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Importance of Auditing ►Importance of Auditing Information risk reflects the possibility that the information upon which the business risk decision was made was inaccurate. Auditing can have a significant effect on information risk. Page 3 ThiNganHang.com
Audit in a nutshell Reality Picture (= financial statements) Balance sheet Assets Liabilities Equity Process Existence Inherent Occurence Valuation Measurement Completeness Audit Rights & Obligations Risk Presentation & Disclosure Detection Control Page 4 ThiNganHang.com
The Four Phases Model Phase 1 Planning and Risk Identification ► Client Acceptance (prospective clients) and Continuance (existing clients). ► Understand the Client‘s Business ► Understand the IT Environment Complexity and determine if IT Professional Involvement is necessary. ► Identify Fraud Risks and Determine Responses ► Determine Materiality Page 5 ThiNganHang.com
The Four Phases Model Phase 2 Strategy and Risk Assessment ► Identify Significant Classes of Transactions and Related Applications ► Understand Flows of Transactions, WCGWs and Controls → internal control structures, procedures ► Perform Walkthroughs ► Make Combine Risk Assessment (CRA) Page 6 ThiNganHang.com
The Four Phases Model Phase 3 Execution: Testing and Evidence ► Design Test of Controls and substantive audit procedures ► Execute Test of Controls ► Execute Substantive Audit Procedures Page 7 ThiNganHang.com
The Four Phases Model Phase 4 Conclusion and Reporting ► Assess the conclusions drawn from audit evidence → Prepare Summary of Audit Differences ► Perform final audit procedures (e.g. legal letters, subsequent events, management representations letter). ► Prepare a Management Letter → internal communication ► Prepare the report → external communication Page 8 ThiNganHang.com
Roadmap Planning and Risk Strategy and Risk Execution Conclusion and Identification Assessment Reporting Client Acceptance and Continuance Design Tests of Identify Significant Controls Classes of Design Test of Prepare Summary of Transactions and Controls Audit Differences Related Applications Understand clients Business Understand Flows of Execute Test of Transactions, WCGWs Perform final audit Understand IT Controls procedures Environment and Controls Complexity and Determine IT Professional Involvement Design substantive Perform Walkthroughs Management Letter audit procedures Identify Fraud Risks and Determine Responses Make Combined Risk Execute Substantive Report Assessments Audit Procedures Determine PM, TE andDetermine Materiality SAD Nominal Amount Page 9 ThiNganHang.com
Component of Audit Risk Inherent risk Errors likely to occur In client’s financial statements Control risk Errors that bypass controls Errors not detected by controls Detection risk Errors caught by auditor Audit risk Errors undetected by auditor Page 2 ThiNganHang.com
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