5/27/15. Instructor Michael Brownlee B.Comm(Hons),CGA Course AU1. Exam 3 hours Wednesday eve 6:30-9:30pm June 11 check your schedule
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1 Instructor Michael Brownlee B.Comm(Hons),CGA Course AU1 Exam 3 hours Wednesday eve 6:30-9:30pm June 11 check your schedule Key areas for Modules 1 through 10 Focus on Control objectives Focus on Assertions/procedures Focus on Cycles/Assertions/procedures Sampling review-key elements Focus Audit risk model 1
2 I will be going through a brief summary of the key elements of each module. I will add further explanations where/when required. I will do a quick audit walkthrough to hopefully reinforce your understanding of how all the elements come together to form a complete audit. No more than 20 minutes. Exam weighting based on blueprint 8-12% Expect at least one multiple choice and one or part of one long answer. Review your module summaries as they give you the key concepts; then any area that you are unsure of requires more attention. Objective, purpose and key components Express an opinion as to whether or not the info in the F/S is presented fairly (compared to what framework) Fulfill statutory requirements; reduce info risk; address asymmetry of info Determine nature, extent and timing of evidence to obtain Communicate findings through Auditor s report 2
3 Information risk sources Asymmetry of info; weak accounting systems; deceptive management practices Asymmetry of info Remoteness of info; bias or motivation of info provider (mgmt); high volumes of transx & data; complexity of transx Audit reduction of info risk Auditor independence counters mgmt bias Auditor accounting expertise to deal with volume & complexity Judgment within clearly defined prof.ðical standards Activities of public practice accounting firm Know the differences between NTR, Review & Audit; what they provide and when they might be required. Audit provides high level of assurance (attest engagement), written opinion on subject matter Mgmt responsibility vs auditor responsibility Review moderate assurance; ensure info is credible NTR no assurance however professional responsibility to not be associated with false or misleading info Standard unmodified auditor s report Components Intro paragraph Mgmt responsibility paragraph Auditor responsibility paragraph Auditor s opinion Must contain a title, name of the addressee, city and date of issue and auditor s signature 3
4 Should be familiar with date on audit report should be when draft is accepted by mgmt VERY IMPORTANT What causes reservation of opinion: GAAP departure unmodified; modified or adverse Scope limitation unmodified; modified or disclaimer of opinion Determined by immaterial, material or pervasively material Exam weighting 8-12% Expect it to be all or part of a long answer question and/or several multiple choice Review module 2 summary to determine where you need more attention There are several important concepts in Module 2. GAAS and CAS CEPROC and ethics Independence Quality control Liability vs. Ethical responsibility etc 4
5 General Standard(1) should be performed by person(s) having adequate technical training and proficiency in auditing. Comply with regulatory and ethical requirements Examination standards (4) conduct audit according to CAS; determine procedures by following CAS scope of an audit; obtain reasonable assurance f/s free from material misstatement due to fraud or error; plan and perform audit to reduce risk to acceptably low level consistent with the audit objective; obtain understanding of entity and its environment including internal controls, sufficient to assess RMM due to fraud or error; collect SUFFICIENT, APPROPRIATE AUDIT EVIDENCE in order to draw reasonable conclusions that support the audit opinion Reporting standards(3) identify f/s, management responsibility and auditor responsibility; describe scope of auditor s examination; report expresses opinion of F/S or states that an opinion cannot be expressed and if so, why; should indicate whether F/S present fairly, in all material respects, the financial position, in accordance with disclosed appropriate basis or framework of accounting(ie IFRS, ASNPO, ASPE) Review CEPROC!!! You should know the difference between legal liability and ethical responsibility. What constitutes legal liability and how do auditors disprove liability.know the 4 elements of negligence (duty of care; breach of that duty; proof of damage result; causal relationship between breach and damage) 5
6 Ethical principles (six) 1. Responsibility to society 2. Trust and duties obligation to clients, employers and third parties (ie client confidentiality and conflict of interest in fact and in appearance) 3. Due care and professional judgment 4. Deceptive information can t be associated with false or misleading info 5. Professional practice how CGA s carry on as a business 6. Responsibilities of the profession reputation Refer to CEPROC for the Rules In mind and appearance Affected by self interest, self review, advocacy, familiarity and intimidation Safeguards to eliminate threat to independence: Those created by profession, legislation, regulation Those within assurance client Those within public accounting firms systems and procedures 6
