Paul and Elder (2009) have defined critical thinking as: the art of analyzing and evaluating thinking with a view to improving it. The authors describe eight Elements of Thought involved in critical thinking:
Purpose (all reasoning has a purpose â goals, objectives)
Question at issue
Assumptions (presuppositions, axioms, line of reasoning, information taken for granted)
Point of View
Information (data, evidence)
Concepts and Theories
Interpretation and Inference (conclusions, solutions)
Implications and Consequences
When defining a subject, Nosich (2012) believes it starts with a âfundamental and powerful conceptâ.
The fundamental and powerful concept of Auditing is âInvestigationâ.
Auditing involves an analysis (or an âinvestigationâ) of the financial statements in order to issue an opinion of whether they are presented fairly in accordance with appropriate standards.
Required: In several paragraphs, answer the following questions.
âInternal Controlsâ are discussed throughout the Auditing course. We will examine various methods of âinvestigatingâ internal controls in order to understand the important role that they play in the Auditing process. Even though it is the very beginning of the course, it is important that you start to form your own definition of internal control. Answer the questions in the prompts below to help you define and describe internal control:
The assumptions of internal control are that in order for a business process to be effective, there must be separation of duties among authorization, custody and recording of transactions. How are those controls put in place in the Sales / Accounts receivable process? To answer this question, discuss how each of those components occurs in each of the following areas (rely on your own experience as a customer and/or the rules of accounting that you already know about how a sales / accounts receivable transaction is supposed to work):
The sale
Shipping
Billing
Collection
As the auditor, how would you determine whether the process is working correctly?
What actions or events would occur if you assume the process is working correctly when it is not?
What actions or events would occur if you assume the process is not working correctly when it is actually doing so?
Paul and Elder (2009) have defined critical thinking as: the art of analyzing and evaluating thinking with a view to improving it. The authors describe eight Elements of Thought involved in critical thinking:
Purpose (all reasoning has a purpose â goals, objectives)
Question at issue
Assumptions (presuppositions, axioms, line of reasoning, information taken for granted)
Point of View
Information (data, evidence)
Concepts and Theories
Interpretation and Inference (conclusions, solutions)
Implications and Consequences
When defining a subject, Nosich (2012) believes it starts with a âfundamental and powerful conceptâ.
The fundamental and powerful concept of Auditing is âInvestigationâ.
Auditing involves an analysis (or an âinvestigationâ) of the financial statements in order to issue an opinion of whether they are presented fairly in accordance with appropriate standards.
Required: In several paragraphs, answer the following questions.
âInternal Controlsâ are discussed throughout the Auditing course. We will examine various methods of âinvestigatingâ internal controls in order to understand the important role that they play in the Auditing process. Even though it is the very beginning of the course, it is important that you start to form your own definition of internal control. Answer the questions in the prompts below to help you define and describe internal control:
The assumptions of internal control are that in order for a business process to be effective, there must be separation of duties among authorization, custody and recording of transactions. How are those controls put in place in the Sales / Accounts receivable process? To answer this question, discuss how each of those components occurs in each of the following areas (rely on your own experience as a customer and/or the rules of accounting that you already know about how a sales / accounts receivable transaction is supposed to work):
The sale
Shipping
Billing
Collection
As the auditor, how would you determine whether the process is working correctly?
What actions or events would occur if you assume the process is working correctly when it is not?
What actions or events would occur if you assume the process is not working correctly when it is actually doing so?
