06 Feb The separation of operational respo
ACC522 Advanced Audit Issues
Unit 3 Discussion
MATERIALITY
What is materiality as it relates to accounting and auditing? What is the relationship between materiality and the phrase “obtain reasonable assurance” in the auditor’s report?
How are benchmarks used in setting a preliminary judgement about materiality? How will these benchmarks differ based on the client’s industry?
Explain why materiality is important but difficult to apply in practice.
What’s the BIG DEAL about RISK?
What procedures would you perform during the risk assessment process? Why would you choose these procedures?
Besides inquiring from the management involved in preparing the financial statements, who else should you inquire from as part of your risk assessment procedures? Describe how these individuals might be helpful to you in assessing risks of material misstatement?
When the auditor determines that “a risk of material misstatement is considered a significant risk, what are the next steps that the auditor may likely perform?
ACC522 Advanced Audit Issues
Unit 4 Discussion
Fraud versus Error
What is the difference between fraud versus and error?
Let’s discuss the importance of distinguishing the auditor’s assessment of the risk of material misstatement due to fraud from the assessment of the risk of material misstatement due to error.
How should the auditor consider risks related to revenue recognition when assessing the risk of material misstatement due to fraud?
What types of inquiries should the auditor make when considering the risk of material misstatement due to fraud?
Internal Control Environment and Processes
What aspects of internal control must the auditor assess when performing procedures to obtain an understanding of internal control?
What is the control environment? What is the relationship between the control environment and the other four components of internal control?
The separation of operational responsibility from record keeping is meant to prevent different types of misstatements than the separation of custody of assets from accounting. Explain the difference in the purposes of these two types of separation of duties.
What is the auditor’s responsibility for obtaining an understanding of the internal control?
What is an internal control walkthrough? What is its purpose?
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