Samenvatting
Samenvatting Audit 2024
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- Audit
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- Universiteit Gent (UGent)
Samenvatting audit van alle theorie + gastcolleges. Vak gegeven door Anschi De Wolf
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AUDITTABLE OF CONTENTS
Course content ....................................................................................................................................6
The basics........................................................................................................................................6
Teaching methods ............................................................................................................................6
Assessment .....................................................................................................................................6
Introduction (CH. 4) .............................................................................................................................6
The audit process .............................................................................................................................6
Overall objectives of an auditor (ISA 200.11) ......................................................................................7
Risk of material misstatement (200.A34) ........................................................................................7
Reasonable assurance ..................................................................................................................8
Inherent limitations .......................................................................................................................8
Reasonable assurance & audit evidence ........................................................................................9
Financial statements (FS) assertions (CH. 6) .........................................................................................9
Overview ..........................................................................................................................................9
Description of assertions ..................................................................................................................9
Materiality and audit risk (CH.. 7) ........................................................................................................ 11
Materiality ...................................................................................................................................... 11
Qualitative factors ...................................................................................................................... 11
Calculating materiality ................................................................................................................ 11
The audit risk model ....................................................................................................................... 12
IBR translation of ISA (Dutch speakers) ............................................................................................ 13
Internal control (IC) (CH. 5) ................................................................................................................. 13
Understanding the IC ...................................................................................................................... 13
Relying on the IC............................................................................................................................. 13
Components .................................................................................................................................. 14
(1) Control environment .............................................................................................................. 14
(2) Risk assessment process (both as an auditor and as a client) ................................................... 14
(3) Information systems and communications .............................................................................. 15
(4) Control activities (pro-active things you can do as a client) ....................................................... 15
(5) Monitoring of internal control .................................................................................................. 16
Risk assessment procedures (CH. 8) ................................................................................................... 16
Three types .................................................................................................................................... 16
(1) Inquiries off management and others ...................................................................................... 17
(2) Observation and inspection ................................................................................................... 18
1
, (3) Analytical procedures ............................................................................................................. 18
Risk response (CH. 9) ......................................................................................................................... 19
Possible overall responses ............................................................................................................. 21
Engagement management ........................................................................................................... 21
Incorporating unpredictability ...................................................................................................... 21
Revising planned audit procedures .............................................................................................. 21
Changes in the audit approach .................................................................................................... 21
Reviewing accounting policies ..................................................................................................... 21
Further audit procedures (CH. 10) ....................................................................................................... 22
Test of details – external confirmations ............................................................................................ 23
Test of controls .............................................................................................................................. 23
Designing tests of controls: key factors ........................................................................................ 24
Audit evidence obtained in previous audits ...................................................................................... 24
Accounting estimates (CH. 11) ........................................................................................................... 24
Related parties (CH. 12)..................................................................................................................... 25
Potential risks ................................................................................................................................ 26
Subsequent events (CH. 13) ............................................................................................................... 26
Objectives auditor .......................................................................................................................... 26
Going concern (CH. 14) ...................................................................................................................... 27
Indicators ...................................................................................................................................... 27
Going concern- Reporting ............................................................................................................... 28
Reporting: forming an opinion on the FS (CH. 17) ................................................................................. 28
Overview (ISA 700.6) ....................................................................................................................... 28
Considerations when forming an opinion ......................................................................................... 28
Decision tree .................................................................................................................................. 29
Expressing an opinion ..................................................................................................................... 29
Appropriate use of the modifications ........................................................................................... 29
The audit profession and ethics .......................................................................................................... 30
Auditors in Belgium ........................................................................................................................ 30
Legal framework ............................................................................................................................. 31
Scope ........................................................................................................................................ 31
Standards................................................................................................................................... 31
Public oversight .............................................................................................................................. 31
Supervisory College (“College van Toezicht op de Bedrijfsrevisoren”) ............................................ 31
High Council for Economic Professions (“Hoge Raad voor de Economische Beroepen) ................... 32
Requirements to become a registered auditor .................................................................................. 32
The statutory auditor ...................................................................................................................... 32
2
