Auditing and Assurance

Principles

1. AUDIT – An  Auditing defined

overview  Types of Audits
 Types of Auditors
 The Independent Financial Statement Audit

2. THE  Generally Accepted Auditing Standards

PROFESSIONAL  Philippine Standards on Auditing
STANDARDS  Quality Control System

3. THE AUDITOR’S  Error

RESPONSIBILITY  Fraud
 Noncompliance with Laws and Regulations

4. THE AUDIT  General Audit Approach

PROCESS –  Overview of the Audit Process
ACCEPTING AN  Accepting an Engagement
ENGAGEMENT
 Engagement Letter

5. AUDIT PLANNING  Understanding the Client’s Business and Industry

 Materiality
 Audit Risk
 Analytical Procedures
 Planning Documentation

6. CONSIDERARTION  Nature of Internal Control

OF INTERNAL  Components of Internal Control
CONTROL  Consideration of Internal Control
 Communication of Internal Control Weakness

7. AUDITING IN A  Characteristics of CIS

COMPUTERIZED  Internal Control of a CIS Environment
ENVIRONMENT  Auditing around the Computer
 Computer Assisted Auditing Techniques (CAATs)

8. PERFORMING  Analytical Procedures

JENNALYN AGUSTIN-CAPARAS
 SUBSTANTIVE  Test of details
TESTS  Audit Evidence
 Working papers
 Related Parties
 Using the Work of an Auditor’s Expert
 Considering the Work of Internal Auditors
 Auditing Accounting Estimates

9. AUDIT SAMPLING  Sampling Risks

 Statistical and Non-statistical sampling
 Basic Steps when Using Audit Sampling
 Sampling for Tests of Control
 Sampling for Substantive Tests

10. COMPLETING THE  Subsequent events

AUDIT  Litigations, Claims and Assessment
 Management Representation Letter
 Going Concern
 Wrap-up procedures

11. AUDIT REPORTS  The Unmodified Report

ON FINANCIAL  Modification of the Report
STATEMENTS  Reports on Consolidated Financial Statements
 Reports on Comparatives
 Special Purpose Audit Engagements

12. ASSURANCE AND  Review of the Financial Statements

RELATED  Agreed-upon Procedures Engagement
SERVICES  Compilation of Financial Statements
 Assurance Engagements

13. THE CODE OF  The Code of Ethics for Professional Accountants

ETHICS AND  The Philippine Accountancy Act of 2004
REPUBLIC ACT
9298

JENNALYN AGUSTIN-CAPARAS
JENNALYN AGUSTIN-CAPARAS