...Class Website: A class website will be established and maintained throughout the course on Blackboard (go to http://www.unt.edu/ and click the link at the top for “Blackboard”). Course materials such as notes will be available on Blackboard. You are responsible for anything that I note through Blackboard emails and announcements. Course Description: Introduction to auditing and the professional responsibilities of a career in any specialty of the accounting profession. Topics include the legal and ethical responsibilities of accountants; professional auditing standards; the audit risk model; the acquisition, evaluation and documentation of audit evidence; reports on the results of the audit engagement. Learning Objectives: When you complete this course, you should: Understand the audit process, including audit procedures, and audit reports Understand the professional responsibilities of CPAs Understand audit risk assessments and planning Be able to research auditing standards Be able to identify fraud red flags Methods of Instruction: Lecture, discussion, and application. Course...
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...| |UNIVERSITI TUNKU ABDUL RAHMAN (UTAR) | | |FACULTY OF BUSINESS AND FINANCE (FBF) | | |Bachelor of Commerce (Hons) Accounting | Unit Plan | | | | | |Unit Code & |UBAF 2023 AUDITING | | |Unit Title: | | | | | | | |Course of Study: |Bachelor of Commerce (Hons) Accounting | | | | | | |Year...
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...Experience Bolivar Medical Center Cleveland, MS Med/Surg- Telemetry/ RN/ Traveler 09/08-01/09 Number of Beds in Unit: Approximately 35 Nurse to patient ratio: 1:7 Responsibilities included but not limited to: Telemetry monitoring, EKGs, admitting, assessing, IV therapy, O2 therapy, and administering blood and blood products. Pt and family teaching, chart audits, and discharge planning. Rush Foundational Hospital Meridian, MS Telemetry/ RN/ Traveler 11/19/07-8/16/08 Number of beds in Unit: 23 Nurse to patient ratio: 1:5 Responsibilities included but not limited to: Cardiac drips, cardiac monitoring, EKGs, admitting, assessing, IV therapy, O2 therapy, and administering blood and blood products. Pt and family teaching, chart audits, and discharge planning. Northwest Regional Medical Center Clarkesdale, MS Telemetry/RN/Traveler 09/07- 11/07 Number of beds in unit: Approximately 40 Nurse to patient ratio: 1:7 Responsibilities included but not limited to: Cardiac drips, cardiac monitoring, EKGs, admitting, assessing, IV therapy, O2 therapy, and administering blood and blood products. Pt and family teaching, chart audits, and discharge planning. Wesley Medical Center Hattiesburg, MS Pulmonary/Traveler/RN 4/11/06- 9/08/07 Number of beds in Unit: 30 Nurse to patient ratio: 1:7 Provided care to following kind o patients: Acute and chronic cardiac pt, CAD, HTN, post cath and intervention pts, post...
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...divisions, each running multiple Business Units. The Divisions are labelled A, B, C and D with D being the one not matured and has an unstable income flows. Division A is most concentrated with 40 business units whereas Division D is least concentrated with only 5 business units. All expect units 6 and 7 of Division B vows to have management with the required abilities and skills to organize the business operations effectively. Each business unit maintains all its recording and proceeds of transactions, general ledger and other accounting information at the business unit level. Of the many business units, few are to meet the Statutory Audit requirement by the competent state authority. The management teams meet up periodically to discuss the development and performance of business units and divisions in particular along with regular meetings with management at the consolidated level. All activities and performance indicators are adjusted for changes in the business environment and outlook. Alongside the regular meet-ups, Corporate Management team examines the business operations and financial results primarily through 2 key performance indicators. 1. Revenue of each business unit 2. Earnings before taxes Certain business units encounter several problems which lead to disturbing performance indicators. Division D tends to have the highest per Unit revenue mainly because no as such problem has been identified in the business operation at the Unit level in Division D. Problems such...
