Chapter 7. Auditing Internal Control over Financial Reporting. Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
|
|
- Alison Cox
- 6 years ago
- Views:
Transcription
1 Chapter 7 Auditing Internal Control over Financial Reporting McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
2 Management Responsibilities under Section 404 Management must comply with the following requirements in order for the external auditor to complete an audit of ICFR. 1. Accept responsibility for the effectiveness of the entity s ICFR. LO# 1 2. Evaluate the effectiveness of the entity s ICFR using suitable control criteria. 3. Support the evaluation with sufficient evidence, including documentation. 4. Present a written assessment regarding the effectiveness of the entity s ICFR as of the end of the entity s most recent fiscal year. 7-2
3 Auditor Responsibilities under Section 404 and AS5 The entity s independent auditor must audit and report on the effectiveness of ICFR. The auditor is required to conduct an integrated audit of the entity s ICFR and its financial statements. LO# 2 7-3
4 LO# 3 ICFR Defined ICFR is defined as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. Controls include procedures that: 1. Pertain to the maintenance of records that fairly reflect the transactions and dispositions of the assets of the company. 2. Provide reasonable assurance that transactions are recorded in accordance with GAAP. 3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company s assets. 7-4
5 Internal Control Deficiencies LO# 4 M A G N I T U D E Material Not material but significant Not material or significant Defined Material weakness Significant deficiency Control deficiency Report externally to audit committee and to management Report to audit committee and to management Report to management Remote Reasonably possible or probable L I K E L I H O O D 7-5
6 LO# 5 Management s Assessment Process Management must follow a top-down, risk-based approach: 1. Identify financial reporting risks and controls. 2. Evaluate evidence about the operating effectiveness of ICFR. 3. Consider which locations to include in the evaluation. 7-6
7 LO# 6 Performing an Audit of ICFR Figure
8 Integrating the Audits of Internal Control and Financial Statements LO# 6 An integrated audit is composed of the audits of internal control and the financial statements. The control testing impacts the planned substantive procedures. Also, the results of the substantive procedures are considered in the evaluation of internal control. Tests of internal control Substantive audit procedures 7-8
9 LO# 7 Planning the Audit of ICFR The planning process is similar to the process used for the audit of financial statements. Consider the following: Risk assessment and the risk of fraud. Scaling the audit. Using the work of others. 7-9
10 LO# 8 Using a Top-Down Approach Figure
11 Test the Design and Operating Effectiveness of Controls LO# 9 Evaluate design Test and evaluate operating effectiveness Nature: Inquiry, Inspection of documents, observation, and reperformance. Timing: Interim vs. as of date Extent: Consider (1) Nature of the control; (2) Frequency of operation; and (3) Importance of the control. 7-11
12 LO# 10 Evaluate Identified Control Deficiencies 7-12
13 Remediation of a Material Weakness LO# 11 Remediation is the process of correcting a material weakness in the ICFR If a material weakness is corrected before the as of date, there must be sufficient time for both management and the auditor to test the operating effectiveness of the control if not, an adverse opinion is still issued. 7-13
14 LO# 12 Written Representations In addition to the management representations obtained as part of a financial statement audit, the auditor also obtains written representations from management related to the audit of ICFR. Failure to obtain written representations from management, including management s refusal to furnish them, constitutes a limitation on the scope of the audit sufficient to preclude an unqualified opinion. 7-14
15 Auditor Documentation LO# 13 Requirements The auditor must properly document the processes, procedures, judgments, and results relating to the audit of internal control. When an entity has effective ICFR, the auditor should be able to perform sufficient testing of controls to assess control risk for all relevant assertions at a low level. 7-15
16 Types of Reports Relating to the Audit of ICFR LO# 14 An unqualified opinion signifies that the client s internal control is designed and operating effectively (no material weaknesses). A serious scope limitation requires the auditor to disclaim an opinion. An adverse opinion is required if a material weakness is identified. 7-16
