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Topic 4 (Auditing) - The Financial Report Audit, overview of elements of…
Topic 4 (Auditing) - The Financial Report Audit
overview of elements of the financial report audit process
accounting and auditing contrasted
relationship between accounting and auditing
areas of audit interest
financial report assertions and audit objectives and procedures
financial report assertions
audit procedures and evidence
common audit procedures
the audit trail
the audit evidence equation
selecting audit procedures
sufficient appropriate audit evidence
components of sufficient appropriate audit evidence
realiability of audit evidence
overview of audit risk model (ARM)
reducing audit risk
components of audit risk (AR)
risk of material mistatement (RMM)
inherent risk (IR)
control risk (CR)
detection risk
detection risk( DR)
audit risk (figure)
reducing audit risk
CR
DR
IR
impact of increased risk of mistatement on audit evidence
interralationship of the component of audit risk
business risk
the relationship of business risk to the determination of audit risk
materiality
rules of thumb for planning materiality
financial information used as base
choice of base
consideration of quantitative factors in materiality
overall materiality
inverse relationship between materiality and audit risk
materiality levels
types of audit test (audit procedures)
tests of control (TOC)
substantive tests
analytical procedures
tests of details
using the work of an expert or component of auditor
ensuring the work by an expert is adequate
using the work of a component auditor
documentation of audit work: audit working papers
permanent file
current file
legal aspects of working papers
assertion level
control risk
audit risk
detection risk
inherent risk
4.1
Different between auditing and accounting
The importance of professional scepticism and professional judgment to auditing
4.3
Relationship between audit procedures and evidence
Describe common audit procedures
4.2
Logica process
Developing specific audit objectives
Selecting auditing procedures
Identifying financial report assertions
4.4
Sufficient appropriate audit evidence
its relationship to auditing procedures
4.5
Audit risk model (ARM)
4.6
The concept of materiality
4.7
Types of audit tests
4.8
How auditor may use the work of
an expert
component auditor
4.9
General requirement to
document audit work
the contents of audit working papers