![]() Officer (Internal Audit-BSRM) 06.Īudit risk- Inherent risk, Control risk, Detection risk Steps to identifying and assessing the risks Significant risksħ.01 7.02 7.03 7.04 7.05 7.06 7.07 7.08 7.09 7.10 7.11 7.12Īudit evidence Tests of controls Substantive procedures Sufficient appropriate audit evidence Procedures for obtaining Audit evidence Audit of Accounting Estimates Audit sampling Statistical sampling Non-statistical sampling Management Representation Management representation as assurance evidence When management representation is requiredĨ.01 8.02 8.03 8.04 8.05 8.06 8.07 8.08 8.09 8.10ĭocumentation Purpose of documentation The form and content of working Papers are affected by matters such as: The form and contents of Audit working Paper Contents of Permanent Audit files Contents of current file Safe custody, retention, ownership and right of access to documentation Importance of confidentiality: Security procedures to prevent accidental disclosure of information: Where an auditor can disclose information acquired in the course of professional work:Ĭontent of the audit report Unqualified report Qualified report Adverse report Disclaimer report Level of assurance and the expectations gap Internal audit: External Audit: Differences between internal and external Audit What does internal audit do?Įngagement Letter: What are the procedures for accepting new engagement? The purpose of an engagement letter is to: The form and remaining content of audit engagement letters are given below:ĥ.01 5.02 5.03 5.04 5.05 5.06 5.07 5.08 5.09 5.10Īudit Planning Audit strategy Why audit plan is significant? Define steps to develop an audit plan including risk assessment procedures, Understanding the entity –why,what,how Professional skepticism Analytical procedures Possible source of information about the client to perform analytical procedure Materially Tolerable errorĪssurance Hand Note Professional Stage-Knowledge Level By: Shafique Ahmed-Sr. Internal control System: Reasons for internal controls Limitations of internal controls Components of internal control: Audit committee Terms of audit committee function: Officer (Internal Audit-BSRM) CONTENTS OF ASSURANCE 01.ġ.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 1.12Īssurance Engagement: Key elements of an assurance engagement: Levels of assurance Objective of an Audit: True & Fair Why is assurance important? Why can assurance never be absolute? Professional ethics: Basic principle governing of an audit: Threats and safeguards: Suggestion to improve or safeguard against threat: ICAB Code Officer (Internal Audit-BSRM)Īssurance Hand Note Professional Stage-Knowledge Level By: Shafique Ahmed-Sr. Retrieved 6 November 2014.Assurance Hand Note Professional Stage-Knowledge Level By: Shafique Ahmed-Sr. ^ "ICAEW signs MoU with the Institute of Chartered Accountants of Bangladesh".^ "Members – Asia-Oceania Tax Consultants' Association –".^ "Seven BD entities win SAFA awards".^ "ICAB – A BRIEF OUTLINE (Regional Offices)".^ "FRC to safeguard common investors, says its chief". ![]() ^ "ICAB awards 24 entities for best financial reporting". ![]()
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