AFM291 Lecture Notes - Lecture 1: Canadian Business, Corporate Social Responsibility, Internal Audit

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM291
• Professor: Mindy Wolfe

Document Summary

Case study transacion list that"s in the package is for previous years, get the new ones of learn: can start as early as you want, need to buy the package from the bookstore. New textbook and old textbook not that diferent, a couple errors: numbers for problems do not correspond. Three paries to the audit engagement: users. Government (tax purposes or looking for fraud: praciioner, accountable party. The most common assurance services are: financial statement audits, compliance audit, operaional audit. Auditor general (government) does these 3 above all the ime: comprehensive audit. Internal audit: corporate social responsibility (csr) assurance. Material amount/disclosure that is signiicant enough to make a diference to a user. Materiality maximum amount of misstatement (or omission) the auditor can tolerate and sill issue a clean opinion. Audit risk the risk the auditor may express the wrong opinion. Can you idenify one or more situaions or types of audits: i. e.