ACCT 475 Lecture 1: ACCT 475 - Lecture 1

• School: McGill University
• Department: Accounting
• Course: ACCT 475
• Professor: Kevin Paul Parent

Document Summary

Midterm is cumulative, set on nov. 4th. Audit evidence audit evidence over cash, etc. Textbooks: textbook at bookstore (theory of auditing) new, second is cases. Weekly cases: dates set in bold, those are the days when cases are debriefed: answer questions to cases and hand in hardcopy at the beginning of class. Chapter 1: introduction and overview of audit and assurance. An assurance engagement is defi(cid:374)ed as (cid:858)a(cid:374) e(cid:374)gage(cid:373)e(cid:374)t where a pra(cid:272)titio(cid:374)er issues a written report and concludes on a subject matter for which the accountable party is respo(cid:374)si(cid:271)le(cid:859) Applicable financial reporting framework the financial framework selected by management to prepare the company"s financial statements (example: ifrs or aspe) Assertions statements made by management regarding the recognition, measurement, presentation, and disclosure of items in the financial statements. Audit risk the risk the auditor may express the wrong opinion: qualitative course (no numbers, evaluate the behavior/decisions made by the auditor.