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...ACC305 – Auditing and Professional Practice Unit Outline – 2015 Unit Coordinator: Dr Chun Jiang (PhD, FCPA) 1|P age Introduction Welcome to Elite Education and ACC305 – Auditing and Professional Practice. This document provides you with information relevant to successful completion of this unit; including schedule of lecture topics, prescribed texts, assessment policies, assessment tasks, examinations, academic and administrative contacts and online learning support facilities. Student Handbook and Administration Office The Elite Student Handbook provides valuable general information for students and a printed copy will be provided to you. In addition, the Institute staff are available to assist you personally during office hours. Office Contact Details: Elite Education Institute 1 James Place, North Sydney, NSW 2060 Tel: 02 9212 2120 Unit Overview This unit introduces the major conceptual and technical aspects of auditing and assurance services. Accordingly, the unit provides critical insights into the auditor's legal and societal role, the underlying conceptual theory of auditing, professional auditing techniques, and contemporary auditing issues. The core theme of this unit is the external audit of corporations, from initial planning to final reporting in the context of a professional environment. Assumed Knowledge Prerequisite: ACC101 – Fundamentals of Accounting I, ACC102 – Fundamentals of Accounting II, and ACC204 – Advanced...
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...NOTE AUDIT REPORT AND WORKING PAPERS OF M/s Global Industries, 609-560/1 & 2, Jigani Industrial Area, Bangalore – 562 106 UNDER EA - 2000 (AUDIT PERIOD: Sept 2011 to Sept 2012 Auditors Shri S.P.Vasan, Superintendent (Audit) and Shri Bhanu Srinivas, Superintendent (Audit) SUPERVISION & GUIDANCE Shri Shrawan Kumar, Addl.Commissoner (Audit) Shri B.N.Ramesh, Asst.Commissioner(Audit) CENTRAL EXCISE BANGALORE – I COMMISSIONERATE WORKING PAPERS TO BE USED WITH STANDARD AUDIT PROGRAM FOR UNITS PAYING ANNUAL PLA REVENUE MORE THAN RS. 1 CRORE. (Approximate period of audit inclusive of preparation – 10 working days) INSTRUCTIONS FOR FILLING UP THE WORKING PAPERS 1. Each part of the Working Paper (starting from Part C) should be filled up on completion of the relevant audit step. The date on which such part is completed and Working Paper filled should be mentioned. Part A& B can be filled up at the end before submission of the Working Papers. 2. The completed Working Papers must be submitted by the audit team with the draft Audit Report (prepared as per proforma given in Annexure N in Part IV) forming the top sheet. 3. Copies of supporting documents/records/evidences referred to in the Working Papers must be annexed at the end. Each of the copy should be cross-reference to the relevant entry in the Working Paper. 4. The Working Papers form the basis...
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...CHAPTER 7 AUDITING INTERNAL CONTROL OVER FINANCIAL REPORTING Answers to Review Questions 7-1 Following are management’s and the auditor’s responsibilities under Section 404 of the Sarbanes-Oxley Act of 2002: Management’s Responsibilities • Accept responsibility for the effectiveness of the entity's ICFR. • Evaluate the effectiveness of the entity's ICFR using suitable control criteria. • Support its evaluation with sufficient evidence, including documentation. • Present a written assessment of the effectiveness of the entity’s ICFR as of the end of the entity’s most recent fiscal year. Auditor’s Responsibilities • The auditor must plan and perform the audit to obtain reasonable assurance about whether the entity maintained, in all material respects, effective internal control as of the date specified in management's assessment. • The audit of internal control should be “integrated” with the financial statement audit, and should express an opinion on the effectiveness of the entity’s ICFR. 7-2 “Likelihood” refers to the probability that a misstatement will not be prevented or detected. For a significant deficiency or a material weakness to exist, the likelihood of such an occurrence must be either “reasonably possible” or “probable.” “Magnitude” refers to the significance that the control deficiency could have on the financial statements according to the judgment of a prudent...
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...control function that acts as a third line of defense after the business and risk management function. The other control functions are – finance controller, legal and compliance, business continuity, and risk management. The primary responsibility of the control functions within organization is to provide oversight based on the guidance as stated by the company. Internal audit is an independent control function that assesses the risk and control effectiveness of the firm. The scope of the Internal Audit is firm wide and it reports to the audit committee. Annually, leveraging the ongoing risk assessments, it develops the audit plan wherein the business units within the firm are audited. The approach to internal audit is risk based. That is,...
