AUDITING AND ASSURANCE SERVICES INTRODUCTION

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AUDITING AND ASSURANCE SERVICES INTRODUCTION This course is designed to enable the candidates to understand the nature and objectives of audit in general as well as audit procedures techniques and reporting It would also help the candidates to be able to identify and assess the audit risks involved in various situations Candidates are expected to apply their knowledge of the subject matters

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SYLLABUS WEIGHTAGE,No Syllabus Content Area Weighting. 1 0 Introduction 20, 1 1 An Introduction to Auditing and Assurance Engagements. 1 2 An Overview of Financial Statements Auditing,2 0 Professional Ethics Conducts Practice. 3 0 Auditors Responsibility and Legal Liabilities,4 0 Initial Engagement and Audit Planning 20. 5 0 Internal Control and Risk Assessment,6 0 Computer Information Systems CIS Audit.
7 0 Audit Evidence and Procedures 10,8 0 Audit Sampling. 9 0 Auditing the Revenue Process 20, 10 0 Purchase and Expense Process including Payroll. 11 0 Inventory Management Process,12 0 Property Plant Equipment. 13 0 Long Term Liabilities Shareholders Equity and Income. Statement items,14 0 Cash Investment,15 0 Completing the Audit Engagement 20. 16 0 Group Audit,17 0 Audit Report,18 0 Internal Audit and Its Operational Functions.
19 0 Non Audit Engagements 10,20 0 Assurance Services. ASSESSMENT,Workshop 40,Examination 60,FINAL EXAMINATION FORMAT. A 3 hour written paper comprising 5 to 6 compulsory questions. SYLLABUS CONTENT,NO CONTENT LEVEL OF,1 0 Introduction. 1 1 An Introduction to Auditing and Assurance A,Engagements. Audit profession and regulatory environment in,Malaysia including provision of audit under.
Companies Act 2016,Overview of assurance services and non audit. engagements,Quality control for audit work, 1 2 An Overview of Financial Statements Auditing A. Introduction to Malaysian Financial Reporting,Standards MFRSs and Malaysian Private. Entities Reporting Standards MPERSs,Management assertions and audit assertions. Concept of reasonable assurance in audit,Overview of audit process.
2 0 Professional Ethics Conduct Practice A,Ethical framework. MIA By Laws On Professional Ethics Conduct,Professional Independence. Professional skepticism, 3 0 Auditors Responsibilities and Legal Liabilities A. Fraud and error,Fraud Diamond and Fraud Risk factors. Responsibility to comply with the MIA By Laws,and Statutory Requirements.
Legal liabilities under the Companies Act 2016,Auditors liabilities to clients and third parties. including Worldcom and Enron and Malaysian,cases such as Transmile Megan Bhd and others. 4 0 Initial Engagement and Audit Planning A,Establishing terms of engagement Engagement. Understanding the client s business and the,client s accounting system and internal control. Planning activities,Analytical Procedures,Planning and Preliminary Analytical Procedures.
Materiality,Audit Risk,Management Assertions and Audit Assertions. 5 0 Internal Control and Risk Assessment A,Definition of Internal Control. Understanding of client s internal control,Control Environment. Risk Assessment,Information Systems and Communication. Control Procedures,Types of Control Procedures,Test of Controls.
Interim Substantive Procedures,Timing of Audit Procedures. 6 0 Computer Information Systems CIS Audit B,Matters that CIS environment can effect the audit. Internal Control in a CIS environment,General CIS Controls. Application CIS Controls,Auditor s consideration of CIS controls on the. audit work,Using Computer Assisted Audit Techniques.
CAATs as audit procedures,Nature and types of CAATs. Consideration on using CAATs,Common auditing software and test of. Audit on general and application controls,Cloud Auditing. 7 0 Audit Evidence and Procedures B,Basic Concept of Audit Evidence. Quality of evidence,Audit procedures,Relationship between audit procedures and audit.
objectives,Relationship between audit evidence audit risk. and materiality,Working Papers,Audit Tests,8 0 Audit Sampling B. Definitions and Key Concepts,Types of audit sampling. Advantages and disadvantages of audit sampling,Application of sampling procedures to test of. Application of sampling procedures to substantive,9 0 Auditing the Revenue Process A.
Revenue Recognition and Process,Audit objectives,Risk assessment Inherent Risk and Control. Control procedures and test of controls,Analytical procedures and substantive tests. account receivable,other receivables deposits and,prepayments. 10 0 Auditing the Purchase and Expense Process A,including Payroll. Purchase and Expense Recognition and,Audit objectives.