7 Exam weighting is 10-12% Expect a combination of multiple choice and long answer Review module summary Biggest area here is likely to be Assertions and Audit objectives Assertions (income statement) about classes of transactions and events in period under audit: Occurrence; completeness; accuracy; cut-off; classification Assertions (Balance sheet) about account balances in the period: Existence; rights and obligations; completeness; valuation and allocation Assertions about presentation and disclosure Occurrence; rights and obligations; completeness, classification, understandability; accuracy and valuation Specific audit objectives are to gather and evaluate sufficient(quantity) appropriate (quality)evidence about each account balance or classes of transactions and the associated assertions; evidence must be persuasive 7
8 Persuasiveness of evidence is hierarchy, starting from highest to lowest: Auditor s direct knowledge - obtained through physical observation, own mathematical computations.) Most reliable Documentary evidence obtained directly from third parties. Extremely reliable. Documentary evidence obtained from third parties, received & processed by client. Reliable Internal evidence documents produced, processed, and stored in clients information system. Strong IC s can increase reliability. Easier to obtain and less costly than other evidence. Low reliability. Spoken or written assertions by client officers, directors, managers, or staff. Least reliable, however can be improved with corroborative evidence. What, how much and when (nature, extent and timing) Determined by judgment using following factors: Materiality; inherent risk and control risk; experience from prior audits; persuasiveness of evidence and error or fraud found during audit Appropriate Nature and timing Sufficient - Extent 8
9 The other important area from Module 3 (later discussed in 8 thru 10) are the procedures: Computation (Recalculation or reperformance) Observation Confirmation Enquiry Inspection includes vouching and tracing (know the difference) and scanning Vouching start at an account follow backwards through accounting and control system to find source documentation (ie you are looking for the original vouchers) Tracing Start at source documents and follow forwards through control and accounting system to get to the account. The direction is important for the assertion. For Vouching, you are trying to prove existence or occurrence it is recorded in the GL but did it really happen? You are looking for the source documents to prove it really happened. Tracing goes to prove the assertion of completeness. You have the source documentation that shows a transaction occurred, now follow it forward to make sure it was recorded in the proper account. 9
10 Procedures cont d Analysis GAAS requires it at planning and final stage optional during audit procedure stages Online review lecturer uses acronym AEIOC2 Meaning: Analysis Enquiry Inspection Observation Computation Confirmation Other areas to be aware of: Working paper requirements Pre-engagement activities client acceptance or retention check lists 10
11 Exam weighting 11-21% Likely both multiple choice and long answer Review module summary a lot of difficult material in this module Audit planning: Develop overall strategy; then detailed strategy for obtaining the sufficient appropriate evidence within framework. Obtain understanding of entity and its environment and assess risks of material misstatement Audit planning: Characteristics of audit Reporting requirements Consider important factors (ie materiality; areas that may pose higher RMM, etc) 11
12 Audit planning: Five steps Conducting preliminary analysis Assessing materiality Assessing risk Determining extent, timing and nature of audit work Preparing the audit program Understand the use of analysis Know the aspects of materiality Quantitative potential $$ misstatement Qualitative: Potential breaches of laws or regulations Inadequate disclosure of accounting policies Inadequate disclosure of non-financial ongoing concerns that may impact fair presentation of company position Know your basis for materiality level ie 5-10% of net income from continuing ops How are misstatements dealt with in regards to materiality Know: Likely misstatements LM Likely aggregate misstatements LAM Further possible misstatements FPM Maximum possible misstatements-mpm 12
13 Audit risk components Audit risk AR Risk of Material Misstatement RMM Inherent risk IR Control risk - CR Detection risk DR A strong possibility is that you will be given a narrative about a company and you will be required to pick out those things that would affect inherent risk Inherent risk examples: First year of business Down turn in economy Increase competition in market New loan with performance targets Management incentives/ethics (have they lied, cheated stolen?) You should understand the Audit risk model and the expanded audit risk model Audit risk model: AR = IR x CR x DR Expanded: AR = IR x CR x APR x RIA You could be given values for some of the above and be expected to calculate for the missing factor. 13
14 Audit risk model RMM = IR x CR AR = IR x CR x DR AR = RMM x DR DR = AR IR x CR DR = RIA x APR (Risk of Incorrect Acceptance x Analytical Procedures Risk) RIA = AR IR x CR x APR Exam weighting 9-12 % Likely all going to be in long answer except of course the March 2015 exam put this module in the multiple choice Review module summary 14
15 Internal control components Control environment Risk assessment process Information system Control activities Monitoring of controls Three phases of internal control evaluation Gain understanding of controls Assess preliminary control risk; determine audit approach (test of controls or substantive) Test controls Internal control objectives 15