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...ATTACHMENT A: GENERIC TRAINING PLAN EY Zimbabwe – 2013 Instructions for completion · This is a generic training plan for ONE hypothetical trainee · All applicants must complete all the sections TRAINING PLAN Elective: Auditing & Assurance Residuals: Taxation Management Decision-Making & Control Financial Management Internal Audit, Risk Management and Governance COMPULSORY SKILLS BUSINESS ETHICS Mode through which competence will be achieved (i.e. practical experience/ simulation Competency to be achieved BE(C) Acts ethically and in accordance with the rules of professional conduct Tasks to be performed BE(C)1 Displays honesty and integrity BE(C)2 BE(C)3 BE(C)4 BE(C)5 BE(C)6 BE(C)7 BE(C)8 Carries out work with a desire to exercise due care Maintains objectivity and independence Avoids conflict of interest Protects the confidentiality of information Maintains and enhances the profession’s reputation Adheres to the rules of professional conduct, including the ICAZ Code of Professional Conduct Identifies and adequately responds to potential ethical dilemmas Examples of activities to be performed by trainees to gain exposure to this competence E&Y Firm values – Our shared values inspire our people worldwide and guide them to do the right thing, and our commitment to quality is embedded in who we are and in everything we do. Our values define who we are · · · People who demonstrate integrity, respect and teaming People with energy, enthusiasm and the courage to lead People who...
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...International Accounting Ch 13. 1. A strategy indicates the general direction in which a firm plans to move to attain its goals. The strategies of any business organization, whether purely domestic or multinational, are determined by matching two key ingredients: core competencies and available opportunities. Internal factors relate to the identification of core competencies of a firm focusing on strengths and weaknesses with regard to the expertise available within the firm in the areas of technology, manufacturing, distribution, and logistics. 2. A strategy indicates the general direction in which a firm plans to move to attain its goals. The strategies of any business organization, whether purely domestic or multinational, are determined by matching two key ingredients: core competencies and available opportunities. The external factors relate to the identification of the opportunities available to the firm, the second key ingredient in formulating strategy. Identification of opportunities also includes the threats facing the firm in the areas of competitors, customers, suppliers, regulatory bodies, as well as socio-political circumstances. 3. Accounting provides the skills necessary to quantify in financial terms the factors that influence strategy formulation -- strengths, weaknesses, opportunities and threats --, and to develop projections of costs and benefits as financial expressions of strategy. Capital budgets are a prime example of the contribution...
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...two types of services: audit and tax. All company personnel can perform either service. In efforts to market its services, Mighty Mike relies on radio and billboards for advertising. Information on Mighty Mike's projected operations for the coming year follows: Audit Taxes Revenue per billable hour $35 $30 Variable cost of professional labor 25 20 Material cost per billable hour 2 3 Allocated fixed costs per year 100,000 200,000 Projected billable hours 14,000 10,000 a. What is Mighty Mike’s projected profit or (loss)? b. If $1 spent on advertising could increase either audit services billable time by 1 hour or tax services billable time by 1 hour, on which service should the advertising dollar be spent? ANS: a. Audit Tax Total Revenue: 14,000 × $35 $490,000 $ 490,000 10,000 × $30 $ 300,000 300,000 Variable Costs: Labor: 14,000 × $25 (350,000) (350,000) 10,000 × $20 (200,000) (200,000) Material: 14,000 × $2 (28,000) (28,000) 10,000 × $3 (30,000) (30,000) Contribution margin $112,000 $ 70,000 $ 182,000 Fixed costs (100,000) (200,000) (300,000) Profit (loss) $ 12,000 $(130,000) $(118,000) b. Each billable hour of audit services generates $8 of contribution margin ($35 - $25 - $2), tax services generates $7 of contribution margin ($30 - $20 - $3). The advertising should be spent on the audit services. DIF: Moderate OBJ: 10-5,10-7 6. The management of...
