Class Notes (996,807)
CA (574,825)
Ryerson (32,238)
Accounting (843)
ACC 621 (10)
Lecture

ACC 621 Lecture Notes - Flowchart

3 Pages
191 Views
Winter 2013

Department
Accounting
Course Code
ACC 621
Professor
Frank Miller

This preview shows page 1. Sign up to view the full 3 pages of the document.
Chapter 13
Conducting the Assurance Engagement
Assurance and Consulting
The primary purpose of internal assurance services is to access evidence relevant
to the subject matter of interest to someone. The internal audit function
determines the nature and scope of assurance engagements
The primary purpose of internal consulting services is to provide advice, generally
at the specific request of engagement customers
Engagement Objectives and Scope
Reasons for conducting an engagement:
oIdentified in the audit plan (remember risk-based auditing - areas of higher
risk get more audit)
oPart of the annual requirement to evaluate the internal controls (Sarbanes-
Oxley – Ontario Bill 198)
oRecent event (natural disaster, fraud or customer issue)
oChange in the business or industry processes and management requires
validation of the new methods proposed
Objectives
oYou decide with your client/customer
oAdequacy of internal controls
oOperating effectiveness of the process
oAssess compliance to laws (Canadian FINTRAC)
oAssess achievement of sales target for bonuses
Scope
oBoundaries of the process (make them clear)
oIn scope vs. out of scope locations
oSub-processes (where does auditing stop)
oComponents (can you omit any or restrict them)
oComponents
oTime frame
Expected Outcomes and Deliverables
oPotential outcomes of the results:
F/S errors or misclassifications
Control deficiencies
Shortfalls in objectives
Inefficiencies
Out of compliance situations
oAuditee expectations regarding communications
Full scope internal reports
Internal memos used for limited distribution
Reports for third parties may have to have more details

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
Chapter13ConductingtheAssuranceEngagementAssuranceandConsultingTheprimarypurposeofinternalassuranceservicesistoaccessevidencerelevanttothesubjectmatterofinteresttosomeoneTheinternalauditfunctiondeterminesthenatureandscopeofassuranceengagementsTheprimarypurposeofinternalconsultingservicesistoprovideadvicegenerallyatthespecificrequestofengagementcustomersEngagementObjectivesandScopeReasonsforconductinganengagementoIdentifiedintheauditplanrememberriskbasedauditingareasofhigherriskgetmoreauditoPartoftheannualrequirementtoevaluatetheinternalcontrolsSarbanesOxleyOntarioBill198oRecenteventnaturaldisasterfraudorcustomerissueoChangeinthebusinessorindustryprocessesandmanagementrequiresvalid
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

You've reached the limit of 4 previews this month

Create an account for unlimited previews.

Already have an account?

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit