AYB301 Full Sets of Course Notes

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AYB301 – Auditing and Assurance Notes  “A systematic process of objectively obtaining and evaluating evidence regarding assertions made about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.” American Accounting Association o Need to gather information to ensure there is no errors in the financial reports -> then can issue a clean audit report  ASA’s – Auditing Standards o ASA 200.3 Overall Objectives of the Independent Auditor & the Conduct of an Audit in Accordance with Australian Auditing Standards states the objective of a financial report audit is: “To express an opinion about whether the financial report is prepared, in all material respects, in accordance with a financial reporting framework.”  Financial reporting framework = AASs (set by the AASB) = IABs o ASAs = ISAs internationally  In Australia, annual audits are required by: o Companies, registered schemes & disclosing entities (excludes small proprietary companies) o Commonwealth & state government departments, statutory authorities, government companies and business undertakings, municipalities o Not-for-profit organisations  Who are the providers of audit services o Financial audits provided by independent external auditors o Must be registered with ASIC to be able to perform audits on reporting entities o Criteria set out in s.1280 The Corporations Act  Australian resident  Educational qualifications  Work experience  Member of ICAA or CPA Australia  Structure of an audit Page 3 of 144
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