance
  • Analytical procedures
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