MGAD10H3 Lecture Notes - Organizational Chart, Trial Balance, Engagement Letter

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Published on 29 Jun 2013
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Chapter 5 Audit Evidence
1. Outline the audit assertions
2. Identify and describe different types of audit evidence and define sufficient appropriate
audit evidence
3. Determine the persuasiveness of audit evidence
4. Explain the issues to consider when using the work of an expert
5. Explain the issues to consider when using the work of another auditor
6. Describe the evidence-gathering procedures most often used by auditors
7. Explain how auditors arrive at a conclusion based upon the evidence gathered
8. Describe how auditors document the details of evidence gathered in working papers
CAS 230 audit documentation
CAS 315 identifying and assessing the risks of material misstatement through understanding
the entity and its environment
CAS 330 the auditor’s responses to assessed risks
CAS 500 audit evidence
CAS 501 audit evidence specific considerations for selected items
CAS 505 external confirmation
CAS 580 written representations
CAS 600 special considerations
CAS 620 using the work of an auditor’s expert
5.1 assertions
Assertions statements made by management regarding the recognition,
measurement, presentation, and disclosure of items included in the financial statements
Auditors use assertions for transactions, account balances, and presentations and
disclosures when assessing the risk of material misstatement and when designing their
audit procedures
Assertions
Classes of transactions
Occurrence (overstatement)
Transactions and events that have been recorded have
occurred and pertain to the entity
Completeness
(understatement)
All transactions, events, assets, liabilities, and equity items
that should have been recorded have been recorded
Accuracy
Amounts and other data relating to recorded transactions
and events have been recorded appropriately
Cut-off
Transactions and events have been recorded in the correct
accounting period
Classification
Transactions and events have been recorded in the proper
accounts
Assertions
Account balances at year-end
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Document Summary

Cas 315 identifying and assessing the risks of material misstatement through understanding the entity and its environment. Cas 330 the auditor"s responses to assessed risks. Cas 501 audit evidence specific considerations for selected items. Cas 620 using the work of an auditor"s expert. Assertions statements made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements. Auditors use assertions for transactions, account balances, and presentations and disclosures when assessing the risk of material misstatement and when designing their audit procedures. Transactions and events that have been recorded have occurred and pertain to the entity. Amounts and other data relating to recorded transactions and events have been recorded appropriately. Transactions and events have been recorded in the correct accounting period. Transactions and events have been recorded in the proper accounts. Rights to assets held or controlled by the entity, and liabilities (obligations) of the entity.

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