TAILIEUCHUNG - Lecture Auditing and assurance services (Second international edition) - Chapter 4: Audit evidence and audit documentation

Chapter 4 - Audit evidence and audit documentation. In this chapter you will understand the concept of audit risk, learn the form and components of the audit risk model, understand how to use the audit risk model, understand the auditor's risk assessment process, learn how the auditor assesses the risk of material misstatement, understand the fraud risk assessment process,. | Audit Evidence and Audit Documentation Chapter Four Relationship of Audit Evidence to the Audit Report Management assertions about elements of financial statements Financial statements Audit procedures Audit report Provide evidence on the fairness of the financial statements Auditor reaches a conclusion based on the evidence Management Assertions Assertions about classes of transactions and events for the period under audit Occurrence Completeness Authorisation Accuracy Cut-off Classification Management Assertions Assertions about end-of-the-period account balances Existence Completeness Valuation and allocation Rights and obligations Management Assertions Assertions about presentation and disclosure Classification and understandability Occurrence and rights and obligations Completeness Accuracy and valuation Management Assertions Audit Procedures Specific acts performed by the auditor to gather evidence to determine if specific assertions are being met. Risk assessment procedures Test of controls Substantive procedures Audit Procedures A set of audit procedures prepared to test assertions for a component of the financial statements is referred to as an audit plan. Audit Evidence All the information, from whatever source, used by the auditor in arriving at the conclusions on which the audit opinion is based. The Concepts of Audit Evidence Nature of audit evidence Sufficiency and appropriateness of audit evidence Evaluation of audit evidence Nature of Audit Evidence Records of initial entries and supporting records Invoices Contracts General and subsidiary ledgers Adjustments to financial statements Worksheets Spreadsheets supporting cost allocations Other computations, reconciliations, and disclosures Sufficiency of Audit Evidence Sufficiency is a measure of the quantity of audit evidence. Greater risk of misstatement requires a higher quantity of audit evidence. Higher quality audit evidence results in a lower quantity of audit evidence. .

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• Assurance services
• Financial statement auditing
• Auditing services
• Auditing business processes
• Audit evidence
• Audit documentation
• Assurance services profession
• Audit process
• Assurance framework
• Accounting information
• Financial statement audit
• Auditing and assurance services
• Auditing environment
• Professional standards
• Auditing standards
• Auditing internal control
• Internal auditing services
• Contemporary auditing environment
• Attestation engagements
• Account balances
• Structure of the profession
• Audit firms
• Corporate governance
• Professional ethics
• Legal liability
• Liability to clients
• Financial repport audit process
• Financial report assertions
• The business
• Strategic business risk
• Inherent risk assessment
• Inherent risk
• Internal control structure
• Assessing control risk
• Tests of controls
• Sales cycle
• Substantive tests
• Substantive tests of transactions
• Audit sampling
• Sampling theory
• Adjusting events
• Financial report
• Auditor’s reporting obligations
• Professional reporting obligations
• Prospective financial information
• Highlight information
• Institute of internal auditors
• Government accounting
• Reporting duties