Lecture 4: Advanced Audit and Assurance

Business & Economics - Lecture 4: Advanced Audit and Assurance - 19 slides

Explore Lecture 4: Advanced Audit and Assurance, covering This lecture delves into advanced topics in audit and assurance, focusing on risk assessment, audit planning, and the.

Topics Covered

  • Introduction to Advanced Audit and Assurance Topics
  • Overview of Risk Assessment in Auditing
  • Importance of Risk Assessment in Audit Planning
  • Risk Assessment Process: A Step-by-Step Guide
  • Frameworks for Risk Assessment: COSO Model
  • The Role of Professional Judgment in Risk Assessment
  • Audit Planning: Objectives and Importance
  • Substantive vs. Control Testing: Key Differences
  • Challenges in Modern Auditing Practices
  • Technological Advances in Audit Techniques
  • Data Analytics in Audit: Benefits and Applications
  • Types of Audit Risks: Inherent, Control, and Detection
  • Understanding Inherent Risk: Definition and Examples
  • Evaluating Control Risk: Key Considerations
  • Detection Risk: Definition and Implications
  • Application of Audit Techniques: Overview
  • Sampling Techniques in Auditing: An Overview
  • Key Researchers in Audit and Assurance
  • The Impact of Regulatory Frameworks on Auditing

References

  • International Federation of Accountants (2019) ISA 315 (Revised): Identifying and Assessing the Risks of Material Misstatement. New York: IFAC.
  • ISA 315 (Revised 2019): Identifying and Assessing the Risks of Material Misstatement.
  • ISA 300 (2009): Planning an Audit of Financial Statements.
  • COSO (2017) Enterprise Risk Management—Integrating with Strategy and Performance. Available at: www.coso.org
  • Beasley, M.S., Buckless, F.A., et al. (2020) Auditing & Assurance Services. 13th edn.
  • ISA (2018) International Standards on Auditing 300 - Planning an Audit of Financial Statements.
  • ACCA (2022) Advanced Audit and Assurance Study Text. London: Kaplan Publishing.
  • Knechel, W.R. et al. (2020) Auditing: Theory and Practice. Oxford: Oxford University Press.
  • Bell, T.B. et al. (2018) Data Analytics and the Auditors' Role in Detecting Fraudulent Financial Reporting.
  • ISA 315 (Revised): Identifying and Assessing the Risks of Material Misstatement.
  • ISA 315 (Revised): Inherent risk considerations for auditors.
  • IFAC Handbook (2022): ISA 340, control risk guidelines.
  • ISA 200 (Revised): High-level discussions on detection risk.
  • Spencer Pickett, K. H. (2006) The Essential Guide to Internal Auditing. Wiley.
  • Mautz, R.K., and Sharaf, H.A. (1961) 'The Philosophy of Auditing.'
  • Power, M. (1997) 'The Audit Society: Rituals of Verification.'
  • Hay, D., Knechel, W.R., and Willekens, M. (2014) 'Determinants of Audit Quality.'
  • Flint, D. (1988) 'Philosophy and Principles of Auditing.'
  • Kinney, W.R. (2005) 'Twenty-five years of audit research.' Auditing: A Journal of Practice & Theory.
  • Sarbanes-Oxley Act (2002), U.S. Government Publishing Service.
  • Public Company Accounting Oversight Board, Guidance on Standards.
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