Client Acceptance/Continuance Issues, Risk CAS: 240, 250, 260, 315, 320, 330, 2 Assessment and Managing Risk in the Audit 450, 500, 520 Engagement Evaluating Engagement Risk M&N Learning Objectives: (Jones) Monday Jan. 12 Analyze the factors underlying Keep the Skeptical Edge engagement risk assessment and apply (Cowperthwaite, 2011) to client acceptance/continuance issues O Enhancing Professional Skepticism Show the link between the client’s Friday (Auditing and Assurance Bulletin, strategic direction and identification of Jan 16 CPA Canada) significant audit risk Understand, analyze and identify the The Hidden Risk in Analytical motivations behind earnings Procedures: What WorldCom management Revealed ((Hitzig, 2004) Assess fraud risk and identify financial statement fraud and be able to develop How to Analyze an Assurance Case an audit strategy to address these risks and Prepare and Audit Planning Apply professional scepticism when in an Memo audit of the financial statements Identify and analyze the risks related to Risk and Audit Strategy Notes Related Party Transactions Develop an audit strategy and Notes on Auditing Related Party procedures for Related Party Transactions Transactions Case - Aerospace Lighting Case - Controls over Related Party Transactions at Scotiabank (Iacobelli) Group Activitiy – Related Party Transactions at Tyco CW: Session 2 Slides
2 M&N Monday Jan. 12 O Friday Jan 16 Client Acceptance/Continuance Issues, Risk Assessment and Managing Risk in the Audit Engagement Learning Objectives: Analyze the factors underlying engagement risk assessment and apply to client acceptance/continuance issues Show the link between the client’s strategic direction and identification of significant audit risk Understand, analyze and identify the motivations behind earnings management Assess fraud risk and identify financial statement fraud and be able to develop an audit strategy to address these risks Apply professional scepticism when in an audit of the financial statements Identify and analyze the risks related to Related Party Transactions Develop an audit strategy and procedures for Related Party Transactions CAS: 240, 250, 260, 315, 320, 330, 450, 500, 520 Evaluating Engagement Risk (Jones) Keep the Skeptical Edge (Cowperthwaite, 2011) Enhancing Professional Skepticism (Auditing and Assurance Bulletin, CPA Canada) The Hidden Risk in Analytical Procedures: What WorldCom Revealed ((Hitzig, 2004) How to Analyze an Assurance Case and Prepare and Audit Planning Memo Risk and Audit Strategy Notes Notes on Auditing Related Party Transactions Case - Aerospace Lighting Case - Controls over Related Party Transactions at Scotiabank (Iacobelli) Group Activitiy – Related Party Transactions at Tyco CW: Session 2 Slides
4553_W2015_outline_final.docx