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ACCT3014 Mid-term Summary HD Notes
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ACCT3014 Mid-term Summary HD Notes

ACCT3600 - Accounting and Auditing in Practice

16 Pages University of Sydney Partial Study Notes Year Uploaded: 2018

Steps in planning the audit 1. Perform client engagement to determine whether to accept the client, consider: 1) Client evaluation—evaluate the integrity of management 2) Ethical consideration (of audit team) ü 3 key aspects: independence, competence, due care 3) Legal considerations (of the engagement) 2. Understand the client’s business and industry (part of client engagement) 3. Assess client’s BR Ÿ Categories of BR: financial, operational and compliance Ÿ Consider: does the risk apply to audit client If yes, then identify the audit risk—audit risk assessment 3 components of audit risk: inherent, control, detection risk 4. Identify the key account that may be misstated by audit risk 5. Examine key assertions that is affected by misstatement Ÿ Consider assertions for transactions and events (revenues and expenses) and/or for BS AC balances

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