Conceptual Framework of Assurance II: Types of Assertions
|
|
- Valerie Cunningham
- 5 years ago
- Views:
Transcription
1 Conceptual Framework of Assurance II: Types of Assertions Joshua Onome Imoniana September 8, 2014
2 Student s Key takeaway from this lecture include: What is an assertion? Useful steps to verify an assertion. An examination of different types of financial statement assertions. Group Activity
3 Assertions What is an assertion? Confidently declared to be so; the asserted value of the painting Stated, declared or alleged, especially with confidence but no proof In a financial audit, management assertions or financial statement assertions are the set of information that the preparer of financial statements (management) is providing to another party.
4 A Set of Steps to Verifying Assertions (1) Identify assertion(s) being made by asserter; (2) Assess and justify the assertion s risk of (material) misstatement; How do we assess/justify this risk? (3) Determine an attest objective for verifying the assertion; i.e. a broad action statement of what you will do. (4) Determine an attest procedure that achieves the objective and addresses the risk of misstatement. i.e. specify what evidence and how you will use it.
5 Financial Statement Assertions (PCAOB: AS No. 15) Existence (or Occurrence) Completeness Valuation (or Allocation) Rights & Obligations Presentation & Disclosure
6 Financial Statement Assertions Existence (or Occurrence) Do the assets, liabilities, and equities exist? Did the recorded transactions that gave rise to revenue and expenses occur? In other words: are there items included in the F/S that should not be there? The Authorization assertion is a form of Existence (or Valuation).
7 Financial Statement Assertions Completeness Are all assets, liabilities, and equities recorded? Are all transactions that gave rise to revenue and expenses recorded? In other words: is there anything missing from the F/S that should be there? The Cutoff assertion is a form of Completeness (or Existence).
8 Financial Statement Assertions Valuation (or Allocation) Are the amounts for assets, liabilities, equity, revenue, and expenses appropriately recorded? Have appropriate allocations or adjustments been made (e.g. amortization, impairment)? In other words: are amounts in the F/S recorded in accordance with GAAP? The Accuracy assertion is a form of Valuation.
9 Financial Statement Assertions Rights and obligations Does the company hold the rights to the assets? Are the liabilities obligations of the company? In other words: are there assets (liabilities) included in the F/S that the company has no rights to (has no obligation to pay)? In other words: are there liabilities (assets) excluded from the F/S that the company has an obligation to pay (still has rights to)?
10 Financial Statement Assertions Presentation and Disclosure Are the amounts for assets, liabilities, equity, revenue, and expenses properly classified, described, and disclosed in the F/S? In other words: are the F/S appropriately presented and described in accordance with GAAP? Are F/S disclosures adequate, complete, and understandable? The Classification assertion is a form of Presentation and Disclosure.
11 Example: Assertions in Financial Statement Context Account Receivable: $5,000,000 (1) Existence: all recorded receivables exist (2) Completeness: all receivables are recorded (3) Valuation: receivables are carried at the net realizable value (4) Rights and obligations: entity has rights to receivables (5) Presentation and disclosure: receivables are properly presented and requisite disclosures are made
12 Activity: Auditing Deferred Revenue at Caribou Creek
13 Example of an Objective & an Audit Procedure Objective: Verify that all gift card liabilities exist. Audit procedure: 1. Vouch from gift card subledger to sales invoices/card sales. In regular English, start by looking at the system/report that summarizes all recorded liabilities. Pick a sample of recorded liabilities and work backwards to match the report details for each item in the sample to a physical or electronic sales invoice/record.
14 Match Objective with Appropriate Procedure Obj. 1: Verify that unredeemed & unabandonned gift cards are recognized as deferred revenue not revenue Obj. 2: Verify that all gift card balances are recorded Audit procedures: 1. Select a sample of sales invoices and match to gift card subledger or general ledger to ensure the sale was recorded. 2. Examine/reperform management s hindsight analysis of abandonment. 3. Test a sample of gift card balances for unclaimed property compliance. 4. Select a sample of sales invoices and match to gift card subledger or general ledger to ensure the sale was recorded in the proper account.
