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ACC 621 Lecture Notes - Flowchart

3 Pages
Winter 2013

Course Code
ACC 621
Frank Miller

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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
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
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)
oTime frame
Expected Outcomes and Deliverables
oPotential outcomes of the results:
F/S errors or misclassifications
Control deficiencies
Shortfalls in objectives
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

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