17 LO# 15 Additional Required Communications in an Audit of ICFR The auditor must communicate in writing to management and the audit committee all significant deficiencies and material weaknesses identified during the audit (AS5). This communication should be made prior to the issuance of the auditor s report on ICFR. In addition, the auditor should communicate to management, in writing, all control deficiencies identified during the audit and inform the audit committee when such a communication has been made. 7-17
18 Advanced Module 1: Use of Service Organizations LO# 16 Management and the auditor should perform the following procedures with respect to the activities performed by the service organization: (1) obtain an understanding of the controls at the service organization that are relevant to the entity s internal control and the controls at the user organization over the activities of the service organization; and (2) obtain evidence that the controls that are relevant to management s assessment and the auditor s opinion are operating effectively. Sometimes a Type 2 report is issued 7-18
19 LO# 18 Advanced Module 2: Computer-Assisted Audit Techniques Computer-assisted audit techniques (CAATs) include: Generalized audit software packages. Custom audit software. Test data. 7-19
20 End of Chapter
Comparison of the PCAOB s Auditing Standards No. 5 and No. 2 (Certain key differences are highlighted by underlining)
Comparison of the PCAOB s Auditing Standards No. 5 and No. 2 (Certain key differences are highlighted by underlining) Topic AS No. 5 AS No. 2 Objective of ICFR Audit Planning the ICFR Audit Integration
More informationMcGraw-Hill/Irwin. Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 03 Engagement Planning "Vision without action is a daydream. Action without vision is a nightmare. Japanese
More informationMcGraw-Hill/Irwin. Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 03 Engagement Planning "Vision without action is a daydream. Action without vision is a nightmare. Japanese
More informationChapter 4. Risk Assessment. Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
Chapter 4 Risk Assessment McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. LO# 1 Audit Risk The risk that an auditor expresses an unqualified opinion on materially
More informationCPA REVIEW SCHOOL OF THE PHILIPPINES M a n i l a. AUDITING THEORY Risk Assessment and Response to Assessed Risks
Page 1 of 7 CPA REVIEW SCHOOL OF THE PHILIPPINES M a n i l a Related PSAs: PSA 400, 315 and 330 AUDITING THEORY Risk Assessment and Response to Assessed Risks 1. Which of the following is correct statement?
More informationInternal controls over Financial Reporting Key concepts. Presentation by Jayesh Gandhi at WIRC
Internal controls over Financial Reporting Key concepts Presentation by Jayesh Gandhi at WIRC Page 1 ICFR Key Concepts WIRC 28 May 2016 Agenda Scope and requirements Overview of internal controls as per
More informationMcGraw-Hill/Irwin. Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 04 Management Fraud and Audit Risk Learning Objectives 1. Define business risk and understand how management
More informationAuditing Standards and Practices Council
Auditing Standards and Practices Council PHILIPPINE STANDARD ON AUDITING 330 THE AUDITOR S PROCEDURES IN RESPONSE TO ASSESSED RISKS PHILIPPINE STANDARD ON AUDITING 330 THE AUDITOR S PROCEDURES IN RESPONSE
More informationMay 3, To the Jail Board Members and Management Western Tidewater Regional Jail Authority 2402 Godwin Blvd Suffolk, Virginia 23434
A PROFESSIONAL LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS May 3, 2016 To the Jail Board Members and Management Western Tidewater Regional Jail Authority 2402 Godwin Blvd Suffolk, Virginia 23434
More informationSTATEMENT OF AUDITING STANDARDS 500 AUDIT EVIDENCE
STATEMENT OF AUDITING STANDARDS 500 AUDIT EVIDENCE (Issued January 2004) Contents Paragraphs Introduction 1-2 Concept of Audit Evidence 3-6 Sufficient Appropriate Audit Evidence 7-14 The Use of Assertions
More informationInternal Financial Controls New perspectives as per Companies Act 2013 and CARO 2016
New perspectives as per Companies Act 2013 and CARO 2016 1 Contents: Background Meaning of IFC IFC on Financial Reporting Why IFC? Regulatory mandate Role of various authorities Components of IFC IFC under
More informationReporting on an Examination of Controls at a Service Organization Relevant to User Entities Internal Control Over Financial Reporting
Reporting on an Examination of Controls at a Service Organization 1621 AT-C Section 320 Reporting on an Examination of Controls at a Service Organization Relevant to User Entities Internal Control Over
More informationSpecial Considerations Audits of Group Financial Statements (Including the Work of Component Auditors)
Special Considerations---Audits of Group Financial Statements 665 AU-C Section 600 Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) Source: SAS No.
