Chapter 1 An overview of auditing Multiple Choice 1. The three major professional accounting bodies in Australia are: a. ICAA‚ CPA and ASIC. b. CPA Australia‚ NIA and AARF. c. ATO‚ AUASB and ASIC. d. ICAA‚ CPA Australia and NIA. The correct option is d. Feedback: Section 1.3 The auditing environment 2. Which body has a mission ‘to develop‚ in the public interest‚ high-quality auditing and assurance standards and related guidance to enhance the relevance‚ reliability and timeliness
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Running Head: INFORMATION MANAGEMENT AUDIT 1 Executive Summary Nightingale Community Hospital is preparing for a Joint Commission on Accreditation of Healthcare Organizations‚ or JCAHO‚ audit. In preparation of the coming audit‚ Nightingale has released JCAHO’s Priority Focus Areas for the hospital. The priority focus areas outlined are Information Management‚ Medication Management‚ Communication‚ and Infection Control. The area of focus for this assessment will be Information Management
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What is an audit? Required If an audit is none of the above‚ what is an audit designed to achieve? The primary objective of an audit is to express an opinion as to whether the financial report is prepared‚ in all material respects‚ in accordance with an identified financial reporting framework. An auditor is setting out to achieve enhanced credibility of information disclosed to increase reliability for the users of the financial statements. A definition from the Committee on Basic Auditing is as follows:
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with recorded disbursements in the cash disbursements journal. 4. Distinguish between “positive” and “negative” confirmations. Under what conditions would you expect each type of confirmation to be appropriate? Positive confirmation is an auditing inquiry that requires the customer to respond to the auditor whether the customer’s records do or do not
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Auditing – acc546 (3 credits) In this course‚ students focus on the auditing practice performed by public accountants. Topics include the CPA profession and the auditor’s role‚ planning the audit‚ audit reporting and required communications‚ evaluating internal controls‚ audit programs for current assets and liabilities‚ and audit programs for other business cycles. This graduate-level course is 6 weeks. To enroll‚ speak with an Enrollment Advisor. Topics and Objectives The CPA Profession
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No. 2‚ 203– 222‚ April 2011 Adding Value to Audit Education through ‘Living’ Cases JULIE DRAKE University of Huddersfield‚ UK Received: November 2009 Revised: July 2010 Accepted: September 2010 ABSTRACT This paper seeks to address the perceived failure of university teaching to foster critical understanding of audit practice and to identify a potential remedy. It contributes to the debate (Maltby‚ 2001‚ “Second thoughts about ‘Cases in Auditing’‚” Accounting Education: an international journal
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Auditing and Assurance Services‚ 14e (Arens) Chapter 24 Completing the Audit Learning Objective 24-1 1) Auditors often integrate procedures for presentation and disclosure objectives with: A) Tests for planning objectives Tests for balance-related objectives Yes Yes B) Tests for planning objectives Tests for balance-related objectives No No C) Tests for planning objectives Tests for balance-related objectives Yes No D) Tests for planning objectives Tests for balance-related
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Audit Documentation Purpose: 1. Main evidence of procedures‚ work performed on audit 2. Prepare sufficient & appropriate audit documentation on timely basis 3. enhance audit quality 4. facilitate effective review 5. evaluate audit evidence obtained & conclusions reached before finalizing auditor’s report 6. assisting audit team plan & perform for audit 7. assist audit team members’ supervise & direct audit work‚ discharge responsibilities (Quality Control
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PAPER – 6 : AUDITING AND ASSURANCE QUESTIONS Nature of Auditing 1. (a) Briefly explain the relationship between Auditing and Behavioural Science. (b) “The auditor fails to obtain sufficient information to form an overall opinion on the matters contained in the financial statements.” In the light of the above statement briefly explain the circumstances and opinion expressed by an auditor‚ where he is unable to obtain sufficient audit evidence. 2. Auditors of M/s Santa Banta (P) Ltd
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an auditor when provide professional service and client have to follow the fundamental principle of the code of Ethics Integrity An auditor has to be fair and honest to the client. There is an obligation on the auditor to be straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with the existing auditing firm has been changed.
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