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...Public Practice Audit Case Lectures and handouts by: Debbie Moy, BA. CGA 1 BC 2 – Assignment 1 • Submission requirements for BC2 • Assignment #1 • Task 1 — Review client communication 7 marks • Task 2 — Determine materiality and perform preliminary Analysis 9 • Task 3 — Assess inherent risk. 6 • Task 4 — Gain an understanding of the client's internal control environment and assess control risk. 4 24 marks 2 BC 2 – Assignment #2 • Task 5 — Design and perform tests of controls and dual-purpose tests. 10 marks 3 1 BC 2-Assignment #3 • Task 6 — Perform audit of cash and investments. 6 marks • Task 7 — Perform audit of accounts receivable. 10 » 16 marks 4 BC 2 – Assignment #4 • Task 8 — Perform audit of inventory. • 7 marks • Task 9 — Perform audit of accounts payable. 6 13 marks 5 BC 2 – Assignment #5 • Task 10 — Complete the audit. 35 marks Total: 100 marks 6 2 BC2- Introduction Public Practice Audit Case Contains: • Part 1 Client Background • Part 2 W/P Preparation. • Part 3 Student tasks. • Part 4 Working papers (ie. W/P) • Part 5 Permanent File • Part 6 Client documents • Part 7 Blank W/Ps’ 7 BC2 Topics in Audio Tapes: • Welcome to BC2- Public Practice Audit Case! • Introduction • Student tasks (#1 to #10) • FAQ from students • Disposition sheet and Deficiency List • Handouts • Lecturer’s ideas for success! 8 BC2 Introduction: • How long does BC2 take to do? • Computer requirements: ...
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...communicating the results to interested users. The Philippine Standards on Auditing (PSA) 120 “Framework of Philippine Standards on Auditing” states the objective of an audit as follows: “The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared in all material respects, in accordance with an identified financial reporting framework.” 2. This apparent paradox arises from the distinction between the function of auditing and the function of accounting. The accounting function is the process of recording, classifying and summarizing economic events to provide relevant information to decision makers. The rules of accounting are the criteria used by the auditor for evaluating the presentation of economic events for financial statements and he or she must therefore have an understanding of generally accepted accounting principles (GAAP), as well as generally accepted auditing standards (GAAS). The accountant need not, and frequently does not, understand what auditors do, unless he or she is involved in doing audits, or has been trained as an auditor. 2-2 Solutions Manual - Principles of Auditing and Other Assurance Services 3. Audits of Financial Statements Compliance Audits Operational Audits Purpose To determine whether the financial statements are presented in accordance with GAAP. To determine whether the client is following specific procedures set ...
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...Running head: Unit 3 Textbook Questions Unit 3 Textbook Questions Wendy Fast AC503: Advanced Auditing Unit 3 Textbook Questions 5-29: (Assertions). In planning the audit of a client’s inventory, an auditor identified the following issues that need audit attention. 1. Inventories are properly stated at the lower of cost or market. Valuation or Allocation. 2. Inventories included in the balance sheet are present in the warehouse on the balance sheet date. Rights and obligations. 3. Inventory quantities include all products, materials, and supplies on hand. Completeness. 4. Liens on the inventories are properly disclosed in notes to the financial statements. Presentation and Disclosure. 5. The client has legal title to the inventions. Rights and Obligations. 6. The financial statements disclose the amount of raw materials, work in progress, and finished goods. Valuation or Allocation. 7. Inventories include all items purchased by the company that are in transit at the balance sheet date and that have been shipped to customers on consignment. Completeness. 8. Inventories received on consignment from suppliers have been excluded from inventory. Rights and Obligations 9. Quantities times prices have been properly extended on the inventory listing, the listing is properly totaled, and the total agrees with the general ledger balance for inventories. Valuation or Allocation. 10. Slow-moving items included in inventory have been...
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...Com, G..D.C.A) N.G. Acharya, D.K. Marathe College, Chembur, Mumbai - 400 71. Re-Edited by Prof. Kiran M. Rage (M.Com, D.F.M., F.C.A) N.G. Acharya, D.K. Marathe College Chembur, Mumbai - 400 071. Published by : DTP Composed by : Professor cum Director Institute of Distance and Open Learning University of Mumbai, Vidyanagari, Mumbai - 400 098. Pace Computronics "Samridhi" Paranjpe 'B' Scheme, Road No. 4., Vile Parle (E), Mumbai - 400 057. 2 CONTENTS Sr. No. Title Page No. SECTION - I (AUDITING) 1 Introduction To Auditing 01 2 Introduction To Auditing II 22 3 Audit Planning 33 4 Auditing Techniques And Internal Audit Introduction I 44 5 Internal Control 54 6 Vouching 89 7 Verification And Valuation Of Assets And Liabilities 106 8 Introduction To Company Audit 169 SECTION - II (COST ACCOUNTING) 9 Cost Accounting 173 10 Cost and Cost Classification - Cost Sheet 187 11. Reconcilation of Profit as per Cost and Financial Accounts 204 12. Material, Labour and Overheads 221 13. Method of Costing 237 14....
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