Introduction to Auditing and International Auditing Standards

Description

After completing D0R92A Introduction to Auditing, students will be able to: Explain what triggers the need for financial statement auditing in the economy and for society Describe the basics of the financial statement audit process Describe the major audit objectives Describe the key concepts of audit process planning: materiality and audit risk Describe different types of audit opinions and their limitations Discuss the basic characteristics of the auditing profession in Belgium and in an international setting After completing D0N76a International Auditing Standards, students will be able to: Describe the quality control procedures necessary to ensure that a competent audit or review engagement is performed Discuss the overall objectives of an audit and the prerequisites to meet these objectives Describe the process to accept/continue with an audit engagement and explain the importance/content of an audit engagement letter Describe the purposes and contents of good audit documentation Discuss the nature and importance of the communication process with those charged with governance Understand the audit and assurance process, beginning with gaining an understanding of the client and its associated business risks, followed by the assessment of controls to manage, mitigate or share those risks, followed again by the development of an audit program of tests of control and substantive tests and ending in the communication of the results to the shareholders Discuss auditors’ and directors’ responsibilities for the detection of fraud and identify the fraud risk factors in an engagement. Differentiate between different audit tests and procedures, know when they are appropriate and what factors might influence their quality Understand the use and importance of management representation letters Describe the auditor’s responsibilities when facts are discovered after the issuance of the audit report. Point out what is required in using the work of internal auditors/experts and understand the auditor’s responsibility in using their work Distinguish between the different types of opinions given in audit reports and describe/recognize the circumstances which may result in modified audit opinions