15 Today s Objectives What is an assertion? Useful steps to verify an assertion. An examination of different types of financial statement assertions. Group Activity
16 Consider the following framework: Summary of Corporate Assurance Assessment Framework Risk Analysis Analytic Procedures Expectations for Test Materiality Substantive Procedures Assertions for the test Internal Control testing Culture Substantive Test Detailed Tests Timing & Auditor Professional Judgement Extension of the tests Compliance with ISA International Standards for Auditing
17 For Next Class Relevant readings for next class: MGP Chapters 3 & 4 Revision in view of exam
Chapter 16 Completing the Tests in the Sales and Collection Cycle:
Chapter 16 Completing the Tests in the Sales and Collection Cycle: Accounts Receivable Describe the methodology for designing tests of details of balances using the audit risk model. Design and perform
More informationChapter 14. Auditing the Financing/Investing Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment
Chapter 14 Auditing the Financing/Investing Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or
More informationChapter 14. Auditing the Financing/Investing Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment
Chapter 14 Auditing the Financing/Investing Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights
More informationChapter 10. Auditing the Revenue Process. Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
Chapter 10 Auditing the Revenue Process McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. LO# 1 Revenue Recognition Revenue is defined as inflows or other enhancements
More informationChapter 10. Cash and Financial Investments. McGraw-Hill/Irwin. Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter 10 Cash and Financial Investments McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Sources and Nature of Cash Sources General checking account Payroll checking
More informationChapter 15. Auditing the Financing/Investing Process: Long-Term Liabilities, Stockholders Equity, and Income Statement Accounts
Chapter 15 Auditing the Financing/Investing Process: Long-Term Liabilities, Stockholders Equity, and Income Statement Accounts Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction
More informationChapter 05. Audit Evidence and Documentation. McGraw-Hill/Irwin. Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter 05 Audit Evidence and Documentation McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Audit Risk The possibility that the auditors may unknowingly fail to
More informationBUS 425 Auditing Tad Miller 1/24/2018 Intro, objectives, assertions, reporting. 1 AUDITING Write the definition of auditing.
BUS 425 Auditing Tad Miller 1/24/2018 Intro, objectives, assertions, reporting 1 AUDITING Write the definition of auditing. Auditing is the accumulation and evaluation of evidence about information to
More informationTo: Financial Examiners. From: NAIC Examination Unit Staff. Date: January 21, Re: Sound Practices in Documenting Reliance on Audit Workpapers
To: Financial Examiners From: NAIC Examination Unit Staff Date: January 21, 2015 Re: Sound Practices in Documenting Reliance on Audit Workpapers Background Information One of the primary ways for financial
More informationChapter 23 Audit of Cash and Financial Instruments. Copyright 2014 Pearson Education
Chapter 23 Audit of Cash and Financial Instruments Identify the major types of cash and financial instruments accounts maintained by business entities. Show the relationship of cash in the bank to the
More informationPiotr Pyziak, Consultant, CFRR
Piotr Pyziak, Consultant, CFRR 16 March 2017, Vienna Audit Training of Trainers Road to Europe: Program of Accounting Reform and Institutional Strengthening EU-REPARIS is funded by the European Union and
More informationGleim CPA Review Updates to Auditing 2011 Edition, 1st Printing June 3, 2011
Page 1 of 7 Gleim CPA Review Updates to Auditing 2011 Edition, 1st Printing June 3, 2011 NOTE: Text that should be deleted from the outline is displayed with a line through the text. New text is shown
More informationMODULE 5 AUDIT EXECUTION: FINANCIAL STATEMENT ITEMS SUBSTANTIVE PROCEDURES
MODULE 5 AUDIT EXECUTION: FINANCIAL STATEMENT ITEMS SUBSTANTIVE PROCEDURES OUTLINE Application of specific substantive procedures to test the following categories of assertions: -Assertions relating to
More informationANNUAL REPORT ON THE INTERIM INSPECTION PROGRAM RELATED TO AUDITS OF BROKERS AND DEALERS (PCAOB Release No August 20, 2018)
ANNUAL REPORT ON THE INTERIM INSPECTION PROGRAM RELATED TO AUDITS OF BROKERS AND DEALERS (PCAOB Release No. 2018-003 August 20, 2018) Table of Contents Background 1 Inspections of Firms During 2017 1 Independence
More informationChapter 10. Auditing the Revenue Process
Chapter 10 Auditing the Revenue Process Copyright 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. LO# 1 Revenue
More informationMcGraw-Hill/Irwin. Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 07 Revenue and Collection Cycle What at first was plunder assumed the softer name of revenue. Thomas Paine
More informationAudit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions
Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions Chapter 14 2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley 5-5 Learning Objective
More informationChapter 13 Homework ACL Problem
Chapter 13 Homework 12-31 ACL Problem a. There are three transactions with missing dates. There are several negative balance transactions with no indication that they are purchase returns. b. Total purchases
More informationChapter 9 Auditor s Response to Assessed Risk (ISA 330, ISA 500)
Slide 9.1 Principles of Auditing: An Introduction to International Standards on Auditing Chapter 9 Auditor s Response to Assessed Risk (ISA 330, ISA 500) Rick Hayes, Hans Gortemaker and Philip Wallage
More informationACCA F8. Provided by Academy of Professional Accounting (APA) Audit and Assurance (AA) 审计与鉴证业务第 7 讲 ACCA Lecturer: Andy Qu
Professional Accounting Education Provided by Academy of Professional Accounting (APA) ACCA F8 Audit and Assurance (AA) 审计与鉴证业务第 7 讲 ACCA Lecturer: Andy Qu ACCAspace 中国 ACCA 特许公认会计师教育平台 Copyright ACCAspace.com
More informationThe entity's risk assessment process will assist the auditor in identifying risks of materials misstatement.
