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ACCT9010 Audit Practices (CPA) (Part 1 of 2) Assignment Sample MTU Ireland

ACCT9010 Audit Practices (CPA) (Part 1 of 2) is designed to provide students with an understanding of the audit process and its application to modern organizations. Audit practices, including risk assessment and response, are examined. Students will also be introduced to the use of information technology in the audit process. The course covers both theoretical and practical aspects of auditing.

The course will cover the nature, scope, and purpose of auditing; professional ethics; planning the audit engagement; obtaining an understanding of the client’s business and internal controls; assessing risk and developing a planned response; performing tests of controls and substantive procedures; evaluating and communicating results, and concluding the engagement. Throughout the course, students will apply their learning to real-world examples.

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

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

The legal, regulatory and ethical framework is important to the role of the auditor as it guides how the auditor should conduct themselves. The framework sets out the rules and regulations that the auditor must follow to perform their duties effectively. It also guides the ethical principles that the auditor should adhere to.

The legal and regulatory framework for auditors is set out in the Companies Act 2006. The act sets out the statutory requirements that must be met by auditors. These requirements include the need to maintain independence from the company being audited, and to carry out their work in a professional manner.

The ethical framework for auditors is set out in the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accounts (IESBA Code of Ethics). The code sets out the principles that all professional accountants should uphold. These principles include integrity, objectivity, professional competence and due care, confidentiality, and professional behavior.

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

Audit risks are the risks that the auditor will not be able to obtain sufficient appropriate evidence to support their opinion on the financial statements. There are three types of audit risk: inherent risk, control risk, and detection risk.

  • Inherent risk is the risk that material errors or fraud will occur in the financial statements regardless of the controls in place.
  • Control risk is the risk that the controls in place will not prevent or detect material errors or fraud.
  • Detection risk is the risk that the auditor will not be able to detect material errors or fraud.

The procedures undertaken at the planning stage to meet the objectives of the audit include:

  • Identifying and assessing risks: The auditor must identify and assess the risks of material error or fraud in the financial statements.
  • Developing a risk response: The auditor must develop a plan to respond to the risks identified. This plan will involve designing and performing audit procedures to mitigate the risks.
  • Evaluating results: The auditor must evaluate the results of their audit procedures and determine whether there is a need for further investigation.

Assignment Task 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.

Internal controls are the procedures and policies put in place by a company to ensure the accuracy and completeness of its financial statements. Financial reporting systems are the systems used by a company to prepare its financial statements. There are two types of internal control: preventive controls and detective controls.

  • Preventive controls are designed to prevent errors or fraud from occurring.
  • Detective controls are designed to detect errors or fraud that have already occurred.

Internal controls can be either manual or computerized. Manual internal controls are put in place by the company itself, whereas computerized internal controls are built into the software used by the company.

To design, evaluate and report on internal control and financial reporting systems, the auditor must first understand the client’s business and its environment. The auditor must then assess the risks of material error or fraud in the financial statements. Based on this assessment, the auditor will design audit procedures to test the internal controls and financial reporting systems. The auditor will then carry out these procedures and report on their findings.

If the auditor finds that the internal controls and financial reporting systems are effective, they will issue a clean opinion on the financial statements. If the auditor finds that the internal controls and financial reporting systems are not effective, they will issue a qualified or adverse opinion on the financial statements.

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

Computer-assisted auditing techniques (CAATs) are tools and techniques used by auditors to perform their audits. CAATs can be used for a variety of purposes, including risk assessment, testing of internal controls, and data analysis.

There are two types of CAATs: off-the-shelf software and custom-built software.

  • Off-the-shelf software is software that is commercially available and can be used by anyone.
  • Custom-built software is software that is specifically designed for a particular client.

CAATs can be used in both manual and computerized environments. In a manual environment, CAATs can be used to automate repetitive tasks, such as data entry. In a computerized environment, CAATs can be used to perform more sophisticated tasks, such as data analysis.

CAATs are an essential part of the auditor’s toolkit. They allow the auditor to perform their audit more efficiently and effectively.

Assignment Task 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 conducting an audit, the auditor must design and plan their audit testing techniques and procedures by International Standards on Auditing (ISAs) and International Standards on Quality Control (ISQCs). The auditor must also take into account other technical pronouncements related to auditing and assurance, such as the Code of Ethics for Professional Accountants.

