Class notes

Best notes for Auditing 288 / 388(Whole year work)

0 purchase

Course
Auditing 288/388 (288)

Institution
Stellenbosch University (SUN)

Comprehensive and well-organized Auditing 288 notes from Stellenbosch University, designed to help you excel in your studies. These notes provide detailed explanations of all key topics, ensuring a solid understanding of auditing principles and processes. With an exam-focused approach, they highlig...

[Show more]

Preview 4 out of 201 pages

View example

Uploaded on September 30, 2024
Number of pages 201
Written in 2024/2025
Type Class notes
Professor(s) Auditing 288
Contains All classes

auditing 288

Institution
Stellenbosch University (SUN)
Course
Auditing 288/388 (288)

$13.99

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

lOMoAR cPSD| 14794705

AUDITING
288

, lOMoAR cPSD| 14794705

Audit 288

Cycles
By the end of auditing, second-year cycles will be your best friend. Find the most effective way for
yourself to understand and know the cycles off by heart. In these summaries you will find two different
ways namely - past memos (out of experience the best and simplest way to memorize them) and
theory. It’s important to practice weakness questions on cycles. If you study hard enough and practice
how to answer the questions you can do well.

Structure of the summaries regarding cycles:
• Sales & Receipts and Purchases & Payments – Theory of the cycle and then the perfect cycle
memo.
• Bank and Cash – memos are incorporated in the theory and there is a cash register overview at
the end.
• Inventory and Production – memos are incorporated in the theory and there is an extra summary
of the documents for the production cycle included at the end. Please note that the Payments &
Purchases cycle, as well as the Sales & Receipts cycle, is incorporated into this cycle and
therefore some of this cycle’s information will be a repetition of previous cycles.
• Salaries and Wages – memos are incorporated into the theory.
• Investment and Financing – was a self-study section, however, you can find typical questions
asked on this cycle at the end of the section in these summaries.
Ethics
Know this section off by heart, although it might seem impossible at first, it is manageable if you focus
on the key aspects of each section. Also, know which sections fall under which part of the act - there is
a summary of each section included.

When answering questions for Ethics:
• List the threats
• List 4 factors
• Apply these factors to the scenario
• Make a conclusion about the significance of the threat
See at the end of the section some useful memos and an overview of all the sections.

Audit risk
Use factors listed in the table as a guideline, note that there may be others and therefore it is important
to practice questions to make it easier to identify risks.

Audit materiality
Theory and memos are included at the end of the section in these summaries, you can memorise the
memo to help you answer questions.

Overall audit approach
Study memos at the end of the section.

HEBREWS 11:1

, lOMoAR cPSD| 14794705

Table of Contents

TERM 1

1. Introduction and background
2. Internal control and introduction to cycles
3. Revenue and receipts cycle
4. Purchases and payment cycle

TERM 2

5. Bank and cash cycle
6. Inventory and production cycle
7. Salaries and wages cycle
8. Investment and financing cycle
9. Ethics: Rules of improper conduct & Auditing profession act

TERM 3

10. Ethics: Code of professional conduct
11. Pre-engagement activities

TERM 4

12. Audit risk
13. Audit materiality
14. Overall audit approach
15. Audit evidence

, lOMoAR cPSD| 14794705

1. INTRODUCTION AND BACKGROUND

Auditor

• Satisfy himself to the truth of bookkeeping of others.
• Must remain independent. (NB!)

Duties and responsibilities of an auditor

• To communicate opinion;
• to investigate annual financial statements;
• to ensure that appropriate accounting records have been kept in accordance
with the Company’s requirements
• that minute books and attendance registers in respect of company, directors’
and managers’ meetings have been kept in the appropriate form as required
by the Companies Act
• to acquire all the information and explications that to his knowledge and
conviction are necessary for the purpose of the performance of duties;
• to ascertain that annual financial statements agree with his accounting
records and accounts;
• to investigate accounting records of company and to perform tests and other
audit procedures he finds necessary to ensure that annual financial
statements

• reasonably reflect the financial position of the company and
• the results of its operations - in accordance with generally accepted
accounting practice, applied on a basis that is compatible with that of the
previous year;
• directors’ report: is not in breach of or its meaning distorted with a reasonable
interpretation of the annual financial statements and accompanying notes;
• to adhere to any appropriate requirements of the Auditing Profession Act at all
times.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller maxwellhamisi. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling