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Samenvatting Principles of International Auditing and Assurance, ISBN: 9789463720069 Auditing (6314M0406Y) €3,99
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Samenvatting Principles of International Auditing and Assurance, ISBN: 9789463720069 Auditing (6314M0406Y)
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Samenvatting Auditing 2021/2022 voor de master accountancy & control aan de uva. Hoofdstuk 1 t/m 12 kort en bondig samengevat.

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  • Hoofdstuk 1 t/m 12
  • 28 maart 2022
  • 21
  • 2021/2022
  • Samenvatting

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Voorbeeld van de inhoud

Chapter 1

Characteristics of Audit
 Systematic approach
 Following a structured, documented plan
 Analyzing accounting records using a variety of generally accepted techniques
 Independent, objective and expert examination and evaluation of evidence
 Fairness and no prejudice or bias to override objectivity

Goal: communicating the results (informed and credible opinion in a written report) to
interested users.
 Financial statements  give a true & fair view of the financial position
 present fairly, in all material aspects
 Lending credibility to financial statements

Assertions
= representations by management that are embodied in the financial statements

ISA 200  requirements relating to audit of financial statements
 Comply with relevant ethical requirements
o Independence
o Professional skepticism
(questioning mind, alertness to fraud, critical assessment)
o Professional Judgement
(application of relevant training, knowledge and experience in making
informed decisions)
 Obtain reasonable assurance  obtain sufficient appropriate audit evidence
o Reducing audit risk to acceptable low level
o Draw reasonable conclusions for audit opinion

Materiality
= misstatements are considered to be material when they could reasonably be expected to
influence the economic decisions of users taken on the basis of the financial statements.

Limitations of the audit  limitations that affect auditor’s ability to detect material
misstatements:
 Most audit evidence is persuasive (rather than conclusive)
 Use of testing
 Inherent limitations of accounting & internal control systems
 Work is permeated by judgement

Risk in financial statements
 Risk that the overall financial statements are misstated
o Related to control environment
o Consideration of fraud
 Risk in misstatement related to classes of transactions, account balances, disclosures

,Theories on demand & supply of audit services
 Policeman theory – auditor responsible for discovering fraud like a policeman
o Debate on auditor’s responsibility for detection & disclosure of fraud
 Lending credibility theory – primary function of auditing is adding credibility to
financial statements
 Agency theory – auditing in the interest of the public & in the interest of
management
o Consideration of moral hazard
o Information asymmetry: management has considerable advantage over the
information about the company compared to the public (bankers etc.)

Data level assurance
= auditing assurance of the data that the auditor uses to form their opinion
 Use of authentication technologies to reduce risks, validate info supply and enable
new service opportunities
 Appropriate reliability of the data used
 Assess reliability by considering
o Source of data (independent sources)
o Conditions under which it was gathered (reliable system, adequate controls)
o Knowledge of the auditor about the data

Objectives of the auditor:
 Obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatements
 Thereby enabling the auditor to express an opinion on whether the financial
statements are prepared in accordance with applicable reporting framework
 Report on financial statements and communicate as required by the ISAs in
accordance with the auditor’s findings

Audit process model – 4 phases:
 Phase 1: Client acceptance & audit engagement
 Phase 2: Assess the risk of material misstatement
 Phase 3: Respond to identified risks
 Phase 4: Evaluate evidence & report findings

1. Client acceptance & audit engagement
 Unacceptable high business risk  reconsidering continuation of agreement
 Accept or continue client relationship
 Accept or continue the audit engagement

2. Assess the risk of material misstatement
 Understanding the entity and its environment, internal controls & financial
statements
 Determine materiality, identify and assess risks of material misstatements

, 3. Respond to identified risks
 Plan the test procedures
o On effectiveness of internal controls
o On detection of misstatements
 Execute the test procedures
o Perform tests of controls
o Re-establish planning
 Perform substantive analytical procedures

4. Evaluate evidence & report findings
 Evaluate audit evidence & misstatements: qualifications and uncertainties
 Form an opinion on the financial statements
 Report the opinion, key audit matters & significant findings of material
misstatements

Chapter 2

3 types of audits
 Audits of financial statements
o Determine if they give a true and fair view, or presented fairly in all material
respects
 Operational audits
o Study of a specific unit of an organization for the purpose of measuring its
performance
 Compliance audits
o Review of an organization’s procedures to determine whether the
organization is following specific procedures, rules or regulations set out by
some higher authority

2 types of auditors
 Independent external auditors
o Responsible for auditing published financial statements of an entity
 Internal auditors
o Employed by individual companies to investigate and appraise the
effectiveness of company operations for management
 governmental auditors take both functions

Organizational hierarchy in a typical international audit firm
 Partners (or directors)
 Managers
 Seniors or in-charge auditors / Supervisors
 Staff accountants

Standard to which an international auditor compares financial statements  generally
standards in the reporting country.

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