More informationEvaluating Internal Controls
A SSURANCE AND A DVISORY BUSINESS S ERVICES Fourth in the Series!@# Evaluating Internal Controls Evaluating Overall Effectiveness, Identifying Matters for Improvement, and Ongoing Assessment of Controls
More informationReporting on Pro Forma Financial Information
Reporting on Pro Forma Financial Information 1509 AT Section 401 Reporting on Pro Forma Financial Information Source: SSAE No. 10. Effective when the presentation of pro forma financial information is
More informationMcGraw-Hill/Irwin. Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 12 Reports on Audited Financial Statements The television industry doesn t like to see the complexity of
More informationUS U.S. AAM vs. DTTL AAM A Refresher Deloitte Touche Tohmatsu
US 500-12 U.S. AAM vs. DTTL AAM A Refresher 2008 Deloitte Touche Tohmatsu Objectives Participants will refresh their knowledge on: Applying the AICPA and the PCAOB Standards. Utilizing the U.S. Audit Approach
More informationCopyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Module G Variables Sampling Learning Objectives 1. Define variables sampling and understand when variables sampling
More informationAuditing Standards and Practices Council
Auditing Standards and Practices Council PHILIPPINE STANDARD ON AUDITING 315 UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT PHILIPPINE STANDARD ON AUDITING
More informationINTERNATIONAL STANDARD ON AUDITING 315 UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT CONTENTS
INTERNATIONAL STANDARD ON AUDITING 315 UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT (Effective for audits of financial statements for periods beginning
More informationStandards on Review Engagements (SREs) E- 1220
Standards on Review Engagements (SREs) E- 1220 E- 1221 Engagement Standards Standards on Review Engagements SRE 2400, Engagements to Review Financial Statements (April 1, 2010) SRE 2410, Review of Interim
More informationINTERNATIONAL STANDARD ON AUDITING 210 TERMS OF AUDIT ENGAGEMENTS CONTENTS
INTERNATIONAL STANDARD ON AUDITING 210 TERMS OF AUDIT ENGAGEMENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2006. Appendix 2 contains conforming amendments
More informationPerforming Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained
Performing Audit Procedures in Response to Assessed Risks 333 AU-C Section 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained Source: SAS No. 122.
More information[RELEASE NOS ; ; FR-77; File No. S ]
SECURITIES AND EXCHANGE COMMISSION 17 CFR PART 241 [RELEASE NOS. 33-8810; 34-55929; FR-77; File No. S7-24-06] Commission Guidance Regarding Management s Report on Internal Control Over Financial Reporting
More informationReport on Inspection of KPMG AG Wirtschaftspruefungsgesellschaft (Headquartered in Berlin, Federal Republic of Germany)
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2016 (Headquartered in Berlin, Federal Republic of Germany) Issued by the Public Company
More informationACC 269 Auditing and Assurance Services
ACC 269 Auditing and Assurance Services COURSE DESCRIPTION: Prerequisites: ACC 220 Corequisites: None This course introduces selected topics pertaining to the objectives, theory, and practices in engagements
More informationFREQUENTLY ASKED QUESTIONS ABOUT INTERNAL CONTROL OVER FINANCIAL REPORTING
FREQUENTLY ASKED QUESTIONS ABOUT INTERNAL CONTROL OVER FINANCIAL REPORTING Nature and Timing of the Reporting Requirement When must registrants begin to report on internal control over financial reporting?
More informationFebruary 23, Office of the Secretary Public Company Accounting Oversight Board 1666 K Street, N.W. Washington, D.C.