Risk Assessment Inherent Risk and Control,Control procedures and test of controls. Analytical procedures and substantive tests,Purchases and Expenses. Account Payable,Other Payables Accruals and Provisions. 11 0 Auditing the Inventory Management process A,Overview of the inventory management process. Audit objectives,Risk Assessment Inherent Risk and Control.
Control procedures and test of controls,Analytical procedures and substantive tests. Physical stock count,Stock valuation,12 0 Auditing the Property Plant and Equipment A. Overview of the PPE process,Audit objectives,Risk Assessment Inherent Risk Control Risk. Control procedures and test of controls,Analytical procedures and substantive tests. 13 0 Auditing Long Term Liabilities Shareholders A. Equity and Income Statement Items,Overview of long term liabilities shareholders.
equity and income statement items,Audit objectives. Control procedures and test of controls,Analytical procedures and substantive tests. Long term liabilities,Share Capital,Income Statement Items Below the. Gross Profit Line,14 0 Auditing Cash and Investment A. Overview of cash investment and the effects of,other business processes.
Audit objectives,Control procedures and test of controls. Analytical procedures and substantive tests,Cash and Bank Balances. Investment,15 0 Completing the Audit Engagement B,Final Evidential Evaluation Processes. Final Analytical Procedures,Review of Subsequent Events. Types of subsequent event and time frame for,each event.
Review of Contingent Liabilities and,Commitments,Going Concern Consideration. Factors impacting going concern issues e g,financial indicators other indicators and. mitigating indicators,16 0 Group Audit B,Principle auditor Primary auditor. Responsibility of the group auditor,17 0 Audit report Company and Group B. Types of Audit Report,Format and Content of Unqualified Unmodified.
Audit Report,Modifications to the Unqualified Unmodified. Audit Report in accordance with the revised ISA,Presentation and disclosure. Key audit matter, 18 0 Internal Audit and Its Operational Functions C. The concept of internal audit,The development of internal audit. Objectives scope and responsibility of internal,Similarities and differences between internal and.
external audit,Objectives and Scope of Operational Functions. of Internal Audit,Operational Audit,Corporate Governance. Risk Management and Assessment,Risk Based Audit,19 0 Non audit engagements B. Reviews agreed upon procedures and,compilation,Reporting on Prospectuses and Prospective. Financial Information,Due diligence engagements,Special purpose audits.
Forensic Audit,20 0 Assurance Services B,Risk assessment. Performance measurement,System reliability,Electronic commerce. The use of other auditor work,The use of expertise work. The use of internal auditor work,TEXTS AND REFERENCES. 1 MIA QE Study Text,2 Malaysian Approved Standards on Auditing.
3 MIA By Laws On Professional Ethics Conduct Practice. Legislation and Regulations,1 Companies Act 2016,2 Securities Commission Regulations. 3 Securities Commission Act 1993,4 Malaysian Code of Corporate Governance. Recommended References, 1 Messier William F and Boh Margaret Auditing and Assurance Services in. Malaysia McGraw Hill Publication, 2 Arens Alvin A Loebbecke James K and et al Auditing in Malaysia An. Integrated Approach Prentice Hall Publication, 3 Chong Aik Lee and Angelina Yee Seow Voon Auditing Principles and.
Assurance Services Malaysia CCH, 4 Pn Sri Datin Dr Mary Lee and Tong Seuk Ying Practical Auditing in. Malaysia Prentice Hall Publication, Candidates are required to refer to the latest edition of texts and materials. Legislation, Questions involving knowledge of legislation will be based on Malaysian legislation. and candidates are expected to have knowledge of any current changes in. legislation However no questions on new legislation will be set until at least six. 6 months have elapsed since the last day of the month in which Royal Assent. was given to the new legislation,Technical Pronouncements. Candidates are expected to have a detailed knowledge of and capable of. answering questions in respect of the approved accounting standards approved. auditing standards generally accepted accounting principles generally accepted. auditing standards regulations and legislation relating to financial accounting. reporting and auditing, Questions involving knowledge of new approved accounting standards and.
approved auditing standards will not be examined until after at least six 6. months have elapsed since the last day of the month in which the statement.

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