Introduction to auditing
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- Annabelle Morris
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1 Introduction to auditing Understanding the process & introduction Understanding the process What is auditing?
2 Introduction The auditor Assurance and non-assurance engagements The financial statement audit engagement Auditing postulates The accounting profession The Auditor
3 Purpose of an audit The purpose of an audit is to enhance the degree of confidence of users in the financial statements. This is done by expressing an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with a framework. Need for auditors Different owner and manager Need to appoint independent person Enhance confidence / assurance / credibility Directors accountable shareholders Government accountable taxpayers
4 Code: Fundamental principles Integrity Objectivity Professional competence and due care Confidentiality Professional behaviour Advertising Assurance and nonassurance engagements
5 Assurance Absolute Reasonable Limited None Elements of an assurance engagement Three party relationship Appropriate subject matter Suitable criteria Sufficient appropriate evidence Written assurance report
6 Statutory and Non-Statutory Statutory Companies Act Non-Statutory Why? Public interest score Employees Turnover Third party debt Shareholders
7 Types of auditors Audit EXTERNAL AUDIT INTERNAL AUDIT Internal management function Not employees of entity Report to shareholders Legislation INDEPENDENT ASSURANCE PROVIDED Employee of entity Report to management (audit com) Board of directors INDEPENDENT ASSURANCE PROVIDED The financial statement audit engagement
8 Purpose of an audit The purpose of an audit is to enhance the degree of confidence of users in the financial statements. This is done by expressing an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with a framework. Includes: Obtain reasonable assurance whether financial statements as a whole are free from material misstatement, whether due to fraud / error, enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework Report on financial statements in accordance with ISAs and ethical requirements
9 3 Party relationship Practitioner User Responsible party Assertions Auditing postulates
10 Postulates No conflict of interest auditor and management Auditor act exclusively as auditor Professional status imposes professional obligations Financial data is verifiable Internal controls reduce probability of errors Application of IFRS results in fair presentation True in past = true in future Financial statements free collusion / irregularities The accounting profession
11 Profession Education Training Professional body Professional bodies in SA SAICA IRBA Comply with education, training and competency
12 Pronouncements Auditing Profession Act Companies Act Constitution & by-laws of SAICA SAICA & IRBA codes International standards (ISA, ISRE, ISAE, ISRS, IAPS, SAPS, ISQC) prepared by IAASB JSE listing requirements Introduction to auditing Wrap up
13 Wrap up The auditor Assurance and non-assurance engagements The financial statement audit engagement Auditing postulates The accounting profession
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