MAC005 - Introduction & Overview Auditing and Assurance - Accounting Assignment Help

Learning Objectives

Appreciate the role of auditing standards and their authority under the Corporations Act 2001>

Obtain an overview of other applications of the assurance function, including compliance auditing, performance auditing, comprehensive auditing, internal auditing and forensic auditing, as well as of providing assurance on subject matter other than historical financial information

Auditing and Assurance Overview>

•An assurance engagement (or service) is defined as ‘an engagement in which an assurance practitioner aims to obtain sufficient appropriate evidence in order to express a conclusion designed to enhance the degree of confidence of the intended users other than the responsible> party about the outcome of the measurement or evaluation of an underlying subject matter against criteria.>

Preparers and auditors

Auditor responsibility 

Auditor also has responsibilities relating to the audit

Professional scepticism: maintaining independent of the entity and having a questioning mind to thoroughly investigate all evidence presented.

Professional judgement: use of judgement based on level of expertise, knowledge and training obtained by the auditor.

Due care: being diligent, applying standards and documenting each stage of the audit process.

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