Presentation is loading. Please wait.

Presentation is loading. Please wait.

The 30,000-foot View of Financial Auditing. Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Audit Opinions -Financial.

Published byPhillip Tyrone Hopkins Modified over 9 years ago

Similar presentations

Presentation on theme: "The 30,000-foot View of Financial Auditing. Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Audit Opinions -Financial."— Presentation transcript:

1 The 30,000-foot View of Financial Auditing

2 Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Audit Opinions -Financial Statements GAAP AS or GAAS -Internal control over financial reporting (ICFR) AS5 Client Auditor The auditor must be: Competent Accounting Auditing Client’s business Ethical Independent In fact In appearance

3 Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Trial Balance General Ledger Journal Entries Systematic J.E.s Manual J.E.s Source Documents Processes & Controls

4 Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Trial Balance General Ledger Journal Entries Systematic J.E.s Manual J.E.s Source Documents Audit Opinions -Financial Statements -Internal control over financial reporting (ICFR) Selected Client Evidence Risk analysis Sampling Materiality Observation Walk through Flowcharting Inquiry Testing Analytic procedures Etc. ClientAuditor External Evidence

5 Audit Opinions -Financial Statements -Internal control over financial reporting (ICFR) Selected Client Evidence Risk analysis Sampling Materiality Observation Walk through Flowcharting Inquiry Testing Analytic procedures Etc. Auditor External Evidence Work Papers Collecting Reviewing Approving

6 Assurance Engagements Attestation Engagements Operational audits, Compliance audits, etc. [AICPA AT’s] Only CPAs Can Do This One! Financial Audits Public companies (issuers) [PCAOB AS’s] Private companies (non-issuers) [AICPA SAS’s]

Download ppt "The 30,000-foot View of Financial Auditing. Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Audit Opinions -Financial."

Similar presentations

Journalizing Closing Entries

Journalizing Closing Entries
CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION Fall 2007 u What is auditing? u Types of Audits u Independent Auditor Relationships u Services.

CHAPTER 1 AUDITING AND THE PUBLIC ACCOUNTING PROFESSION Fall 2007 u What is auditing? u Types of Audits u Independent Auditor Relationships u Services.
©2010 Prentice Hall Business Publishing, Auditing 13/e, Arens/Elder/Beasley 2 - 1 The CPA Profession Chapter 2.

©2010 Prentice Hall Business Publishing, Auditing 13/e, Arens/Elder/Beasley The CPA Profession Chapter 2.
1 Chapter 3 Homework. 2 3-18- Violation of Commission Rule CPA cannot accept any form of commission related to a client for which he/she also audits or.

1 Chapter 3 Homework Violation of Commission Rule CPA cannot accept any form of commission related to a client for which he/she also audits or.
Chapter 1 Management’s Assertions When auditing the completeness, existence and valuation assertions for deferred revenue, the sample of.

Chapter 1 Management’s Assertions When auditing the completeness, existence and valuation assertions for deferred revenue, the sample of.
Learning Objectives LO1 Describe the balance sheet account groups that the major revenue and expense accounts are associated with, as well as the substantive.

Learning Objectives LO1 Describe the balance sheet account groups that the major revenue and expense accounts are associated with, as well as the substantive.
BA 427 – Assurance and Attestation Services Lecture 18 The Types of Services Offered by Public Accounting Firms.

BA 427 – Assurance and Attestation Services Lecture 18 The Types of Services Offered by Public Accounting Firms.
McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc., All Rights Reserved. 21-1 Chapter 21 CHAPTER 21 ASSURANCE, ATTESTATION, AND OTHER FORMS OF SERVICES.

McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 21 CHAPTER 21 ASSURANCE, ATTESTATION, AND OTHER FORMS OF SERVICES.
2-1 McGraw-Hill/Irwin ©2005 by the McGraw-Hill Companies, Inc. All rights reserved. Chapter 2 Professional Standards “ All my growth and development led.

2-1 McGraw-Hill/Irwin ©2005 by the McGraw-Hill Companies, Inc. All rights reserved. Chapter 2 Professional Standards “ All my growth and development led.
Module A1 Other Public Accounting Services ACCT 4080.

Module A1 Other Public Accounting Services ACCT 4080.
Intro & Chapter 2-1 Bob Anderson, UCSB CHAPTER 2-1 PROFESSIONAL STANDARDS: CHAPTER 2 WELCOME TO ECON 132- AUDIT.

Intro & Chapter 2-1 Bob Anderson, UCSB CHAPTER 2-1 PROFESSIONAL STANDARDS: CHAPTER 2 WELCOME TO ECON 132- AUDIT.
Chapter 2 Professional Standards “All my growth and development led me to believe that if you really do the right thing, and if you play by the rules,

Chapter 2 Professional Standards “All my growth and development led me to believe that if you really do the right thing, and if you play by the rules,
OTHER SERVICES AND REPORTS. STATEMENTS FOR CPAS PROVIDING ACCOUNTING AND AUDITING SERVICES 1939 - COMMITTEE ON AUDITING PROCEDURES –STATEMENTS ON AUDITING.

OTHER SERVICES AND REPORTS. STATEMENTS FOR CPAS PROVIDING ACCOUNTING AND AUDITING SERVICES COMMITTEE ON AUDITING PROCEDURES –STATEMENTS ON AUDITING.
The Elements of Auditing. Types of Audit Evidence Real Evidence – Physical (eg. building, inventory) – Nonphysical (eg. goodwill, rights) Documentary.

The Elements of Auditing. Types of Audit Evidence Real Evidence – Physical (eg. building, inventory) – Nonphysical (eg. goodwill, rights) Documentary.
2-1 McGraw-Hill/Irwin ©2002 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 2 Professional Standards: “The Rules of the Road”

2-1 McGraw-Hill/Irwin ©2002 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 2 Professional Standards: “The Rules of the Road”
BIT-224 Audit Muhammad Khurshid Khan THE DEMAND FOR AUDITING Why do organizations request an audit? –Agency relationship Evidence supporting a demand.

BIT-224 Audit Muhammad Khurshid Khan THE DEMAND FOR AUDITING Why do organizations request an audit? –Agency relationship Evidence supporting a demand.
Professional Standards. McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved. 2-2 Generally Accepted Auditing Standards-- General.

Professional Standards. McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved. 2-2 Generally Accepted Auditing Standards-- General.
Chapter 5 Internal Control Evaluation. Chapter 2 Professional Standards.

Chapter 5 Internal Control Evaluation. Chapter 2 Professional Standards.
Reports on Audited Financial Statements

Reports on Audited Financial Statements
Chapter 18 Reports on Audited Financial Statements McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Chapter 18 Reports on Audited Financial Statements McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Similar presentations

Ads by Google