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Chapter 1-6

BU477 Chapter Notes - Chapter 1-6: Canada Revenue Agency, Drg Class 01, Audit Evidence


Department
Business
Course Code
BU477
Professor
Helena Keirstead
Chapter
1-6

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Class Notes
01.04.2018 Class 01, Chapter 1
What is Auditing the accumulation and evaluation of evidence about information to determine and
report on the degree of correspondence between the information and established criteria.
Auditing accounting data evaluating whether recorded information reasonably reflects the
economic events happened within specified dollar amount
Who can perform an audit?
Competent & independent person
o Independent in fact unbiased, no relations
o Independent in appearance how others perceive us
Must be a CPA to sign off on an audit
Why is auditing important?
Reduce information risk (statement inaccuracy)
o Remoteness of information
o Voluminous Data
o Complex exchange transaction
To provide reasonable assurance
Types of Audits
Financial statement audit in accordance with specified criteria
Compliance audit auditee comply with specific laws, regulations, etc.
Operational audit orgaizatio’s operatig proedures are effiiet ad effetie
Types of Auditors
Internal Auditor (CIA)
Government Auditor
Canada Revenue Agency (CRA) Auditor
Forensic Accountants and Fraud Auditors
Public Accountants
o Only public accounting firms can conduct financial statements audits/reviews
o Restrictive to provinces (licensed in that province)
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Assurance Services
Audit of historical financial statements
Review of historical financial statements moderate assurance
Audit of financial information specific I/S, B/S accounts or a single financial statement
Internal control over financial reporting
Controls of service organizations
Compliance with an agreement or regulation
Attestation on IT
Assurance on greenhouse gas statements
Non-assurance Services
Compilations
Tax Services
Management Advisory Services
Accounting/Bookkeeping Services
01.09.2018 Class 2, Chapter 2
Public Accounting Firms
Big Four
National Network firms
Large local and regional firms
Small local firms
Foster independence, competence and reduce risks
Sole proprietorship or a partnership
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Generally Accepted Auditing Standards
GAAS part of the assurae hadook i the CPA Caada Hadook
CAS based on ISAs developed internationally
General requirements of F/S Audit
Purpose of F/S Audit to provide an opinion
Management should prepare the F/S
Internal control is the responsibility of management
Auditor can only conduct audit if management acknowledges and understands their
responsibilities
Auditor’s resposiilities
Competences and due care formal education/designation, experience
Ethical and Independent Integrity, objectivity, confidentiality, professional behaviour
Professional Skepticism and judgement questioning mindset
Improving Audit Quality
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find more resources at oneclass.com
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