Internal controls 1. The control environment ISA 315.67: The auditor should obtain an understanding of the control environment. The CE includes the governance and management functions and the attitudes,
More informationAuditing and Assurance Services, 15e
Auditing and Assurance Services, 15e (Arens) Chapter 14 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions Learning Objective 14-1 1) Which of the following
More informationTABLE OF CONTENTS AUDITING AND ATTESTATION
TABLE OF CONTENTS AUDITING AND ATTESTATION Topic Page OVERVIEW OF AN ATTEST FUNCTION... 1 AUDIT OPINIONS... 5 USE OF REPORT OF ANOTHER AUDITOR... 11 COMPARATIVE FINANCIAL STATEMENTS... 13 COMPILATIONS
More informationAudit Program for Debt Obligations
Form AP 60 Index Reference Audit Program for Debt Obligations Legal Company Name Client: Balance Sheet Date: Instructions: The auditor should refer to the audit planning documentation to gain an understanding
More informationPractical Illustration: Doing a Numerical and Discursive Question in Class. Adjunct Associate Professor Chee
Practical Illustration: Doing a Numerical and Discursive Question in Class Adjunct Associate Professor Chee Explaining Concept Some concepts may be abstract for students who do not have working experience,
More informationINTERNATIONAL STANDARD ON REVIEW ENGAGEMENTS 2400 ENGAGEMENTS TO REVIEW FINANCIAL STATEMENTS
INTERNATIONAL STANDARD ON REVIEW ENGAGEMENTS 2400 (Previously ISA 910) ENGAGEMENTS TO REVIEW FINANCIAL STATEMENTS (Effective for reviews of financial statements for periods beginning on or after December
More informationVudesk.com (chief)ismail shah SiLeNt Moon(Admin) ACC311- Fundamentals of Auditing (Session - 1)
Vudesk.com (chief)ismail shah (admin@vudesk.com) SiLeNt Moon(Admin) ACC311- Fundamentals of Auditing (Session - 1) Question No: 1 ( Marks: 1 ) - Please choose one When the cash sales should be recorded
More informationReport on Inspection of RSM US LLP (Headquartered in Chicago, Illinois) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2016 (Headquartered in Chicago, Illinois) Issued by the Public Company Accounting
More informationPresentation to the Financial Administrator Development Program MSU Financial Statements and External Audit
Presentation to the Financial Administrator Development Program MSU Financial Statements and External Audit October 30, 2012 Katie A. Thornton, Associate, Plante Moran Gregory J. Deppong, Controller, MSU
More informationMSU Financial Statements and External Audit
Presentation to the Financial Administrator Development Program MSU Financial Statements and External Audit What s Your Role? October 28, 2014 Katie A. Thornton, Senior Manager, Plante Moran Gregory J.
