MGT421H5 Lecture Notes - Lecture 7: Internal Audit
Document Summary
Group 6 - csae 3001 - direct engagements. Objective: obtain meaningful and reasonable assurance on whether underlying subject matter conforms to applicable criteria. We express a conclusion on the outcome of the evaluation of the underlying subject matter in a written report that conveys reasonable assurance and describes basis for conclusion. If sufficient and appropriate evidence cannot be obtained and/or reasonable/limited assurance cannot be obtained, the practitioner must disclaim a conclusion or if possible, withdraw from engagement. Professional skepticism, professional judgment, and assurance skills and techniques. Practitioner must exercise professional skepticism since circumstances may exist that cause the underlying subject matter to deviate from the applicable criteria. In addition, exercise professional skepticism during planning and performing a direct engagement. Must apply assurance skills and techniques as part of an iterative, systematic engagement process. Criteria applied must have relevance, completeness, reliability, neutrality, understandability and also be suitable for engagement. Written agreement between engagement party and practitioner.
