ACCT7006 Auditing-Substantive & Report Assignment Sample MTU Ireland

ACCT7006 Auditing-Substantive & Report is a subject that covers the auditing of financial statements. In particular, it focuses on the substantive testing of transactions and account balances, as well as the preparation and presentation of an audit report.

If you’re looking to gain a strong understanding of auditing financial statements, this is a course worth taking. It will give you a good grounding in the key concepts and principles involved in this process, and provide you with the skills needed to conduct your audits.

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In this section, we are describing some assigned tasks. These are:

Assignment Task 1: Describe the approach to systems auditing as well as controls and compliance testing.

Systems auditing is the process of assessing whether an information system is effective and secure. It includes evaluations of the system’s security controls, compliance with security policies and procedures, and overall effectiveness.

Controls and compliance testing are important aspects of systems auditing. Control testing assesses whether the system’s security controls are adequate and effective. Compliance testing verifies that the system complies with applicable security policies and procedures. Overall, systems auditing helps ensure that information systems are safe, secure, and effective.

Assignment Task 2: Discuss the use of substantive testing as applied to all areas of the statement of financial position.

Substantive testing is an important technique for auditors to use when assessing the financial position of a company. This type of testing helps ensure that the financial statements of the company are accurate and reliable.

Several different types of substantive tests can be used, depending on the specific situation. Some common tests include comparing figures from different periods, verifying the accuracy of account balances, and examining supporting documentation for transactions.

Auditors use a variety of techniques to perform substantive testing, including making inquiries of management, reviewing documents, and performing analytical procedures. By using these techniques, auditors can obtain a clear understanding of how the company’s financial statements are prepared and what they represent.

Assignment Task 3: Analyse the responsibilities of auditors about contingencies, subsequent events, going concerns, and not-for-profit organizations.

Auditors are responsible for assessing a company’s exposure to contingencies and reporting on any known or potential liabilities in the financial statements. They must also evaluate whether any subsequent events have occurred that could impact the company’s financial position.

In addition, auditors are responsible for assessing a company’s ability to continue as a going concern, and for issuing an opinion on whether the financial statements present fairly the organization’s financial position, results of operations, and cash flows. For not-for-profit organizations, auditors are also responsible for assessing whether revenue has been properly recognized and expenses have been recorded by generally accepted accounting principles.

The responsibilities of auditors are important in ensuring the accuracy and reliability of financial statements. By performing their duties with due care and attention, auditors can help protect the interests of investors and other users of financial statements.

Assignment Task 4: Discuss the approach to audit finalization.

When auditing a company’s financial statements, the auditor’s goal is to express an opinion on whether the statements are free of material misstatement. To reach this opinion, the auditor must obtain sufficient appropriate evidence.

The approach to audit finalization will vary depending on the particular engagement, but some general steps can be followed. First, the auditor should review all interim workpapers and make sure that all significant issues have been addressed. Once all appropriate workpapers have been reviewed, the auditor should prepare a draft report for management’s review. After receiving feedback from management, the auditor should finalize the audit report and issue it to the client.

Assignment Task 5: Describe the process for appropriate wording and issuing of the audit report.

The process for appropriate wording and issuing of the audit report is as follows:

1. The auditor examines the financial statements and determines whether they are presented by Generally Accepted Accounting Principles (GAAP).
2. If the financial statements comply with GAAP, the auditor issues an unmodified opinion.
3. If the financial statements are not in compliance with GAAP, the auditor issues a qualified opinion or an adverse opinion.
4. The auditor also issues a management letter, which contains comments and recommendations on how to improve the company’s financial reporting procedures.
5. Finally, the auditor submits a copy of the audit report to the appropriate regulatory body.

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