More informationACCA F8. Provided by Academy of Professional Accounting (APA) Liability, Capital and Directors Emoluments ACCA Lecturer: Tom Liu
Professional Accounting Education Provided by Academy of Professional Accounting (APA) ACCA F8 Liability, Capital and Directors Emoluments ACCA Lecturer: Tom Liu ACCAspace 中国 ACCA 特许公认会计师教育平台 Copyright
More informationAUE2601. Brief overview of Assertions
AUE2601 Brief overview of Assertions What is an assertion? Within its financial statements, an organization implicitly makes certain claims regarding its financial position, results of operations and cash
More informationAssurance. Presentation to audit and reporting committee of Central Puget Sound Regional Transit Authority 2017 Financial statement audit plan
Assurance Presentation to audit and reporting committee of Central Puget Sound Regional Transit Authority 2017 Financial statement audit plan December 15, 2017 kpmg.com Overview of the audit plan Audit
More informationACCOUNTING 312 AUDITING
ACCOUNTING 312 AUDITING CONTENTS: Page 1: Page 4: Page 7: Page 16: Page 21: Week 1 Assurance and Auditing Overview Week 2 The Auditing Environment Week 3 Compliance Week 4 Risk Week 5 Internal Control
More informationAccounting I PRECISION EXAMS DESCRIPTION. EXAM INFORMATION Items
PRECISION EXAMS EXAM INFORMATION Items 67 Points 73 Prerequisites NONE Course Length ONE SEMESTER DESCRIPTION The first summative assessment in a series, measures the knowledge and skills necessary for
More informationECON132 Exam #1 Summer 2005 Session B
ECON132 Exam #1 Summer 2005 Session B Name: Perm #: Please answer questions 1-35 on your green scantron. If the question is a true false question, answer A for true and B for false. The short answer/ essay
More information26 PTA Audit. Overview. The Purpose of an Audit. Compiled Financial Statements
PTA Audit Overview Auditing involves examining financial records and transactions to ensure that receipts have been properly accounted for and expenditures have been properly authorized and recorded in
More informationCity of Greater Sudbury Audit Planning Report to the Finance Committee for year ending December 31, February, 2007
City of Greater Sudbury Audit Planning Report to the Finance Committee for year ending December 31, 2006 February, 2007 Contents Purpose of the Report 2 Key Responsibilities 3 Audit Deliverables 4 Our
More informationINTERNATIONAL STANDARD ON AUDITING 545 AUDITING FAIR VALUE MEASUREMENTS AND DISCLOSURES CONTENTS
INTERNATIONAL STANDARD ON AUDITING 545 AUDITING FAIR VALUE MEASUREMENTS AND DISCLOSURES (Effective for audits of financial statements for periods beginning on or after December 15, 2004) CONTENTS Paragraph
More informationINDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF THOMAS COOK GROUP PLC
INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF THOMAS COOK GROUP PLC REPORT ON THE Our opinion In our opinion: > Thomas Cook Group plc s Group financial statements and parent company financial statements
More informationa) The elements required for establishing an auditor s liability for negligence to clients are:
SOLUTION SET 1 ANSWERS 1 Part A a) The elements required for establishing an auditor s liability for negligence to clients are: 1. The duty to conform to a required standard duty of care 2. Failure to
More informationREVIEW OF AMG s QUARTERLY FINANCAL STATEMENTS: A SHORT CASE ABOUT AUDITOR RESPONSIBILITIES AND REQUIREMENTS
REVIEW OF AMG s QUARTERLY FINANCAL STATEMENTS: A SHORT CASE ABOUT AUDITOR RESPONSIBILITIES AND REQUIREMENTS Kathleen A Simione, Quinnipiac University Aamer Sheikh, Quinnipiac University INSTRUCTORS NOTES
More informationAllotts Business Services Limited. Management Report to Consilium Academies
Allotts Business Services Limited Management Report to Consilium Academies Period Ended 31 August 2016 Contents 1 Introduction 1 1.1 Acknowledgements 1 2 Overall objective 2 2.1 2.2 Audit approach Approach
More information2016 ANNUAL ACCOUNTING & AUDITING UPDATE. A Conference Presentation of RealisticApproach Seminars, Inc.
