BAO3306: To Assist The Audit Manager In Planning An Audit - Accounting Assignment

Internal Code: MAS3382

Accounting Assignment:

The subject aims to familiarise the student to some of the key tools used by auditors for collecting and evaluating evidence, in both manual and computerised accounting information systems, so as to enable them to express an opinion on the fair presentation of financial reports. The subject also aims to provide students with an insight into the current environment in which auditors operate, including legal liability, ethical and other professional aspects such as the “audit expectation gap”. As such, the subject provides both a conceptual and practical approach to external, as well as internal and public sector auditing, enabling students to gain a complete picture of the audit process in light of contemporary audit issues. In addition, the subject aims to enhance a number of generic skills through both the formal components of assessment and the student’s class participation. These include research, problem-solving, and analytical skills; written and presentation skills; and within/between group interaction skills. This individual assignment aims to provide students with an appreciation of the initial stage of the audit process known as audit planning. Specifically, it allows students to develop an understanding of the steps involved in developing an audit plan. Students are required to follow the structured approach specified in Moroney et al., 2014, Auditing A Practical Approach 2e, Wiley. Questions: 1) Develop an appreciation of the reasons for the existence of a societal demand for audit and assurance services, and an understanding of the current environment in which auditors operate, including legal, ethical and professional aspects 2) Demonstrate an understanding of the key auditing principles, concepts and practices used by auditors to gather evidence and make judgments in order to form an audit opinion on the fair presentation of financial reports 3) Develop an insight into the audit of specific transactions and account balances 4) Be aware of the auditor’s responsibility in completing an audit 5)  Obtain basic understanding of other types of assurance engagement