ACC3412 Fundamentals of Auditing at UM! In this course, we will explore the essential principles and practices that form the foundation of the auditing profession. Auditing plays a crucial role in ensuring the integrity and reliability of financial information, making it an integral part of the business world.

Throughout this course, we will delve into the fundamental concepts of auditing, focusing on topics such as audit planning, risk assessment, internal control evaluation, audit evidence, and reporting. By understanding these key elements, you will gain the necessary skills to assess the fairness and accuracy of financial statements.

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In this section, we will provide some assignment outlines. These are:

Assignment Outline 1: Explain the concept of audit and assurance, as well as the functions of audit, corporate governance, including ethics and professional conduct.

Audit and Assurance:

Audit and assurance are related concepts that play crucial roles in ensuring the integrity, transparency, and reliability of financial information and business processes.

Audit:

An audit is a systematic examination and evaluation of an organization’s financial records, transactions, and operations. It aims to provide an independent and objective assessment of the organization’s financial statements to determine their accuracy, completeness, and compliance with relevant accounting standards and regulations. The primary purpose of an audit is to enhance the credibility and trustworthiness of financial information for stakeholders such as investors, creditors, and regulators. External auditors, who are independent of the organization being audited, conduct audits.

Assurance:

Assurance encompasses a broader scope than audits. It refers to the provision of independent professional opinions or conclusions about various aspects of an organization’s activities, controls, or processes. Assurance engagements can include financial statement audits, reviews, and other forms of assessments aimed at providing confidence to stakeholders regarding the reliability, relevance, and compliance of information.

Functions of Audit:

  1. Financial Statement Audit: The primary function of an audit is to examine an organization’s financial statements and express an opinion on their fairness and compliance with accounting principles.

  2. Compliance Audit: This type of audit focuses on assessing an organization’s adherence to laws, regulations, and internal policies to ensure legal and regulatory compliance.

  3. Operational Audit: Operational audits evaluate the efficiency and effectiveness of an organization’s operations, including its internal controls, risk management processes, and overall performance.

Corporate Governance:

Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. It involves the relationships among stakeholders, including shareholders, management, employees, customers, and other parties, and sets the framework for achieving the company’s objectives while ensuring accountability, fairness, and transparency.

Ethics and Professional Conduct:

Ethics and professional conduct are essential aspects of corporate governance and the audit profession. They involve adhering to moral principles, integrity, objectivity, and professional standards in conducting audits and providing assurance services. Ethical behavior includes maintaining confidentiality, avoiding conflicts of interest, exercising professional skepticism, and upholding the public interest. Professional conduct also requires auditors to follow the relevant ethical guidelines and codes of professional conduct established by regulatory bodies and professional organizations, such as the International Federation of Accountants (IFAC) and the American Institute of Certified Public Accountants (AICPA).

Assignment Outline 2: Describe the role, function and scope of internal auditing and external auditing.

Internal Auditing:

Role: The role of internal auditing is to provide independent and objective assurance and consulting services designed to add value and improve an organization’s operations. Internal auditors are responsible for evaluating and monitoring the effectiveness of risk management, control, and governance processes within the organization.

Function: Internal auditors perform a wide range of functions, including assessing the organization’s internal controls, identifying areas of risk and making recommendations to mitigate those risks, reviewing financial and operational processes for efficiency and effectiveness, ensuring compliance with laws and regulations, and conducting investigations into fraud or misconduct.

Scope: Internal auditing has a broad scope and covers various areas within an organization. This includes financial controls, operational processes, information technology systems, compliance with laws and regulations, governance processes, risk management practices, and overall organizational performance. Internal auditors work closely with management to identify areas for improvement and provide valuable insights and recommendations to enhance the organization’s operations.

External Auditing:

Role: The role of external auditing is to provide an independent and objective examination of an organization’s financial statements and related disclosures. External auditors are typically appointed by shareholders or regulatory bodies and their primary responsibility is to express an opinion on the fairness and reliability of the financial statements.

Function: External auditors perform a systematic and detailed examination of an organization’s financial records, transactions, and internal controls. They assess whether the financial statements present a true and fair view of the company’s financial position, results of operations, and cash flows. External auditors also ensure compliance with accounting principles and relevant statutory requirements.

Scope: External auditors focus on the financial statements of an organization. They review the accounting policies, practices, and financial reporting processes to ensure accuracy, completeness, and adherence to applicable accounting standards. External auditors also evaluate internal controls related to financial reporting and assess the risk of material misstatement in the financial statements. Their scope is primarily limited to financial matters and does not cover operational or non-financial areas of the organization.

Assignment Outline 3: Explain the procedures undertaken by an external auditor at the planning, execution and completion stages of an external audit.

An external audit is an independent examination of an organization’s financial statements and related information conducted by a qualified external auditor. The audit process typically involves three main stages: planning, execution, and completion. Here’s an explanation of the procedures undertaken by an external auditor at each stage:

Planning Stage:

  1. During the planning stage, the external auditor establishes the scope and objectives of the audit. The following procedures are typically undertaken:

a. Understanding the business and its environment: The auditor obtains a thorough understanding of the organization, its industry, and the economic factors that may impact its operations. This includes analyzing the organization’s internal controls and risk management systems.

b. Assessing materiality and risk: The auditor evaluates the financial statements to identify areas of potential risk and determines the materiality thresholds. Materiality refers to the level of misstatement that could influence the decisions of financial statement users.

c. Developing an audit plan: Based on the understanding of the organization and identified risks, the auditor develops an audit plan outlining the nature, timing, and extent of audit procedures to be performed.

d. Assembling the audit team: The auditor selects a team with the appropriate skills and expertise to execute the audit plan effectively.

Execution Stage:

  1. During the execution stage, the external auditor performs the planned audit procedures. The following procedures are typically undertaken:

a. Testing internal controls: The auditor assesses the effectiveness of the organization’s internal controls relevant to financial reporting. This may involve walkthroughs, inquiry, and testing of controls.

b. Substantive testing: The auditor performs substantive procedures, which involve examining underlying transactions, account balances, and disclosures to obtain evidence supporting the financial statements. This may include analytical procedures, detailed testing of transactions, and sampling techniques.

c. Audit evidence gathering: The auditor collects relevant and sufficient audit evidence to support their conclusions. This evidence may include documentation, confirmations, observations, and third-party reports.

d. Communication and documentation: Throughout the execution stage, the auditor maintains communication with management and key personnel, discussing findings, clarifying information, and documenting the audit work performed.

Completion Stage:

  1. During the completion stage, the external auditor concludes the audit and prepares the audit report. The following procedures are typically undertaken:

a. Reviewing the audit findings: The auditor reviews all the audit evidence and determines whether the financial statements are presented fairly in accordance with the applicable financial reporting framework.

b. Evaluating subsequent events: The auditor considers any significant events or transactions that occurred after the balance sheet date but before the audit report issuance to ensure they are appropriately reflected or disclosed in the financial statements.

c. Preparing the audit report: Based on the audit findings, the auditor prepares an audit report that includes an opinion on the fairness of the financial statements. The report also describes the scope of the audit and any material weaknesses or significant issues identified during the audit.

d. Finalizing the engagement: The auditor discusses the audit report with management, addresses any outstanding issues or questions, and obtains management’s representation letter confirming the completeness and accuracy of the provided information.

It’s important to note that specific procedures may vary depending on the organization being audited, the applicable auditing standards, and the auditor’s professional judgment.

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