2016 ANNUAL ACCOUNTING & AUDITING UPDATE A Conference Presentation of RealisticApproach Seminars, Inc. Accounting Update Matters ANNUAL ACCOUNTING & AUDITING UPDATE A RealisticApproach Conference Presentation
More informationIdentifying Risk: Understanding the Entity and its Environment
CASE STUDY: PIZZA SHOP, INC. Identifying Risk: Understanding the Entity and its Environment Pizza Shop, Inc. (PSI or the Entity) owns and operates dine-in restaurants offering Italian cuisine. PSI was
More informationAssurance. Presentation to audit and reporting committee of Central Puget Sound Regional Transit Authority 2016 Financial statement audit plan
Assurance Presentation to audit and reporting committee of Central Puget Sound Regional Transit Authority 2016 Financial statement audit plan December 15, 2016 kpmg.com Overview of the audit plan Audit
More informationThe Pack Shack. Independent Auditor s Report and Financial Statements. December 31, 2015 and 2014
Independent Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Financial Statements Statements of Financial Position... 3 Statements of Activities... 4 Statements of Cash
More informationReport on Inspection of Ernst & Young LLP (Headquartered in New York, New York) Public Company Accounting Oversight Board
666 K Street NW Washington, DC 20006 Office: (202) 207-900 Fax: (202) 862-8430 www.pcaobus.org Report on 206 (Headquartered in New York, New York) Issued by the Public Company Accounting Oversight Board
More informationAudit Program for Cash
Form AP 10 Index Reference Audit Program for Cash Legal Company Name Client: Balance Sheet Date: Instructions: The auditor should refer to the audit planning documentation to gain an understanding of the
More informationANNUAL REPORT ON THE INTERIM INSPECTION PROGRAM RELATED TO AUDITS OF BROKERS AND DEALERS
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org ANNUAL REPORT ON THE INTERIM INSPECTION PROGRAM RELATED TO AUDITS OF BROKERS AND DEALERS PCAOB
More informationAssessment Method 1: Evaluate users' training needs.
2013-2014 Assessment Report Associate VP Business & Finance Controller/Financial Reporting Expected Outcome 1: E-journal voucher system users will be trained on applicable topics. The Controller s office
More informationChapter 12. Final work: general principles, analytical review of financial. trade receivables
Chapter 12 Final work: general principles, analytical review of financial statements, noncurrent assets and trade receivables Learning objectives To explain the importance of planning the year-end examination
More informationRisk Assessment Proces Case study Slovenian Construction Company
Assessment Proces Case study Slovenian Construction Company Sabina Softic, Audit Director Deloitte Bosnia and Herzegovina Vienna, 6 February 2013 Assessment Procedures ISA 315: auditor should obtain an
More informationState of New Mexico Cottonwood Rural Water Association. Office of the State Auditor Tier 6 Agreed Upon Procedures for the Year Ended December 31, 2014
L State of New Mexico Office of the State Auditor Tier 6 Agreed Upon Procedures for the Year Ended December 31, 2014 Alamogordo Albuquerque Carlsbad Clovis Hobbs Roswell Lubbock, TX El Paso, TX This page
More informationGroup Financial Statements
Group Financial Statements Group Financial Statements 80 Statement of Directors Responsibilities 81 Independent Auditor s UK Report 87 Independent Auditor s US Report 88 Group Financial Statements 88 Group
More informationINTERNATIONAL STANDARD ON AUDITING 510 INITIAL ENGAGEMENTS OPENING BALANCES CONTENTS
INTERNATIONAL STANDARD ON AUDITING 510 INITIAL ENGAGEMENTS OPENING BALANCES (Effective for audits of financial statements for periods beginning on or after December 15, 2004) CONTENTS Paragraph Introduction...
