ACCT9010 Audit Practices (CPA) Assignment Sample MTU Ireland

ACCT9010 Audit Practices (CPA) is a course that auditors need to complete to be certified public accountants. The course covers a variety of topics, such as audit risk assessment, planning, performing audits, and reporting on financial statements. 

Audit risk is the risk that an auditor will make an incorrect determination about whether financial statements are free of material misstatement. In other words, it’s the possibility that the auditor will give clean opinions on dirty financials. Planning and performing audits are vital to obtaining valid results, while reports in financial statements are the communicated result of the audit process which describes whether the financial statements are free of materialism statements or not.

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

Assignment brief 1: Appraise and apply the legal, regulatory and ethical framework to the role of the auditor.

The auditor is responsible for conducting an independent examination of an organization’s financial statements and issuing an opinion as to their fairness. To form this opinion, the auditor must adhere to several legal, regulatory, and ethical requirements.

The most important of these is the auditor’s duty of independence, which requires that the auditor be objective and unbiased in his or her assessment of the financial statements. To maintain independence, the auditor must avoid any conflicts of interest, and must not receive any improper inducements from management.

The auditor is also responsible for complying with Generally Accepted Auditing Standards (GAAS), which specify the professional standards that auditors must follow in performing their work. GAAS requires that auditors obtain sufficient competent evidential matter to provide a reasonable basis for their opinions.

In addition, the auditor must comply with any relevant ethical standards, which set forth the principles of professional conduct that auditors must follow. These standards require auditors to be honest and trustworthy, to act with integrity and fairness, and to exercise due care and diligence in performing their work.

Assignment brief 2: Access audit risks, and describe the procedures undertaken at the planning stage to meet the objectives of the audit.

Many audit risks can be associated with access to systems and data, and it is important to consider these risks when planning an audit. Some of the key risks to consider include:

• Unauthorized access – ensure that only authorized individuals have access to systems and data and that there are appropriate controls in place to prevent unauthorized access;
• Lack of security – ensure that systems and data are secure, and that appropriate security measures are in place;
• Corruption – ensure that system integrity is maintained, and that data is not corrupted;
• Theft – make sure that systems and data are properly protected from theft;

To meet the objectives of an audit-related to access, various procedures may need to be undertaken at the planning stage. For example, the auditor may need to review access control lists, discuss security measures with management, and review system logs. The specific procedures that are undertaken will depend on the nature of the audit and the risks that are identified.

Assignment brief 3: Design, evaluate and report on internal control and financial reporting systems, and identify and communicate control risks, applying these skills to practical situations in both manual and computerized environments.

To design, evaluate and report on internal control and financial reporting systems, the auditor must have a thorough understanding of how these systems work. The auditor must also be able to identify and communicate control risks and apply these skills to practical situations in both manual and computerized environments.

The first step in designing an effective internal control system is to identify the risks that need to be controlled. Once these risks have been identified, the auditor must then design control procedures that are appropriate for the specific risks that have been identified.

After the internal control system has been designed, the auditor must then evaluate it to ensure that it is effective. The evaluation of the internal control system should include testing of the control procedures to ensure that they are operating as intended.

Once the internal control system has been designed and evaluated, the auditor must then prepare a report on his or her findings. The report should include a description of the internal control system, an evaluation of its effectiveness, and recommendations for improvements.

Assignment brief 4: Discuss the application of computer-assisted auditing techniques.

Computer-assisted auditing techniques (CAATs) are software programs that help auditors examine financial data. CAATs can automate certain tasks, such as the comparison of two sets of data, and can help auditors identify errors and irregularities.

Most CAATs are designed to work with standard accounting software, such as Microsoft Excel or Oracle Financials. However, some CAATs can be used to analyze data from other sources, such as social media websites or email servers.

Auditors typically use CAATs to perform three types of tasks: reconciliation, analysis, and testing. Reconciliation involves comparing two sets of data to ensure that they match. The analysis involves examining data for trends or patterns. Testing involves verifying that transactions have been recorded correctly.

