Week 03 Class 04 - Audit Risk, Materiality, & Audit Strategy

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School
University of Waterloo **We aren't endorsed by this school
Course
AFM 451
Subject
Accounting
Date
Oct 19, 2023
Pages
35
Uploaded by CoachSnake748 on coursehero.com
AFM 451 Audit Strategy B Sior 53 3 L J?' 3 \ 3 el > 2 ';&"'"}' \":'t'_' o A ,'A.. R - - | 4 » ] e ) i ey AT AR AN P NAR | WP E . - : 5 . N Week 03 Class 04 BECRERP{ZES llllllll Cognitive Biases, Audit Risk, & Materiality W UNIVERSITY OF | o-in61 OF ACCOUNTING @ WAT E R Loo AND FINANCE
Course Timeline ® Sep 06 (Wed) Intro. to Assurance & Surprise class activity Evaluations @ 5sep 18 (Mon) Cognitive Biases, Audit Risk, & Materiality @ Ssep 20 (Wed) Magt. Assertions & Audit Problem Solving Model @ Oct 02 (Mon) Evidence Gathering & Audit Sampling Oct 04 (Wed) Big Data Project Q&A; Final Group Project Evaluations @ Oct 23 (Mon) Environmental, Social, & Corporate Governance | Oct 25 (Wed) Environmental, Social, & Corporate Governance Il Evaluations ' Nov 06 (Mon) Key Risks, Controls, & Audit Procedures (Purch.) Nov 08 (Wed) Case Study Set 01 Prsntn,, Discussion, & Critique Evaluations Nov 20 (Mon) Key Risks, Controls, & Audit Procedures (Prod. / Payroll) Nov 22 (Wed) Case Study Set 03 Prsntn,, Discussion, & Critique Evaluations ' Dec 04 (Mon) Final Group Project Q&A by Groups Homework # 01 . Evaluations Homework # 03 Homework # 05 Homework # 07, Big Data Analytics Homework # 08, Case Study Set 01, ESG Assignment Homework # 10, Case Study Set 03, Comp. Homework @ cvaluations Final Group Project by 11:59 pm of Dec 10 01 02 03 04 05 06 07 08 09 10 11 12 13 o Sep 11 (Mon) Key Concepts, Standards, Audit Types & Relevant Skills Sep 13 (Wed) Demand for assurance, Minnis Paper, Governance Evaluations Homework # 02 ' Sep 25 (Mon) Information Process/Flow and Internal Controls Sep 27 (Wed) Linking Internal Controls to Risk of Mat. Misstatements Evaluations Homework # 04 ' Oct 16 (Mon) Test of Controls & Substantive Testing @ Oct 18 (Wed) Working Session for the Big Data Project ' Evaluations Homework # 06 o Oct 30 (Mon) Key Risks, Controls, & Audit Procedures (Revenues) Nov 01 (Wed) Using the Work of Others & Misc. Topics Evaluations Midterm Exam Nov 1(7 PM to 8:30 PM) ® Nov 13 (Mon) Key Risks, Controls, & Audit Procedures (Inventory) Nov 15 (Wed) Case Study Set 02 Prsntn., Discussion, & Critique Evaluations Homework # 09, Case Study Set 02 o Nov 27 (Mon) Completing the Audit Audit Report & Opinions Nov 29 (Wed) Case Study Set 04 Prsntn., Discussion, & Critique Evaluations Homework # 11, Case Study Set 03
Learning Outcomes 1. Explain in your own words why audits are valued In different situations and demanded by various stakeholders 3. Use the Audit Problem Solving (APS) model to evaluate how different business processes and information flows impact the audit process SCHOOL OF ACCOUNTING 2 | AFM451 Audit Strategy & FINANCE Fall 2023 Today's Agenda Cognitive biases and mental traps Risks and its types Understand the nature, importance, components, and application of the audit risk model Understand materiality and how it relates to F/S risks & audit planning 2 WATERLOO
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