More informationReporting on an Audit:
Public Accounting Report Basics Reporting on an Audit: Critical: Memorize the standard audit report. Even though recent exams have not required writing a standard report, expect a significant number of
More informationSTANDING ADVISORY GROUP MEETING
1666 K Street, NW Washington, D.C. 20006 Telephone: (202) 207-9100 Facsimile: (202)862-8430 www.pcaobus.org STANDING ADVISORY GROUP MEETING AUDITING ACCOUNTING ESTIMATES AND FAIR VALUE MEASUREMENTS JUNE
More informationAuditing in the Crypto-Asset Sector
Auditing in the Crypto-Asset Sector Introduction Many of the reporting issuers in Canada s crypto-asset sector obtained material crypto-asset holdings or engaged in material crypto-mining activity during
More informationAnnual Audit Letter Year ending 31 March NHS Kernow Clinical Commissioning Group 8 June 2018
Annual Audit Letter Year ending 31 March 2018 NHS Kernow Clinical Commissioning Group 8 June 2018 Contents Section Page 1. Executive Summary 3 2. Audit of the Accounts 5 3. Value for Money arrangements
More informationFinancial Statements. Financial Statements J Sainsbury plc Annual Report Strategic Report
Financial Statements J Sainsbury plc Annual Report 87 Financial Statements 88 Statement of Directors Responsibilities 89 Independent Auditor s Report to the Members of J Sainsbury plc Consolidated Financial
More informationPCAOB Issues Practice Alert Related to Auditing Revenue
PCAOB FLASH REPORT PCAOB Issues Practice Alert Related to Auditing Revenue September 16, 2014 Last week, the Public Company Accounting Oversight Board (PCAOB) issued Staff Audit Practice Alert No. 12 to
More informationAccounting 408 Exam 1, Chapters 1, 2, 12, A, B, D Fall 2016 Section Row
1 Accounting 408 Name Exam 1, Chapters 1, 2, 12, A, B, D Fall 2016 Section Row I. Multiple Choice Questions. (2 points each, 100 points total) Read each questions carefully and indicate the one best answer
More informationAudit Evidence. What do mean by the Audit Evidence?
What do mean by the Audit Evidence? Audit Evidence Sri Lanka auditing Standard 500 provides the definition of the audit evidence as all the information used by auditors in arriving at the conclusions on
More informationReport on Inspection of Grant Thornton LLP (Headquartered in Chicago, Illinois) Public Company Accounting Oversight Board
666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-900 Facsimile: (202) 862-8433 www.pcaobus.org Report on 205 (Headquartered in Chicago, Illinois) Issued by the Public Company Accounting Oversight
More informationAccounting 408 Exam 1, Chapters 1, 2, 12, A, B, D Fall 2017
Accounting 408 Exam 1, Chapters 1, 2, 12, A, B, D Fall 2017 Name Row I. Multiple Choice Questions. (2 points each, 100 points total) Read each question carefully and indicate the one best answer to each
More informationFile No: PERMANENT AUDIT FILE INDEX Annual update confirmation. Business details 1. Background to client
Client: Year/Period End: PERMANENT AUDIT FILE INDEX Annual update confirmation Business details 1. Background to client 2. Financial History 3. Register of laws and regulations 4. Related parties 5. Group
More informationElitegroup Computer Systems Co., Ltd. and Subsidiaries
Elitegroup Computer Systems Co., Ltd. and Subsidiaries Consolidated Financial Statements for the Years Ended December 31, 2016 and 2015 and Independent Auditors Report DECLARATION OF CONSOLIDATION OF FINANCIAL
More informationADVANCED AUDIT AND PROFESSIONAL ETHICS NOV 2011
SOLUTON 1 a) i. The auditor would assess the client s correct use of accounting concepts in the preparation of the financial statements to ensure that they give a true and fair view in the following manner:
More informationSTANDARD STATEMENT OF WORK FOR FINANCIAL AUDITS OF NON-U.S. ORGANIZATIONS CONTRACTED BY THE RECIPIENT
STANDARD STATEMENT OF WORK FOR FINANCIAL AUDITS OF NON-U.S. ORGANIZATIONS CONTRACTED BY THE RECIPIENT OBJECTIVES AND GENERAL STATEMENT OF WORK AUDIT OF USAID RESOURCES MANAGED BY Dairy & Rural Development
More informationCitizens Property Insurance Corporation 2017 Audit Plan December 12, insurance
Citizens Property Insurance Corporation 2017 Audit Plan December 12, 2017 1 Engagement Scope Citizens Property Insurance Corporation Audit the financial statements of Citizens Property Insurance Corporation
