Review of Auditing and Assurance Principles Part II
Review of Auditing and Assurance Principles Part II
Review of Auditing and Assurance Principles Part II
AUDITING AND
ASSURANCE
PRINCIPLES
AGENDA:
1. Kahoot (Review of previous knowledge)
2. Discussion of Detailed Audit Process
KAHOOT:
Objective: To test or review previous knowledge about auditing
assurance and principles.
Directions:
1. Download “Kahoot” application or simply search in the
internet.
2. Click “Enter game pin here”.
3. Enter pin code given by the facilitator.
AGENDA:
1. Kahoot (Review of previous knowledge)
2. Discussion of Detailed Audit Process
OVERVIEW OF THE AUDIT PROCESS
1. Accepting an Engagement
2. Audit Planning
3. Considering the Internal Control
4. Performing Substantive Tests
5. Completing Audit
6. Issuing a Report
1. ACCEPTING AN ENGAGEMENT
Make a decision of whether to accept or reject an audit
engagement.
Agreement on the terms of engagement through an
engagement letter.
OVERVIEW OF THE AUDIT PROCESS
1. Accepting an Engagement
2. Audit Planning
3. Considering the Internal Control
4. Performing Substantive Tests
5. Completing Audit
6. Issuing a Report
2. AUDIT PLANNING
To develop a general audit strategy and determine the
scope of audit procedures to be performed by:
a. Obtaining knowledge about the client’s business
and industry
b. Performing Preliminary Analytical Procedures
c. Assessment of Risk and Materiality
ASSESSMENT OF RISK
Audit risk
Risk that the auditor might give an inappropriate
opinion on the financial statements.