16 Good control system components See module summary When to assess control risk at maximum Internal controls do not address assertion IC not effective Not efficient for auditor to evaluate Almost whole module is level 2 Exam weighting 4-7% Seem to be either all MC or all long answer Sampling risk probability that auditor s conclusion based on sample is different from conclusion based on full audit of entire population Type I risk auditor concludes population has more errors than it actually does Type II risk auditor concludes population has fewer errors than it actually does Non-sampling risk are all other risks not related to sampling(ie failure to evaluate sample properly due to inexperience, not exercising due care and attention when testing; tests not appopriate Mitigate non-sampling risk with proper planning and supervision 16
17 Sampling errors part of Sampling risk Type I errors incorrect rejection of population Type II Incorrect acceptance Auditor more concerned with Type II where incorrect acceptance of population with Material Misstatement Differences between statistical and nonstatistical sampling Statistical sampling you can quantitatively calculate the sampling risk Statistical can calculate effect of results of sample on population Non-statistical uses more auditor judgement etc Sample size factors(test controls): Acceptable risk of overreliance (ARO) Tolerable deviation rate (TDR) Expected population deviation rate (EPDR) Population size Sample size is selected by using table based on given ARO, EPDR and TDR 17
18 Sample size factors (substantive): Acceptable Risk of incorrect acceptance (ARIA)= Risk of incorrect acceptance (RIA) Risk of incorrect rejection (RIR) Tolerable misstatement Expected dollar misstatement Variability within the population Population size Dollar Unit Sampling: Know the characteristics vs other sampling methods DR = APR x RIA We now learn that DR is a factor of two risks analytical procedures risk (APR) and Risk of incorrect acceptance (RIA) APR probability that analytical procedures will fail to detect material errors RIA probability that test-of-detail procedures will fail to detect material errors Don t sweat this area too much. Weighting is only 4-7% Some typical MC questions ask you to identify which is a form of sampling error or they give you values for all but one of AR=IR x CR x APR x RIA and you have to calculate the missing You should know the key components of sampling sampling risk, sampling error, DR= APR x RIA,TDR,EPDR 18
19 Exam weighting 5-8% Again not too heavy Could be either MC or long answer Nothing about an audit changes with computer based audits GAAS, mgmt assertions, control objectives, sufficient appropriate audit evidence requirement, auditor s report all still the same Recognize controls and/or control deficiencies Recognize computer test limitations Identify functionality of components of information technology (ie firewalls, EDI, etc) Recognize the impact to the auditor of a change from manual to computer accounting or changing from one computer accounting method to another 19
20 Exam weighting 8-12% Can be either MC or long answer This is the same for 8,9 & 10: Know the procedures Know the control objectives Know the assertions Be able to come up with 2-4 procedures for any possible cycle Recognize the characteristics of each cycle and the most significant assertion Be able to identify strengths and weaknesses in given procedures Procedures Recalculation or reperformance Observation Confirmation Enquiry Inspection - includes vouching and tracing (know the difference) and scanning Analysis 20
21 Control Objectives: Will be different for each cycle Module summary lists them Main assertions: Receivables existence Liabilities - Completeness Should also be able to identify some sources of evidence module summary has a good list for each cycle Know how testing balance sheet supports income statement (ie testing of A/R supports revenue and collections cycle) 21
22 Exam weighting 8-12% Again MC or long answer This is the same for 8,9 & 10: Know the procedures Know the control objectives Know the assertions Be able to come up with 2-4 procedures for any possible cycle Recognize the characteristics of each cycle and the most significant assertion Be able to identify strengths and weaknesses in given procedures Main assertions: Inventory Existence,valuation, ownership Capital assets same as inventory 22
23 Exam weighting 9-12% MC or long answer This is the same for 8,9 & 10: Know the procedures Know the control objectives Know the assertions Be able to come up with 2-4 procedures for any possible cycle Recognize the characteristics of each cycle and the most significant assertion Be able to identify strengths and weaknesses in given procedures Contingencies legal enquiry letter Client representation letter dates Related party issues Subsequent events and Type I/II events Evaluation of results Management communication 23
24 Perform procedures Evaluate results Determine misstatements and if adjustments necessary or expand procedures Form opinion Consider subsequent events, contingencies or other items that may need adjusting or disclosure Communicate opinion and draft statements to management along with Client rep letter Audit closing file review, etc. 24
25 We can go through some Multiple Choice and short answer/short case questions from past exams if you want. Some find this helpful others do not. You can do this. Use your exam blueprint, module summaries and practice multiple choice and practice exams. And in the words of Douglas Adams Don t Panic GOOD LUCK ON YOUR EXAM. UTILIZE ALL OF YOUR RESOURCES IF YOU ARE UNCLEAR ON ANY CONCEPTS REVIEW PAST AND PRACTICE EXAMS, ONLINE FORUMS, ETC I AM AVAILABLE ME IF YOU NEED ADDITIONAL CLARIFICATION, ETC. MY GOAL IS FOR ALL OF YOU TO PASS!!! 25
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