McGladrey & Pullen LLP Third Floor 3600 American Blvd West Bloomington, MN 55431 O 952.835.9930 February 23, 2007 Office of the Secretary Public Company Accounting Oversight Board 1666 K Street, N.W. Washington,
More informationPROFESSIONAL LEVEL PART-A: OVERVIEW OF AUDITING AND ASSURANCE
SYLLABS 2016 Part-D Weightage Part-E Part-C Part-A PROFESSIONAL LEVEL P2 - Audit & Assurance Part-B Part-A Overview of Auditing and Assurance 15% Part-B Audit Planning 20% Part-C Internal Controls 20%
More informationPublic Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2008 (Headquartered in New York, New York) Issued by the Public Company Accounting
More informationThe Auditor s Responses to Assessed Risks
SINGAPORE STANDARD SSA 330 ON AUDITING The Auditor s Responses to Assessed Risks SSA 330, The Auditor s Responses to Assessed Risks superseded SSA 330, The Auditor s Procedures in Response to Assessed
More informationPART 6 - INTERNAL CONTROL
PART 6 - INTERNAL CONTROL INTRODUCTION The A-102 Common Rule and OMB Circular A-110 (2 CFR part 215) require that non-federal entities receiving Federal awards (i.e., auditee management) establish and
More informationPHILIPPINE STANDARD ON AUDITING 300 PLANNING AN AUDIT OF FINANCIAL STATEMENTS CONTENTS
PHILIPPINE STANDARD ON AUDITING 300 PLANNING AN AUDIT OF FINANCIAL STATEMENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction
More informationAUDIT RISK ASSESSMENT AND RESPONSES TO ASSESSED RISK BY Geoffrey Byamugisha Partner, Ernst & Young. Lessons on Audit Risk. Responding to fraud risk
AUDIT RISK ASSESSMENT AND RESPONSES TO ASSESSED RISK BY Geoffrey Byamugisha Partner, Ernst & Young ICPAU Page 1 COURSE CONTENT Lessons on Audit Risk Identification of audit risk and audit risk assessment
More informationSRI LANKA AUDITING STANDARD 300 PLANNING AN AUDIT OF FINANCIAL STATEMENTS CONTENTS
SRI LANKA AUDITING STANDARD 300 PLANNING AN AUDIT OF FINANCIAL STATEMENTS (Effective for all the audits carried out on or after ) CONTENTS Paragraph Introduction 1-5 Preliminary Engagement Activities 6-7
More informationChapter 2. Multiple Choice
Chapter 2 Multiple Choice 2-1. B 2-2. C 2-3. A 2-4. C 2-5. C 2-6. D 2-7. B 2-8. C 2-9. D 2-10. A 2-11. A 2-12. C 2-13. B 2-14. A 2-15. C 2-16. A 2-17. C 2-18. A 2-19. B 2-20. C Discussion Questions 2-21.
More informationAuditing Standard 16
Certified Sarbanes-Oxley Expert Official Prep Course Part K Sarbanes Oxley Compliance Professionals Association (SOXCPA) The largest association of Sarbanes Oxley Professionals in the world Auditing Standard
More informationChapter [LO 3] Why do the audit standards address qualifications of the user of financial statements in the discussion of materiality?
Chapter 6 Multiple Choice 6-1. C 6-2. B 6-3. D 6-4. B 6-5. D 6-6. B 6-7. C 6-8. B 6-9. A 6-10. D 6-11. A 6-12. B 6-13. C 6-14. D 6-15. C 6-16. C 6-17. A 6-18. C 6-19. D 6-20. C 6-21. C 6-22. C Discussion
More informationLIST OF SUBSTANTIVE CHANGES AND ADDITIONS. PPC's Guide to Audits of Nonprofit Organizations
Route To: Partners Managers Staff File LIST OF SUBSTANTIVE CHANGES AND ADDITIONS PPC's Guide to Audits of Nonprofit Organizations Twenty eighth Edition (February 2015) Highlights of this Edition The following
More informationReporting on Pro Forma Financial Information
Reporting on Pro Forma Financial Information 1581 AT-C Section 310 Reporting on Pro Forma Financial Information Source: SSAE No. 18. Effective for practitioners' examination and review reports on pro forma
More informationSRI LANKA AUDITING STANDARD 300 PLANNING AN AUDIT OF FINANCIAL STATEMENTS CONTENTS
SRI LANKA AUDITING STANDARD 300 PLANNING AN AUDIT OF FINANCIAL STATEMENTS (Effective for audits of financial statements for periods beginning on or after 01 January 2014) * CONTENTS Paragraph Introduction
More informationInternational Standard on Auditing (Ireland) 500 Audit Evidence
International Standard on Auditing (Ireland) 500 Audit Evidence MISSION To contribute to Ireland having a strong regulatory environment in which to do business by supervising and promoting high quality
More informationSARBANES-OXLEY COMPLIANCE MANAGING CHANGING EXPECTATIONS January 20, 2017
