A study of financial statement audits in accordance with auditing standards promulgated by authoritative bodies. Topics include planning of the audit engagement, auditor’s responsibility for fraud, review of internal controls, gathering substantive evidence using analytical procedures and test of account balances for the revenues, acquisition and expenditures, and inventory processes.
- Apply auditing standards promulgated by authoritative organizations.
- Analyze how management’s assertions about the financial statements are used in the audit process.
- Develop an audit strategy and audit plan to respond to the assessed risk of material misstatement.
- Evaluate auditor’s responsibility for the audit of internal controls and reporting requirements for deficiencies and material weaknesses.
- Document the methods the auditor uses to gather evidence regarding transactions in the revenue process including sales transactions and accounts receivable balance at year-end.
- Describe the auditor’s responsibility for fraud detection in a financial statement audit applying the fraud triangle and identification of risk of material misstatements due to fraud.
- Document the acquisition and expenditure business process to gather substantive evidence using analytical procedures, substantive tests of transactions and account balances.
- Evaluate the appropriate method to be used to gather evidence in the inventory process for internal controls and substantive tests.
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