The auditor must design and plan their audit testing techniques and procedures in a manner that is appropriate for the particular engagement. The auditor must consider the risks of material error or fraud in the financial statements, and design their audit procedures accordingly.

The auditor must then carry out their audit testing techniques and procedures by their plan. The auditor must document their findings and report on their conclusions.

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

The role of the internal audit is to assure the board of directors or shareholders that the company’s internal controls and financial reporting systems are effective. The internal audit function is independent of the business activities it audits.

The external auditor’s role is to express an opinion on the financial statements, based on their audit of the financial statements. The external auditor is not responsible for the internal controls or financial reporting systems of the company.

Both internal and external audits play an important role in ensuring the accuracy and fairness of the financial statements. However, there are some key differences between the two roles.

The main difference between the two roles is that the internal audit is independent of the business activities it audits, while the external auditor is not. This means that the internal audit function can provide a more objective assessment of the company’s internal controls and financial reporting systems.

Another difference is that the external auditor’s opinion on the financial statements is based on their audit of the financial statements. The external auditor does not have responsibility for the internal controls or financial reporting systems of the company.

Both internal and external audits are important in ensuring the accuracy and fairness of the financial statements. However, there are some key differences between the two roles.

Assignment Task 7: Conclude, having applied appropriate professional skills, skepticism, and judgment.

After completing their audit, the auditor must draw conclusions based on their findings. The auditor must exercise professional skill, scepticism, and judgment when concluding.

The auditor must first consider whether the financial statements are materially misstated. If the auditor finds that the financial statements are materially misstated, they will issue a qualified or adverse opinion on the financial statements.

If the auditor does not find any material misstatements, they will issue an unqualified opinion on the financial statements. This means that the financial statements are free from material error or fraud.

The auditor’s opinion assures shareholders and other users of the financial statements that the financial statements are prepared by generally accepted accounting principles and are free from material error or fraud.

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

The auditor must report their findings to shareholders, management, and other relevant parties in the course of providing audit and assurance services.

The auditor’s report is a formal document that sets out the auditor’s opinion on the financial statements. The report also includes a description of the audit procedures carried out by the auditor.

The auditor’s report is an important document that assures shareholders and other users of the financial statements that the financial statements are prepared by generally accepted accounting principles and are free from material error or fraud.

Assignment Task 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.

The auditor must plan and perform the necessary work to report on other assurance engagements. The auditor must agree on the terms of reference and the legal, regulatory, and ethical framework with the client before beginning the engagement.

Other assurance engagements that the auditor may be requested to perform include reviews of financial statements, internal controls, and compliance with laws and regulations.

The auditor must perform their work by generally accepted auditing standards. The auditor must also exercise professional skepticism when performing their work.

After completing the engagement, the auditor must report their findings to the client. The report should include a description of the work performed by the auditor and the auditor’s opinion on the financial statements or other assurance engagement.

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

The auditor must undertake audit and assurance engagements concerning the best practices and developments in corporate governance. The auditor must apply these best practices to their clients’ processes.

Some of the best practices in corporate governance include the following:

  • Establishing a code of conduct for employees
  • Implementing risk management procedures
  • Maintaining transparency in financial reporting
  • Providing independent oversight of the management of the company

These best practices are designed to promote ethical behavior and accountability within a company. They also help to protect shareholders’ interests.

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

Audit expectations and developments in the regulation of audits are currently changing as a result of new regulations being finalized by the Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB).

The FASB is a private, nonprofit organization that sets financial accounting and reporting standards for publicly traded companies in the United States. The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies. In May 2016, the PCAOB released new auditing standards for private companies that will go into effect in 2019.

These new auditing standards place greater emphasis on management’s responsibility to establish and maintain effective internal control over financial reporting. Management will now be required to assess and test their internal control over financial reporting on an ongoing basis. These new requirements will place a greater burden on management, but will also provide investors with more assurance that the financial statements are free from material error or fraud.

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

The auditor must work within a professional and ethical framework. The auditor must adhere to the code of conduct set forth by the Institute of Chartered Accountants in England and Wales (ICAEW).

The ICAEW is a professional body for chartered accountants in England and Wales. The ICAEW’s code of conduct sets out the minimum standards of professional behavior that all members must adhere to.

The code of conduct requires members to act with honesty, integrity, and objectivity. Members must also use their skills and judgment to the best of their ability. They must avoid conflicts of interest and disclose any material interests they have in a client’s business.

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