AC 4342 Auditing Introduction to assurance and financial statement auditing Discussion Question: Messier Q1-13, 14 1 References HKICPA Members’ Handbook Amended Preface to the Hong Kong Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements Hong Kong Framework for Assurance Engagements Reference Messier: Ch 1 2 CILOs and TLAs CILOs 1 Describe the auditing profession, the regulatory, legal and reporting framework of auditing. Recognize the basic
inspection of its accounts and other related documents by accountants called auditors. Basically, auditing is a controlled process which includes professional judgment and requires applying of analytical skills. Also, it involves appropriate forms of expertise and its approaching. A team with professional skills perform this task according to the relevant standards, for instance, International Standards on Auditing (ISAs), International Financial Reporting Standards (IFRS), International Public Sector Accounting
successful accountant an individual needs various skill such as Analytical skills to be able to review countless documents and figure out what is wrong and figure out how to fix it. An accountant needs close attention to detail and is a good logical thinker with good skills in mathematics. Apart from these skills, there are various educational requirements that need to be met such as an undergraduate degree in these following fields- Accounting, Auditing, Commerce, Finance and Taxation. A degree in these
When I was still a child, I was already very interested in observing people’s behavior and how they made decisions. When I read novels I considered the main characters decisions; likewise, in movies I would surmise the psychological changes of characters following the development of plot. Based on this interest, I eventually chose psychology as my major. After learning about Social Psychology, Applied Statistics for Social Sciences, Sampling Techniques, I found that the essence of psychology lied
statements. Although internal and external auditors play different roles with an organization, they must follow auditing standards and procedures to detect fraud. In 1941, The Institute of Internal Auditors (IIA) was founded to provide guidance to internal auditors (Whittington & Pany, 2014). “With over 170,000” international members, “the IIA has paralleled the recognition of internal auditing as an essential control function in all types of” businesses (Whittington & Pany, 2014, p. 778). In the United
the data and analyzing user requirements to derive conceptual and logical data models and also have some responsibilities like management of metadata, creating the database schema, management of growing data capacity, review of Structured Query Language (SQL) code, Globalization of the data with no downtime, movement of the data from one database to another, database backup and database recovery, Data security and Database auditing. According to Mullins (2010), “DBA roles vary depending on the type
CHAPTER ONE: Accounting Information Systems and the Accountant DISCUSSION QUESTIONS: 3. Advances in IT are likely to have a continuing impact on financial accounting. What are some changes you think will occur in the way financial information is gathered, processed, and communicated as a result of increasingly sophisticated IT? Advances in IT that allow transactions to be captured immediately, accountants and even the AIS itself can produce financial statements almost in real-time. Interactive data
Holland’s theory of personality and occupational types This theory suggests that people can be characterised in terms of their resemblance to each of the six personality types referred to as the modal-personal-orientations: Realistic, Investigative, Artistic, Social, Enterprising and Conventional (RIASEC). When people see the connection between themselves and the personality type, the more likely they are to possess the traits and behaviours associated with that particular personality type. Similarly
beginning an engagement. | 1, 2, 3, 4 | 53, 54, 55, 62, 66 | 2. Identify the procedures and sources of information auditors can use to obtain knowledge of a client’s business and industry. | 5, 6, 7, 8, 9 | 52, 56, 59, 65 | 3. Perform analytical procedures to identify potential problems. | 10, 11, 12, 13, 14, 15 | 47, 48, 49, 51, 58, 63, 64 | 4. List and discuss matters of planning auditors should consider for clients who use computers and describe how a computer can be used as an
ACC621 Midterm review Internal auditing is an independent objective assurance and consulting acitivity designed to add value and improve an organizations operations. Adding value is provided by improving opportunities to achieve organizational objectives identifying operational improvement reducing risk through exposure through both assurance and consulting. Auditing has its key components - accomplish objectives -evaluate and improve effectiveness of risk management -assurance and consulting