SARBANES-OXLEY COMPLIANCE MANAGING CHANGING EXPECTATIONS January 20, 2017 Pat Mitchell Managing Director Internal Audit, Risk, Business & Technology Consulting CHANGES IN THE COST AND SCOPE OF SOX COMPLIANCE
More informationPlanning an Audit of Financial Statements
ISA 300 February 2008 International Standard on Auditing Planning an Audit of Financial Statements INTERNATIONAL STANDARD ON AUDITING 300 Planning an Audit of Financial Statements Explanatory Foreword
More information2016 INSPECTION OF BHARAT PARIKH & ASSOCIATES CHARTERED ACCOUNTANTS. Preface
2016 INSPECTION OF BHARAT PARIKH & ASSOCIATES CHARTERED ACCOUNTANTS Preface In 2016, the Public Company Accounting Oversight Board ("PCAOB" or "the Board") conducted an inspection of the registered public
More informationSample Audit Committee. of Auditors and Management
Sample Audit Committee Questions to Ask of Auditors and Management 2 Sample Audit Committee Questions to Ask of Auditors and Management u Sample Audit Committee Questions to Ask of Auditors and Management
More informationReport on Inspection of KAP Purwantono, Sungkoro & Surja (Headquartered in Jakarta, Republic of Indonesia)
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2015 Inspection of KAP Purwantono, (Headquartered in Jakarta, Republic of Indonesia)
More informationINSTRUCTION ON METHODOLOGY ON PERFORMING FINANCIAL AUDIT AND REGULARITY AUDIT ( Official Gazette of MN, no. 07/15 from 17 th February 2015)
On the basis of Article 38 item 1 point 4 of the Law on the State Audit Institution ( Official Gazette of Republic of Montenegro, no. 28/04, 27/06, 78/06, Official Gazette of Montenegro, no. 17/07, 73/10,
More informationAuditor Objectivity and Skepticism What s Next?
Auditor Objectivity and Skepticism What s Next? American Accounting Association Annual Meeting August 5, 2013 Auditor Objectivity it and Skepticism i What s Next? Moderator: Cindy Fornelli, Center for
More informationAGS 10. Joint Audits AUDIT GUIDANCE STATEMENT
AUDIT GUIDANCE STATEMENT AGS 10 Joint Audits This Audit Guidance Statement was approved by the Council of the Institute of Singapore Chartered Accountants (formerly known as Institute of Certified Public
More informationSAS Teleconference
SAS 104-111 Teleconference Jan. 15, 2009 Craig Funkhouser, Crowe Horwath LLP craig.funkhouser@crowehorwath.com Ken Goldmann, J.H. Cohn kgoldmann@jhcohn.com 1 Today s Program Historical Background, Review
More informationInternal Audit Policy and Procedures Internal Audit Charter
Mission Statement Internal Audit Policy and Procedures Internal Audit Charter The mission of the Internal Audit Department is to provide independent and objective reviews and assessments of the business
More informationForum on Auditing in The Small Business Environment
Forum on Auditing in The Small Business Environment June 27, 2007 San Francisco, CA Opening Keynote Address Dan Goelzer PCAOB Board Member June 27, 2007 San Francisco, CA Caveat One of the benefits of
More informationEngagement Quality Review
AUDITING STANDARD NO. 7 Engagement Quality Review Auditing Standard No. 7 Engagement Quality Review [Effective pursuant to SEC Release No. 34-61363, File No. PCAOB-2009-02 (January 15, 2010)] 493 Auditing
More informationMaryland School for the Deaf
Audit Report Maryland School for the Deaf December 2015 OFFICE OF LEGISLATIVE AUDITS DEPARTMENT OF LEGISLATIVE SERVICES MARYLAND GENERAL ASSEMBLY For further information concerning this report contact:
More informationReport on Inspection of Deloitte LLP (Headquartered in Toronto, Canada) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2014 (Headquartered in Toronto, Canada) Issued by the Public Company Accounting Oversight
More informationAalborg Universitet. ISA 402 & ISAE 3402 Lessons Learned Berthing, Hans Henrik Aabenhus. Publication date: 2013
Aalborg Universitet ISA 402 & ISAE 3402 Lessons Learned Berthing, Hans Henrik Aabenhus Publication date: 2013 Document Version Early version, also known as pre-print Link to publication from Aalborg University
More informationAudit Evidence This section is effective for audits of financial statements for periods ending on or after December 15, 2012.
