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LECTURE 1

:
INTRODUCTION &
REVIEW OF AUDITING I
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MGAD20 Advanced Auditing 1

AGENDA

• INTRODUCTION
• REVIEW OF CANADIAN AUDITING & ASSURANCE STANDARDS
• REVIEW OF AUDITING I
• REVIEW OF COURSE OUTLINE

MGAD20 Advanced Auditing 2

INTRODUCTION

MGAD20 Advanced Auditing 3

1

INSTRUCTOR INTRODUCTION • BACKGROUND • TEACHING EXPERIENCE • CONTINUOUS FEEDBACK • GOALS AND OBJECTIVES FOR THIS COURSE MGAD20 Advanced Auditing 4 COURSE EXPECTATIONS • MAKE THIS COURSE USEFUL FOR YOU • PARTICIPATE AND ASK QUESTIONS • COMPLETE THE REQUIRED READINGS AND OTHER MATERIALS BEFORE LECTURE • ATTEMPT THE ASSIGNED QUESTIONS BEFORE LECTURE • SEEK TO UNDERSTAND.WONG@UTORONTO.HASSANALI@UTORONTO. NOT MEMORIZE MGAD20 Advanced Auditing 5 ADMINISTRATIVE INFORMATION • E-MAIL • PREFERRED E-MAIL ADDRESS IS HEN.CA • OFFICE HOURS • MONDAY AND WEDNESDAY (6:30 PM – 7:00 PM) IC273 • ANY ADDITIONAL OFFICE HOURS WILL BE POSTED ON BLACKBOARD • MAKE SURE TO NOTE THE DAYS THAT OFFICE HOURS ARE CANCELLED • COURSE WEBPAGE • BLACKBOARD MGAD20 Advanced Auditing 6 2 .CA AND MH.

TURN TO SOMEONE SITTING NEXT TO YOU AND SAY ANYTHING ABOUT THE COURSE POLICIES SUCH AS: • WHAT YOU LIKE OR DON’T LIKE • WHAT YOU EXPECTED TO SEE OR WERE SURPRISED TO SEE • WHAT YOU HAVE QUESTIONS ABOUT MGAD20 Advanced Auditing 7 COURSE OBJECTIVES • ENHANCE AUDIT AND ASSURANCE KNOWLEDGE PREVIOUSLY ACQUIRED BY REVISITING THE CORE MATERIALS COVERED IN MGAC10 AND ADDING MORE OPPORTUNITIES FOR THE APPLICATION OF THAT KNOWLEDGE. MGAD20 Advanced Auditing 8 COURSE OBJECTIVES (CONTINUED) • APPLY THE ASSERTION AND RISK BASED APPROACH FOR THE ADVANCED AUDIT AND ASSURANCE TOPICS COVERED. • IDENTIFY. • PROVIDE OPPORTUNITIES FOR THE PRACTICAL APPLICATION OF ADVANCED AUDIT AND ASSURANCE CONCEPTS BY USING A CASE APPROACH IN LECTURES. INTERPRET AND ANALYZE APPROPRIATE CANADIAN AUDITING STANDARDS (CASS) AND OTHER CANADIAN STANDARDS (OCSS) RELATED TO PREVIOUS KNOWLEDGE ACQUIRED IN MGAC10 H1 AND ADVANCED AUDIT AND ASSURANCE TOPICS. ASSIGNMENTS AND EXAMS. COURSE POLICIES • TAKE A MOMENT TO READ THE COURSE POLICIES SECTION OF THE COURSE OUTLINE • ONCE YOU ARE FINISHED. • EXPLAIN HOW ADVANCED AUDIT AND ASSURANCE CONCEPTS RELATE TO THE SERVICES PERFORMED BY PROFESSIONAL ACCOUNTANTS. MGAD20 Advanced Auditing 9 3 .

• PREPARE STUDENTS FOR THE PROFESSIONAL ACCOUNTING EXAMS. MGAD20 Advanced Auditing 10 REVIEW OF CANADIAN AUDITING & ASSURANCE STANDARDS MGAD20 Advanced Auditing 11 CANADIAN A&A STANDARDS IAASB AASB CASs OCSs AuGs CPA Canada Handbook – Assurance MGAD20 Advanced Auditing 12 4 . • RECOGNIZE THE INTEGRATION OF THE MATERIAL AND CONCEPTS DISCUSSED IN THE COURSE WITH OTHER AREAS OF ACCOUNTING AND BUSINESS IN ORDER TO DEVELOP AN INTEGRATED THOUGHT PROCESS. COURSE OBJECTIVES (CONTINUED) • CONTINUE TO DEVELOP PROFESSIONAL SKILLS THAT ARE IMPORTANT IN AUDIT AND ASSURANCE TOPICS SUCH AS CRITICAL THINKING SKILLS AND PROFESSIONAL JUDGMENT.

5030. CANADIAN A&A STANDARDS CASs OCSs CSQC 1 CSQC 1 s5021 Audits of FS OCS and Other s5025. Other CAS 200-820 Other Info Historical Financial Info. Other Info s5020 s5020 s5020 OCS Association Standard MGAD20 Advanced Auditing 13 REVIEW OF AUDITING I MGAD20 Advanced Auditing 14 REVIEW OF AUDITING I • KEY CONCEPTS FROM AUDITING I (MGAC10) MGAD20 Advanced Auditing 15 5 . 5050 Standards Info Audit Review FS. Engagement Historical 5049.

REVIEW OF COURSE OUTLINE MGAD20 Advanced Auditing 16 REVIEW OF COURSE OUTLINE • COURSE MATERIAL • LECTURE SLIDES AND HANDOUTS • REQUIRED READINGS • OPTIONAL READINGS MGAD20 Advanced Auditing 17 REVIEW OF COURSE OUTLINE • METHODS OF EVALUATION AND GRADES • PARTICIPATION • INDIVIDUAL CASE ASSIGNMENT • MIDTERM EXAM • IN CLASS GROUP ASSIGNMENT • FINAL EXAM MGAD20 Advanced Auditing 18 6 .

REVIEW OF COURSE OUTLINE • POLICY AND PROCEDURE • MISSED TEST AND ASSIGNMENT (INCLUDING MIDTERM) • LATE ASSIGNMENTS • REMARKING POLICY • RECORDED LECTURES • LECTURE SCHEDULE MGAD20 Advanced Auditing 19 • LECTURE 2 COMING UP… • MAKE SURE TO COMPLETE THE REQUIRED READINGS AND CASE QUESTIONS BEFORE LECTURE • LECTURE 3 • MAKE SURE TO COMPLETE THE REQUIRED READINGS AND CASE QUESTIONS BEFORE LECTURE MGAD20 Advanced Auditing 20 7 .