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Fundamental Auditing Concepts

Fundamental Auditing Concepts. Fundamental Auditing Concepts. Materiality Evidence Independence Audit risk IS and general audit responsibilities for fraud Assurance. Materiality Concepts for Auditing Information Systems (G6). Background Linkage to Standards Need for Guidelines

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Fundamental Auditing Concepts

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  1. Fundamental Auditing Concepts

  2. Fundamental Auditing Concepts • Materiality • Evidence • Independence • Audit risk • IS and general audit responsibilities for fraud • Assurance

  3. Materiality Concepts for Auditing Information Systems (G6) • Background • Linkage to Standards • Need for Guidelines • Assessing Materiality • Assessing Materiality • Indentifying Reportable Issues • Identifying Reportable Issues

  4. Audit Evidence Requirement (G2) • Background • Linkage to Standards • Need for Guideline • Planning • Performance of Audit Work • Reporting

  5. Planning • Types of Audit Evidence • Availability of Audit Evidence • Selection of Audit Evidence

  6. Performance of Audit Work • Nature of Audit Evidence • Gathering Audit Evidence • Audit Documentation

  7. Reporting • Restriction of Scope

  8. Organisational Relationship and Independence (G12) • Background • Attitute • Planning • Staffing • Prioritised Audit Plan • Performance of Audit Work • Organisation • Gathering Information • Control Evaluation • Effect of Reporting

  9. Effect of Nonaudit Role on the IS Auditor's Independence (G17) • Background • Audit Charter - Terms of Non audit Involvement of IS Auditors • Independence • Relevance of Independence in Nonaudit Roles • Effect of Nonaudit Roles on Subsequent Audits • Planning - Effect on Independence • Performing of Audit Work - Monitoring the Conduct of Audit • Reporting Requirement

  10. Risk Categorized • Inherent risk • Control risk • Detection risk • Overall audit risk

  11. Audit Considerations for Irregularities (G9) • Background • Audit Charter - Responsibilities • Competence - Fraud Awareness • Planning - risk assessment • Performance of Audit Work • Effect of Finding Irregularities • Effect of Finding Indicators of Irregularities • Legal Considerations • Reporting • Internal Reporting • External Reporting • Restriction of Audit Scope

  12. Irregularities and Illegal Acts (G19) • Background • Definitions • Responsibility of Management and The IS Auditor • When Irregularities or Illegal Acts are Detected • Reporting

  13. Definitions • Irregularities and Illegal Acts • Dependence on Legal Judgment

  14. Responsibility of Management and The IS Auditor • Management • IS Auditor • Planning the Engagement • Engagement Procedures • Evaluating the Results of Engagement Procedures

  15. When Irregularities or Illegal Acts are Detected • Responding to Possible Illegal Acts • Procedures to be Performed • Management

  16. Reporting • Reporting Irregularities and Illegal Acts • Reports to Management • Report to Third Parties

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