Audit Evidence 395 AU-C Section 500 Audit Evidence Source: SAS No. 122; SAS No. 128. See section 9500 for interpretations of this section. Effective for audits of financial statements for periods ending
More informationScope of this SA Effective Date Objective Definitions Sufficient Appropriate Audit Evidence... 6
SA 500* AUDIT EVIDENCE (Effective for audits of financial statements for periods beginning on or after April 1, 2009) Contents Introduction Paragraph(s) Scope of this SA...1-2 Effective Date... 3 Objective...
More informationPlanning an Audit 259
Planning an Audit 259 AU-C Section 300 Planning an Audit Source: SAS No. 122; SAS No. 128. Effective for audits of financial statements for periods ending on or after December 15, 2012. Introduction Scope
More informationAuditing Standard No. 2 vs. Auditing Standard No. 5: Implications for Integrated Audits and Financial Reporting Quality
Auditing Standard No. 2 vs. Auditing Standard No. 5: Implications for Integrated Audits and Financial Reporting Quality Acito, Hogan, and Imdieke Discussion by Allen Blay Introduction and Summary This
More informationSTANDARD-SETTING UPDATE OFFICE OF THE CHIEF AUDITOR SEPTEMBER 30, 2017
1666 K Street NW Washington, DC 20006 Office: (202) 207-9100 Fax: (202) 862-8430 www.pcaobus.org STANDARD-SETTING UPDATE OFFICE OF THE CHIEF AUDITOR SEPTEMBER 30, 2017 The ("PCAOB" or "Board") seeks to
More informationCLARIFIED INTERNATIONAL STANDARDS ON AUDITIING WHAT DOES IT MEAN FOR AUDITORS IN THE UK AND IRELAND?
CLARIFIED INTERNATIONAL STANDARDS ON AUDITIING WHAT DOES IT MEAN FOR AUDITORS IN THE UK AND IRELAND? By: Danielle McWall, BSc (Hons), ACA, MBA, MIIA. Examiner - P1 Auditing Background Following the many
More informationup Texas Society of ~ Certified Public Accountants
up Texas Society of ~ Certified Public Accountants Office of the Secretary 1666 K Street, N.W. Washington, D.C. 20006-2803 RE: Proposed Auditing Standard An Audit of Internal Control Over Financial Reporting
More informationAssurance Hand Note Professional Stage-Knowledge Level By: Shafique Ahmed-Sr. Officer (Internal Audit-BSRM) Assurance
Assurance 1 CONTENTS OF ASSURANCE 01. Preliminary of Assurance: 1.01 Assurance Engagement: 1.02 Key elements of an assurance engagement: 1.03 Levels of assurance 1.04 Objective of an Audit: 1.05 True &
More informationAUDITING CPA EXAM REVIEW V 3.2. For Exams Scheduled After December 31, 2017
For Exams Scheduled After December 31, 2017 CPA EXAM REVIEW AUDITING UPDATES AND ACADEMIC HELP Click on Customer and Academic Support under CPA Resources at http://www.becker.com/cpa-review.html CUSTOMER
More informationAudits of Group Financial Statements
Audits of Group Financial Statements Got these? Subsidiaries Divisions Different business activities/locations JVs Equity and cost method investments VIEs Investment in REITs Can the auditor act as a principal?
