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Lecture

lecture 1


Department
Management
Course Code
MGT321H5
Professor
Schneider, M

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CLASS ONE
Assurance
Auditing
CAS200, Overall Objectives:
The overall objectives of the auditor are:
1) To obtain reasonable assurance that F/Ss (to reduce audit risk as much as possible):
Free from material misstatement
Enabling the auditor to express an opinion
Are in accordance with financial reporting framework
2) To report on the F/Ss and communicate the auditors findings.
Management must have good internal controls in place in order to meet objectives.
Ethical Requirements:
Integrity, Objectivity, Professional competence, Due care, Confidentiality, Professional
behavior
Professional Skepticism
Contradicting evidence, Reliability of documents, Possible Fraud,
Sufficient and Appropriate Audit Evidence
Enough Quantity and Good Quality reduce audit risk
GAAS
General Standard
Technical training, Proficiency in auditing, Due care, Objectivity
Examination Standards
i)Plan, Supervision of team members and Review
ii)Understand the entity’s environment, Internal controls, Assess the risks of a material
misstatement
iii)Obtain Sufficient and Appropriate Audit Evidence
Reporting Standards
i)Distinguish between mgts and the auditors responsibility
ii)
iii)Expression of Opinion
Authority of auditing and assurance standards
Understand and –Comply with Recommendations in the CICA Handbook
Understand and –Comply with All CASs relevant to the audit
Quality Control (for firms that perform audits)
Objective: Establish and maintain a system of quality control
Comply with professional standards
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