CAATs can be used in a variety of audit engagements, including financial statement audits, operational audits, and compliance audits. Financial statement audits typically focus on reconciling data from the accounting records to the financial statements. Operational audits typically focus on analyzing data to identify trends or patterns. Compliance audits typically focus on testing transactions to ensure that they have been recorded correctly.

Assignment brief 5: Design, plan and apply audit testing techniques and procedures in the practical application of International Standards on Auditing (ISAs) (UK and Ireland), International Standards on Quality Control (ISQCs) (UK and Ireland), and other technical pronouncements related to auditing and assurance situations.

When planning an audit engagement, the auditor must consider the types of audit tests that will be needed to obtain sufficient evidence. The specific audit tests that are performed will depend on the nature of the engagement and the risks that are identified.

There are two main types of audit tests: substantive tests and compliance tests. Substantive tests are designed to test the accuracy of financial statements. Compliance tests are designed to test the compliance of the company with laws and regulations.

• Substantive tests can be further divided into two types: tests of transactions and tests of balances. Tests of transactions are designed to test the accuracy of individual transactions. Tests of balances are designed to test the accuracy of account balances.
• Compliance tests can also be divided into two types: tests of controls and substantive tests. Tests of controls are designed to test the effectiveness of the company’s internal control system. Substantive tests are designed to test the compliance of the company with laws and regulations.

The specific audit procedures that are performed will depend on the type of engagement and the risks that are identified. However, all audit engagements will typically involve some combination of the following procedures:

• Inspection: This involves physically examining documents and records.
• Observation: This involves observing the company’s activities and processes.
• Interview: This involves interviewing company personnel.
• Calculation: This involves performing mathematical calculations.
• Comparison: This involves comparing two sets of data.
• Sampling: This involves selecting a sample of transactions or items for testing.
• Testing: This involves testing the accuracy of transactions or account balances.

Audit procedures must be designed to obtain sufficient evidence to support the auditor’s opinion. The amount and type of evidence that is required will depend on the nature of the engagement and the risks that are identified.

In conclusion, CAATs can be a useful tool for auditors. However, the specific audit procedures that are performed will depend on the type of engagement and the risks that are identified.

Assignment Brief 6: Evaluate the role of internal audit, including a comparison with the role of the external auditor.

The role of the internal auditor is to provide independent and objective assurance and consulting services designed to add value and improve an organization’s operations. This includes a review of financial statements and related controls, as well as other operations such as information technology, human resources, and compliance with laws and regulations.

The role of the external auditor is to review an organization’s financial statements to ensure they are accurate and by generally accepted accounting principles. They also assess the effectiveness of internal controls over financial reporting.

Both internal and external auditors play an important role in ensuring the accuracy of financial statements. However, the external auditor is more focused on compliance with laws and regulations, while the internal auditor is more focused on operational effectiveness.

Assignment Brief 7: Conclude, having applied appropriate professional skill, skepticism, and judgment.

When it comes to concluding, it is important to use professional skill, scepticism, and judgment. By using these three elements, you will be able to come to a conclusion that is well-informed and thought out. 

Skepticism is important because it allows you to question the information that you are given. This ensures that you are not blindly accepting things at face value. Instead, you are taking the time to truly consider what you have been told and whether or not it holds. 

Professional skill is also key in concluding. This refers to the ability to use your knowledge and expertise to come to a well-informed conclusion. To do this effectively, you need to be up-to-date on the latest information and trends in your field. 

Finally, judgment is important because it allows you to weigh all of the evidence and come to a decision. This includes taking into account your values and beliefs. By using sound judgment, you will be able to reach a conclusion that is based on logic and reason.

Assignment Brief 8: Report to shareholders, management, and other relevant parties in the course of providing audit and assurance services.

As an auditor, one of our main responsibilities is to provide audit and assurance services to shareholders, management, and other relevant parties. This includes reporting on our findings during our engagement. We take this responsibility very seriously and continuously strive to provide accurate and timely information that helps these parties make sound decisions.

There are several different types of reports that we may prepare in the course of an engagement. For example, we may issue a report on financial statements, internal controls, or compliance with laws and regulations. Each type of report has its purpose and audience, so we must tailor our communication to meet the needs of those who will be using the information.

