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La Salle - ACC 304 - Study Guide - Midterm

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La Salle - ACC 304 - Study Guide - Midterm

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background image Ashley Mc Chesney
ACC 304: Audit
Exam #1 Review Chapter 1: Auditing & Assurance Services Types of Auditors      ­ Financial (External Auditors/CPAs)  [Our Main Focus] ­ Operational (Internal/Governmental Auditors/ CIAs) ­ Compliance (Internal and Governmental Auditors)
­ Forensic (Fraud Auditors/ CFEs)
Public Accounting Profession     (1) Assurance Services
(2) Tax Services
(3) Consulting & Advisory Public Accounting Firm Organization Financial Statement Auditing      Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions (Financials Statements; including footnotes) about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria (GAAP) and communicating the results (Auditor’s Report/ Other Reports) to interested users (Creditors/ Investors; those who rely on financials).
background image Source: American Accounting Association Committee on Basic Auditing Concepts. 
1973. A Statement of Basic Auditing Concepts, American Accounting Association (Sarasota, 
FL). 
Goal of Audit      ­ Check over client’s firm financials and internal controls to determine if business is being  conducted legitimately or fraudulently. ­ Therefore, Auditors reduce Information risk.
­ All while practicing (maintaining) Professional Skepticism
Attestation Engagements      [An attestation engagement – a practitioner assesses and repots on “Subject matter, or an 
assertion about subject matter that is the responsibility of another party.”]           [Class slides]
Financial Attestation Engagements
             (besides Audits) Non­financial Attestation Engagements ­ Financial Forecasts & Projections ­ Effectiveness of Internal Control  Systems ­ Examination of Management’s  Discussion and Analysis ­ Compliance with Environmental  Regulation ­ Pro Forma Financial Information ­ Sustainability Reporting Engagements Assurance      Assurance: Independent Professional Services which improve quality of information or context  for decision makers.
Services:
­ XBRL Reporting
­ Information Risk Assessment
­ Customer Satisfaction Surveys
­ Internal Audit Outsourcing
­ Fraud/Illegal Acts prevention & deterrence
­ Cyber risk assessment & assurance
Relationships between Audit, Attestation, Assurance:
background image Assurance Engagements Attestation  Engagements Audit  Egagements Management’s Financial Statement Assertions: ­ Existence (or occurrence) Assets and Liabilities that are included in accounts actually exist and transactions have 
occurred.
­ Rights & Obligations  Entity has legal claim and legal responsibility on all and for all Liabilities and expenses. ­ Completeness  All transactions are recorded in F/S ­ Valuations (Or Allocation) Transactions (Assets and Liabilities) have been recorded and have been valued in  accordance w/ GAAP ­ Presentation & Disclosure  All accounts have been presented in appropriate place and information required has been 
disclosed in statements or footnotes.
Assertions about events & Transactions     ­ Occurrence
­ Completeness and Cutoff
­ Accuracy
­ Classification
Assertions about Account Balance      ­ Existence
­ Rights & obligation
­ Completeness

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School: La Salle University
Department: Accounting
Course: Audit
Term: Spring 2019
Tags: auditing, Procedures, and regulation
Name: ACC 304: Audit - Exam 1 Review
Description: Audit - Exam 1 Review
Uploaded: 02/09/2019
7 Pages 120 Views 96 Unlocks
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