More informationPCAOB ON REPORTING ON INTERNAL CONTROL IN AN INTEGRATED AUDIT (11/15 ~ STUDY TEXT)
JANUARY 2019 WILEY CPAEXCEL EXAM REVIEW: AUDITING AND ATTESTATION (Product Released October 16, 2018 for exam planners with exam sit dates after 12/10/18) 11/15 PCAOB on Reporting on Internal Control in
More informationChapter 01. The Role of the Public Accountant in the American Economy. McGraw-Hill/Irwin
Chapter 01 The Role of the Public Accountant in the American Economy McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Assurance services The broad range of information
More informationOUR FINANCIALS CASE STUDY INDEPENDENT AUDITOR S REPORT 80 GROUP INCOME STATEMENT 86 GROUP STATEMENT OF COMPREHENSIVE INCOME 87 GROUP BALANCE SHEET 88
CASE STUDY OUR FINANCIALS INDEPENDENT AUDITOR S REPORT 80 GROUP INCOME STATEMENT 86 GROUP STATEMENT OF COMPREHENSIVE INCOME 87 GROUP BALANCE SHEET 88 GROUP STATEMENT OF CHANGES IN EQUITY 89 GROUP CASH
More informationASB Meeting October 16-19, 2017
ASB Meeting October 16-19, 2017 Agenda Item 2D Conforming Amendments from AS 18 (AS 2410) The following shows the conforming amendments in Release 2014-002, AS No. 18 Related Parties AS 18; comparable
More informationChapter 22 Audit of the Capital Acquisition and Repayment Cycle. Copyright 2014 Pearson Education
Chapter 22 Audit of the Capital Acquisition and Repayment Cycle Identify the accounts and the unique characteristics of the capital acquisition and repayment cycle. Design and perform audit tests of notes
More informationSECTION A CASE QUESTIONS (Total: 50 marks)
SECTION A CASE QUESTIONS (Total: 50 marks) Answer 1(a) The risk of material misstatements relating to the accuracy assertion of interest income is high. The interest income increased significantly for
More informationSchedule of Findings and Questioned Costs For the Year Ended December 31, 2011 SECTION II FINANCIAL STATEMENT FINDINGS
Schedule of Findings and Questioned Costs 2011-FS-1 Preparation of Financial Statements (Repeated from Prior Year) Finding Type. Material Weakness in Internal Control over Financial Reporting. Criteria.
More informationCity of Greater Sudbury
Audit Planning Report Year ended December 31, 2005 This audit plan is prepared for the year ending December 31, 2005 and is designed to provide an overview for Council of the of the audit procedures to
More informationInitial Engagements Opening Balances
Issued December 2007 International Standard on Auditing Initial Engagements Opening Balances The Malaysian Institute Of Certified Public Accountants (Institut Akauntan Awam Bertauliah Malaysia) INTERNATIONAL
More information2016 FINANCIAL INSTITUTIONS OVERVIEW FOR KNOWLEDGE COACH USERS
2016 FIACIAL ISTITUTIOS OVERVIEW FOR KOWLEDGE COACH USERS PURPOSE This document is published for the purpose of communicating, to users of the toolset, updates and enhancements included in the current
More informationAnnual Audit Letter Year ending 31 March NHS West Cheshire Clinical Commissioning Group July 2018
Annual Audit Letter Year ending 31 March 2018 NHS West Cheshire Clinical Commissioning Group July 2018 Contents Section Page 1. Executive Summary 1 2. Audit of the Accounts 5 3. Value for Money arrangements
More informationReport on Inspection of Zhang Hongling CPA, P.C. (Headquartered in Flushing, New York) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2017 (Headquartered in Flushing, New York) Issued by the Public Company Accounting
More informationToronto District School Board Trust Funds
Financial statements of Toronto District School Board Trust Funds Table of contents Independent Auditor s Report... 1-2 Statements of financial position... 3 Statements of operations and changes in net
More informationCLAYTON STATE UNIVERSITY
CLAYTON STATE UNIVERSITY INDEPENDENT ACCOUNTANT S REPORT ON APPLYING AGREED-UPON PROCEDURES FISCAL YEAR ENDED JUNE 30, 2016 Morrow, Georgia CLAYTON STATE UNIVERSITY - TABLE OF CONTENTS - Page INDEPENDENT
More informationThe Annual Audit Letter for Lancashire Combined Fire Authority
The Annual Audit Letter for Lancashire Combined Fire Authority. Year ended 31 March 2017 October 2017 Karen Murray Director T 0161 234 6364 E Karen.l.murray@uk.gt.com Contents Section Page 1. Executive