 An important part of our job is to make sure that our reports are clear and concise. We understand that not everyone has the same level of technical expertise, so we strive to use language that is easy to understand. We also provide supporting documentation and explanations to help readers better understand our findings.

In addition to issuing reports, we also provide guidance and recommendations to management on how to improve their operations. We share our knowledge and experience to help organizations improve their overall performance. By working together, we can help ensure that businesses are run in a way that is efficient, effective, and compliant with all applicable laws and regulations.

Assignment Brief 9: Plan and perform the necessary work and report on other assurance engagements in the context of agreed terms of reference and the legal, regulatory, and ethical framework.

When it comes to other assurance engagements, we follow the same process that we use for auditing. We start by planning and performing the necessary work, and then we report on our findings. We do this by the agreed terms of reference and the legal, regulatory, and ethical framework.

Other assurance engagements can include reviews of financial statements, internal controls, or compliance with laws and regulations. We use the same skills and techniques that we use for auditing when conducting these engagements. However, our focus is on providing a report that meets the specific needs of the client.

As with all of our work, we strive to provide accurate and timely information that helps clients make sound decisions. We understand that each client has unique needs, so we tailor our communication to meet those needs. We also provide supporting documentation and explanations to help readers better understand our findings.

We take our responsibilities seriously and continuously strive to provide quality assurance services. By working together, we can help ensure that businesses are run in a way that is efficient, effective, and compliant with all applicable laws and regulations.

Assignment Brief 10: Undertake audit and assurance engagements concerning the best practices and developments in Corporate Governance and their application to clients’ processes.

A key part of an audit is ensuring that the company’s financial statements are free from material misstatements, regardless of the cause. This requires applying professional skepticism throughout the audit, which includes considering the likelihood of fraud.

The auditor should also have a good understanding of the client’s business and industry, as well as changes in the regulatory environment and accounting standards that may impact the client. In addition, auditors should keep up to date with current best practices and developments in corporate governance and their application to clients’ processes and controls.

By staying up to date on these developments, we can provide our clients with the best possible service. We also share our knowledge and experience with clients so that they can improve their overall operations. By working together, we can help ensure that businesses are run in a way that is efficient, effective, and compliant with all applicable laws and regulations.

Assignment Brief 11: Appraise issues and developments relating to auditing, including audit expectations and developments in the regulation of audits.

The auditing profession has come under scrutiny in recent years, as a result of high-profile accounting scandals such as the Enron and WorldCom bankruptcies. In response to these scandals, regulators have put into place new rules and regulations governing the auditing process.

One of the most significant developments in this area has been the passage of the Sarbanes-Oxley Act in 2002. This act introduced several new requirements for publicly traded companies, including mandatory audit firm rotation and increased auditor independence. The act also created the Public Company Accounting Oversight Board (PCAOB) to regulate the auditing profession.

In addition to these regulatory changes, there have been several other developments in the auditing profession in recent years. These include new guidance from the Auditing Standards Board (ASB) on risk assessment and auditor independence, as well as a renewed focus on audit quality by the profession’s governing bodies.

All of these developments have had an impact on the way we conduct our audits. We make sure to keep up to date on all of the latest changes so that we can provide our clients with the best possible service. We also share our knowledge and experience with clients so that they can improve their overall operations. By working together, we can help ensure that businesses are run in a way that is efficient, effective, and compliant with all applicable laws and regulations.

Assignment Brief 12: Demonstrate an ability to work within a professional and ethical framework.

When it comes to working within a professional and ethical framework, one of the most important things to remember is to always put the client first. This means keeping their best interests in mind at all times, and not letting personal feelings or biases get in the way of providing them with quality service.

Another key factor is maintaining confidentiality. This means sharing information only with those who need to know, and taking steps to protect sensitive data from being accessed or disclosed without authorization. Finally, it’s important to be honest with clients at all times, even if the news isn’t what they want to hear. Building trust is key in any relationship, and clients will appreciate knowing that they can count on you to always tell them the truth.

By following these principles, we can ensure that we always act professionally and ethically. This benefits not only our clients but also the profession as a whole. When the public has confidence in the integrity of those working in the profession, it helps to maintain its positive image and reputation.

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