ACCG340

ACCG340

PLANNING
1. Audit evidence
  1. Internal controls
    1. performance review
    2. authorisation
    3. segregation
    4. physical controls
  2. Assertions
    1. Income statement
      1. occurrence
      2. classification
      3. completeness
      4. accuracy
      5. cut-off
    2. Balance sheet
      1. Existence
      2. rights & obligations
      3. val. & allocation
      4. completeness
2. Materiality
  1. < 5: not material
  2. 5-10: matter of judgement
  3. > 10: material
3. Audit procedure
  1. TOC
  2. Substantive procedure
    1. test of detail
    2. substantive analytical
AUDITING
1. Assurance
  1. limited
  2. reasonable
2. Requirements
  1. Management (ASA 200)
  2. Ethical (ASA 102)
CORPORATE GOVERNANCE
1. audit committees
  1. IAF
    1. assurance services
    2. consulting services
2. 7 Principles
IT
1. Internal controls
  1. General
  2. Application
    1. Input
    2. Process
    3. Output
2. Substantive testing
  1. utility programs
  2. CAAT
  3. GAS
  4. SAS
  5. Special purpose programs
LEGAL LIABILITY
1. Liability
  1. Third parties
    1. Esanda Case
    2. privity letters
    3. laws
      1. ASIC Act
      2. ACL
  2. Contributory negligence
    1. AWA Case
  3. Client
    1. Pacific Acceptance Case
2. Tort of negligence
  1. duty owed
  2. breach of duty
  3. loss/damage
  4. casual relationship
SUBSEQUENT EVENTS
1. Adjusting
2. Non-adjusting
3. Audit reporting
  1. qualified
  2. adverse opinion
  3. disclaimer of opinion
ETHICS
1. APES 110: code of ethics
2. conceptual framework
3. auditor independence
  1. mind
  2. appearance
  3. Corporations Act

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