, Audit committee ............................................................................................................................ 32
Legally defined role statutory auditor ............................................................................................... 32
Non-audit services (NAS) ................................................................................................................ 33
NAS: impaired independence vs. knowledge spillover .................................................................. 33
Prohibited non-audit services ...................................................................................................... 33
Prohibited non-audit services: PIE................................................................................................ 33
Prohibited non-audit services: exceptions .................................................................................... 33
Independence – colling down .......................................................................................................... 34
The practice ............................................................................................................................... 34
Confidentiality ............................................................................................................................... 34
Remuneration ................................................................................................................................ 34
Relationship with other auditors ...................................................................................................... 35
Advertisement ................................................................................................................................ 35
Liability .......................................................................................................................................... 35
IBR youth council: The audit profession ............................................................................................... 36
What does a registered auditor do? ................................................................................................. 36
Audit report ................................................................................................................................ 36
Legal assignments ...................................................................................................................... 37
Contractual assignments ............................................................................................................ 37
Stakeholders of the financial statements ..................................................................................... 37
Why become an auditor? ............................................................................................................. 37
Environmental social governance reporting (ESG framework) ............................................................ 38
Corporate sustainability reporting device (CSRD) – companies in scope ........................................ 39
Double materiality ...................................................................................................................... 39
Regulatory Framework .................................................................................................................... 40
How to become a registered auditor? .............................................................................................. 41
The audit environment .................................................................................................................... 41
Is the profession future proof? ........................................................................................................ 42
BDO: audit approach ......................................................................................................................... 43
Materiality ...................................................................................................................................... 43
Materiality types ......................................................................................................................... 43
Materiality ranges ....................................................................................................................... 43
Factors affecting materiality ........................................................................................................ 44
Determining performance materiality ........................................................................................... 44
Factors affecting performance materiality .................................................................................... 44
Determining clearly trivial ............................................................................................................ 45
Risk identification ........................................................................................................................... 45
3
, Identifying potential RMMs .......................................................................................................... 45
Sources of potential RMMs .......................................................................................................... 46
Understanding the entity ............................................................................................................. 46
Performing a preliminary analytical review (PAR) ........................................................................... 46
Engagement level risks ................................................................................................................ 47
IRMMs ........................................................................................................................................ 47
Assertions .................................................................................................................................. 47
Risk assessment ............................................................................................................................ 48
Inherent risk factors .................................................................................................................... 48
likelihood and magnitude concepts ............................................................................................. 48
Determining likelihood and magnitude ......................................................................................... 49
spectrum of inherent risk............................................................................................................. 49
Risk conclusions & significant IRMMs ........................................................................................... 50
Risk response ................................................................................................................................ 50
Assurance model – test of control (TOCs) ..................................................................................... 50
Substantive analytical procedures (SAPs)..................................................................................... 51
Types of other substantive procedures (OSPs) .............................................................................. 51
What are DATs? .......................................................................................................................... 51
Form opinion .................................................................................................................................. 51
KPMG: ISA 600 (revised)-aaudits of group financial statements ............................................................ 53
Introduction ................................................................................................................................... 53
What is a group audit? ................................................................................................................ 53
What is a component? ................................................................................................................ 54
Who are the parties involved in a group audit? .............................................................................. 54
Other definitions (ISA 600R.14) .................................................................................................... 55
Example – colors org chart........................................................................................................... 55
What are centralized services, including shared service centers (SSCs)? ....................................... 57
Statutory audit ............................................................................................................................ 57
Ability to serve as Group engagement team: acceptance and continuance ........................................ 57
Responsibility of the group auditor in obtaining a detailed understanding .......................................... 59
Group audit scoping ....................................................................................................................... 60
Group level risk assessment procedures ...................................................................................... 60
Significant accounts of the Group financial statements ................................................................. 61
Identifying and assessing the risks of material misstatements ....................................................... 62
Components at which to perform audit work ................................................................................ 62
Determine component materiality levels ...................................................................................... 64
Component auditors ...................................................................................................................... 64
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