More informationCEBU CPAR CENTER. M a n d a u e C I t y
Page 1 of 11 CEBU CPAR CENTER M a n d a u e C I t y AUDITING PROBLEMS AUDIT OF LIABILITIES PROBLEM NO. 1 In the audit of the Heats Corporation s financial statements at December 31, 2005, the chief accountant
More informationVIETNAMESE STANDARDS ON AUDITING
VIETNAMESE STANDARDS ON AUDITING -------------------------------------------------------------------------------------------------------- STANDARD 910 ENGAGEMENTS TO REVIEW FINANCIAL STATEMENTS (Issued
More informationWINROCK TOWN CENTER TAX INCREMENT DEVELOPMENT DISTRICT 1 REPORT OF INDEPENDENT ACCOUNTANTS ON THE APPLICATION OF AGREED UPON PROCEDURES
WINROCK TOWN CENTER TAX INCREMENT DEVELOPMENT DISTRICT 1 REPORT OF INDEPENDENT ACCOUNTANTS ON THE APPLICATION OF AGREED UPON PROCEDURES JUNE 30, 2015 TABLE OF CONTENTS WINROCK TOWN CENTER TAX INCREMENT
More informationAUDITING PROFESSIONAL 1 EXAMINATION - APRIL 2018
AUDITING PROFESSIONAL 1 EXAMINATION - APRIL 2018 NOTES: Section A - You are required to answer Questions 1, 2 and 3. Section B - You are required to answer any one out of Questions 4 or 5. Should you provide
More informationCitizens United for Research in Epilepsy. Audited Financial Statements. Years ended December 31, 2014 and 2013 with Report of Independent Auditors
Audited Financial Statements Years ended December 31, 2014 and 2013 with Report of Independent Auditors Audited Financial Statements Years ended December 31, 2014 and 2013 Contents Report of Independent
More informationA439: Advanced Auditing Accounting and Review Services Take Home Quiz February 6, 2008
A439: Advanced Auditing Accounting and Review Services Take Home Quiz February 6, 2008 Instructions: 1. On the Scantrom form in box labeled Test No. print Review Services. 2. Use the Scantron form to indicate
More informationACCOUNTING AND COMPARISON OF IFRS AND GAAP
ACCOUNTING AND COMPARISON OF IFRS AND GAAP SECTOR / ACCOUNTING AND FINANCE NON-TECHNICAL & CERTIFIED TRAINING COURSE The training program outline is up to date and pertinent to marketplace requirements,
More informationESSEX REGIONAL RETIREMENT SYSTEM FINDINGS AND RECOMMENDATIONS
ESSEX REGIONAL RETIREMENT SYSTEM FINDINGS AND RECOMMENDATIONS YEAR ENDED DECEMBER 31, 2013 To the Honorable Essex Regional Retirement Board Essex Regional Retirement System Danvers, Massachusetts In planning
More information5/03/15. Module 8: Revenue and collection cycle, and acquisition and expenditure cycle
Instructor Michael Brownlee B.Comm(Hons),CGA Module 8: Revenue and collection cycle, and acquisition and expenditure cycle 8.1 The balance sheet approach 8.2 Revenue and collection cycle The basics 8.3
More information01 Introduction to Financial Statements Acctg 102
Introduction to Financial s Describe the financial reporting environment and explain the accounting assumptions, principles, and qualitative characteristics underlying financial statements. Describe the
More informationNature of Business and Accounting
Nature of Business and Accounting A business is an organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers.
More informationINSTRUCTIONS: THERE ARE TWO VERSIONS OF THIS EXAM AND YOUR VERSION NUMBER IS AT THE BOTTOM OF EACH PAGE. PLEASE WRITE YOUR VERSION # ON YOUR SCANTRON!
OCTOBER 22, 2008 VERSION #1 ECON 132A / ANDERSON MIDTERM 1 Name: Perm # INSTRUCTIONS: THERE ARE TWO VERSIONS OF THIS EXAM AND YOUR VERSION NUMBER IS AT THE BOTTOM OF EACH PAGE PLEASE WRITE YOUR VERSION
More informationOnce goods are despatched they should be matched to sales orders and flagged as fulfilled.
Answers Fundamentals Level Skills Module, Paper F8 (INT) Audit and Assurance (International) June 2012 Answers 1 (a) Pear International s (Pear) internal control Deficiency Control Test of control Currently
More informationIAASB Main Agenda (December 2003) Page Agenda Item ISA 545 AUDITING FAIR VALUE MEASUREMENTS AND DISCLOSURES CONTENTS
IAASB Main Agenda (December 2003) Page 2003 2189 Agenda Item 9-E ISA 545 AUDITING FAIR VALUE MEASUREMENTS AND DISCLOSURES CONTENTS Paragraphs Introduction..1 9 Understanding the Entity s Process for Determining
More information