Accounting Standards and Auditing Techniques - amazonia.fiocruz.br

Accounting Standards and Auditing Techniques - have

Audit sampling is the application of an audit procedure to less than percent of the items within an account balance or class of transactions for the purpose of evaluating some characteristic of the balance or class. Financial audit planning involves developing a strategy for conducting an audit of financial statements. When planning a particular sample for a test of the internal controls financial auditor should consider: - The relationship of the sample to the relevant audit objective, - Tolerable misstatement, - The auditor's allowable risk of incorrect acceptance, - Characteristics of the population, that is, the items comprising the account balance or class of transactions of interest. When planning a particular sample, the auditor should consider the specific audit objective to be achieved and should determine that the audit procedure, or combination of procedures, to be applied will achieve the internal control testing objective. The auditor should determine that the population from which he draws the sample is appropriate for the specific susbstantive testing audit objective. The attendees will learn how apply this standard within the internal control testing. Follow the below links for further detail information:. Seminar Highlights. Accounting Standards and Auditing Techniques.

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ASA includes the standards in the earlier auditing standards. Additionally, it includes areas of risk misstatement due to changes in economic, accounting, regulatory, industry among other developments. The usefulness of ASA in informing shareholders was outlined and recommendations made. These reports provide information to satisfy the common information needs of users who are unable to command the preparation of Stamdards tailored to their particular information needs SAC 2, pp. Users such as Accounting Standards and Auditing Techniques banks and tax authorities have the authority to obtain entities financial information to meet their needs SAC 2, PP. Such entities do not depend on the general information served to other groups. Both business and non-business entities operating in the public or private sectors prepare general purpose financial reports.

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They include economic, administrative, or legal entities such as statutory authorities, government departments, sole proprietorships, partnerships, superannuation plans, investor-owned entities, such as companies and unit trusts, mutual co-operative entities such as credit unions, and human service entities such as professional association and churches SAC 2, pp. Financial Accounting Standards and Auditing Techniques entails the creation of financial statements and accompanying financial and other details SAC 2, pp.

A reporting entity communicates its financial information to users through financial reports such as financial statements, supplementary schedules, notes and explanatory materials to be read with the financial statements SAC Technniques, pp. Users of financial reports may also satisfy their information needs by obtaining information by consulting other sources such as third parties.

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