More informationIT Audit Process. Michael Romeu-Lugo MBA, CISA March 27, IT Audit Process. Prof. Mike Romeu
Michael Romeu-Lugo MBA, CISA March 27, 2017 1 Agenda Audit Planning PS 1203 / PG 2203 Evidence PS 1205 / PG 2205 References: ITAF 3 rd Edition Information Systems Auditing: Tools and Techniques Creating
More informationNew auditing regime: checklist [1]
Page 1 of 5 Published on AccountingWEB (http://www.accountingweb.co.uk) Home > New auditing regime: checklist New auditing regime: checklist [1] [2] published by Steve Collings [2] on Tue, 08/11/2011-16:32
More informationDepartment of Human Resources Local Department Operations
Audit Report Department of Human Resources Local Department Operations March 2002 This report and any related follow-up correspondence are available to the public. Alternate formats may also be requested
More informationInspection of Petrie Raymond, Chartered Accountants L.L.P. (Headquartered in Montreal, Canada) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Inspection of Petrie Raymond, Chartered Accountants L.L.P. (Headquartered in Montreal, Canada)
More informationReport on Inspection of KPMG Auditores Consultores Ltda. (Headquartered in Santiago, Republic of Chile)
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2016 (Headquartered in Santiago, Republic of Chile) Issued by the Public Company Accounting
More informationAICPA ACCOUNTING AND AUDIT MANUAL 1
AICPA ACCOUNTING AND AUDIT MANUAL 1 ACCOUNTING AND AUDIT MANUAL AAM Section 1000 Introduction The AICPA Audit and Accounting Manual has not been approved, disapproved, or otherwise acted upon by any senior
More informationSpeech by SEC Staff: Remarks before the 2007 AICPA National Conference on Current SEC and PCAOB Developments
Home Previous Page Speech by SEC Staff: Remarks before the 2007 AICPA National Conference on Current SEC and PCAOB Developments by Josh Jones Professional Accounting Fellow, Office of the Chief Accountant
More informationAssessment of the Design Effectiveness of Entity Level Controls. Office of the Chief Audit Executive
Assessment of the Design Effectiveness of Entity Level Controls Office of the Chief Audit Executive February 2017 Cette publication est également disponible en français. This publication is available in
More informationReliable Financial Reporting. Evaluating Deficiencies in Internal Control Over Financial Reporting
Reliable Financial Reporting Evaluating Deficiencies in Internal Control Over Financial Reporting Steve Glover May 2017 The right to use this material without explicit written permission is hereby granted
More informationINTERNATIONAL STANDARD ON AUDITING 580 WRITTEN REPRESENTATIONS CONTENTS
INTERNATIONAL STANDARD ON AUDITING 580 WRITTEN REPRESENTATIONS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of
More informationUNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN
UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN Department of Accountancy College of Business 360 Wohlers Hall 1206 S. Sixth Street Champaign, IL 61820 Office of the Secretary PCAOB 1666 K Street Washington,
More informationReport on. Issued by the. Public Company Accounting Oversight Board. June 16, 2016 THIS IS A PUBLIC VERSION OF A PCAOB INSPECTION REPORT
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2015 Inspection of Paredes, Zaldívar, Burga & Asociados Sociedad Civil de (Headquartered
More informationCompanion Policy Acceptable Accounting Principles and Auditing Standards
Companion Policy 52-107 Acceptable Accounting Principles and Auditing Standards PART 1 INTRODUCTION AND DEFINITIONS 1.1 Introduction and Purpose 1.2 Multijurisdictional Disclosure System 1.3 Calculation
More information) ) ) ) ) ) ) ) ) ) ) )
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org PROPOSED AUDITING STANDARD RELATED TO COMMUNICATIONS WITH AUDIT COMMITTEES AND RELATED AMENDMENTS
More informationDATA ANALYTICS : THE FUTURE OF AUDIT
Institut des Réviseurs d Entreprises Institut royal Instituut van de Bedrijfsrevisoren Koninklijk Instituut The purpose of this publication is to demonstrate that data analytics techniques are embedded
More informationUS Inspection Findings and Internal Control Methodology Changes
US 500-13 Inspection Findings and Internal Control Methodology Changes 1 Objectives Identify key issues associated with the inspection findings cited in the current Audit Quality Alert (AQA) document.
More informationFinancial Statements Framework
The way companies depict their financial performance & health to investors Income statement: financial performance in terms of operational gains / losses over a period of time Balance sheet:financial health
More informationInternal Control Questionnaire and Assessment
Bureau of Financial Monitoring and Accountability Florida Department of Economic Opportunity September 30, 2017 107 East Madison Street Caldwell Building Tallahassee, Florida 32399 www.floridajobs.org
More informationImplementing the new revenue guidance in the manufacturing industry
Implementing the new revenue guidance in the manufacturing industry A progress check for management and audit committees Background As the effective date for the new revenue guidance in ASC 606, Revenue
More informationTerms of Engagement 105. Source: SAS No Effective for audits of financial statements for periods ending on or after December 15, 2012.
Terms of Engagement 105 AU-C Section 210 Terms of Engagement Source: SAS No. 122. Effective for audits of financial statements for periods ending on or after December 15, 2012. Introduction Scope of This
More informationThe Role of Analytics in Auditing The Importance of What the Numbers Indicate and Lack to Indicate
The Role of Analytics in Auditing The Importance of What the Numbers Indicate and Lack to Indicate Vienna, November 18, 2013 Atanasko Atanasovski CFRR, consultant Analytic-enabled audits Cost effective
More informationInternal Controls: Need Them, Have Them, Love Them
Internal Controls: Need Them, Have Them, Love Them Tiffany R. Winters, Esquire twinters@bruman.com Brustein & Manasevit Fall Forum 2010 Why Do We Have Internal Controls? The Federal Managers Financial
More informationCopy of the Accounting Auditor s Report (Consolidated) Independent Auditor s Report
Copy of the Accounting Auditor s Report (Consolidated) Independent Auditor s Report The Board of Directors Shiseido Company, Limited KPMG AZSA LLC February 22, 2016 Masahiro Mekada (Seal) Ryoji Fujii (Seal)
More informationSEMINAR ON INTERNAL FINANCIAL CONTROLS. Oct 31, 2015 at ISACA Pune Chapter Nov 1, 2015 at Pune Branch of WIRC of ICAI
SEMINAR ON INTERNAL FINANCIAL CONTROLS Oct 31, 2015 at ISACA Pune Chapter Nov 1, 2015 at Pune Branch of WIRC of ICAI AGENDA Session I II III IV V Topic Framework & Planning for IFC Review of IT General
More informationAICPA Peer Review Program Compliance: Responding to Latest Developments
FOR LIVE PROGRAM ONLY AICPA Peer Review Program Compliance: Responding to Latest Developments WEDNESDAY, MAY 31, 2017, 1:00-2:50 pm Eastern IMPORTANT INFORMATION FOR THE LIVE PROGRAM This program is approved
More informationReport on controls over Devon Funds Management Limited s investment management services. For the period from 1 January 2014 to 31 December 2014
Report on controls over Devon Funds Management Limited s investment management services For the period from 1 January 2014 to 31 December 2014 Description of Investment Management Services, Controls
More informationAUDITING AND ATTESTATION CHAPTER 1 PROFESSIONAL STANDARDS, AUDIT PROCESS, AND AUDIT PLANNING. Magic Memory Outline
AUDITING AND ATTESTATION CHAPTER 1 PROFESSIONAL STANDARDS, AUDIT PROCESS, AND AUDIT PLANNING Magic Memory Outline I. OVERVIEW OF PROFESSIONAL STANDARDS 1-25 A. Exam Coverage... B. Professional Standards...
More informationAudit Standards 6/23/2017. Outline. Let s Refresh. Changes to the IIA Standards
Audit Standards Let s Refresh Outline Changes in the Standards Changes in the Yellowbook Standards Attribute/General Standards Performance/Fieldwork Standards Reporting Standards Key Differences Changes
More informationChapter 8 Analytical Procedures
Slide 8.1 Principles of Auditing: An Introduction to International Standards on Auditing Chapter 8 Analytical Procedures Rick Hayes, Hans Gortemaker and Philip Wallage Slide 8.2 Analytical procedures Analytical
More informationAMERICAN EXPRESS COMPANY AUDIT AND COMPLIANCE COMMITTEE CHARTER (as amended and restated as of September 26, 2017)
AMERICAN EXPRESS COMPANY AUDIT AND COMPLIANCE COMMITTEE CHARTER (as amended and restated as of September 26, 2017) Purpose The Committee is responsible for assisting the Board of Directors in its oversight
More informationTIS Section 8800, Audits of Group Financial Statements and Work of Others
TIS Section 8800, Audits of Group Financial Statements and Work of Others.01 Applicability of AU-C Section 600 Inquiry Do the requirements of AU-C section 600, Special Considerations Audits of Group Financial
More informationSummary of ISAs for ACCA F8 Students. The Essential Knowledge Paul Merison
Summary of ISAs for ACCA F8 Students The Essential Knowledge Paul Merison Overview ISA 200 265 Basic concepts/issues affecting whole audit ISA 300 330 Planning / Controls Assessment ISA 402 580 Evidence
More informationForum on Auditing in The Small Business Environment
Forum on Auditing in The Small Business Environment December 4, 2007 Washington, DC Opening Keynote Address Mark Olson PCAOB Chairman December 4, 2007 Washington, DC Caveat One of the benefits of today's
More information