Applying and Assessing Professional Judgment CAS: 320, 540, 570, 620 6 The Going Concern Assumption Notes on Auditing the Going Concern Assumption Learning Objectives: Monday Identify and analyze the risks related to Going June 29 Auditing Considerations in an Concern Uncertain Economic Evaluate the going concern assumption and Environment (Auditing and determine how to adjust the audit strategy Assurance Bulletin, CPA Canada) Case: Great Lakes Cruises Case: Hamm Industries CW: Session 6 Slides 7 Midterm Exam (Covers Material from Sessions Monday July 6 8 Other Assurance Engagements Related to OCS: 8500, 8600, 9100 Financial Statements Monday Notes on Auditing A Small Reviews July 13 Business (Jones) Compilations Small Business Audits Due Diligence Engagements Minimize Risks (Cowperthwaite, 2013) Learning Objectives: Understand and analyze the risks associated with conducting compilations and reviews Case: Knopa’s Kaberet Understand the reviews and compilations standards and determine when engagements Case: Q Dots are appropriate Understand the audit issues and risks unique to Small Entities Other: Review Chapter 20, Arens Textbook Identify and analyze audit and control issues unique to Small Entities and develop CW: Session 8 Slides appropriate audit strategy to address those issues
6 Monday June 29 Applying and Assessing Professional Judgment The Going Concern Assumption Learning Objectives: Identify and analyze the risks related to Going Concern Evaluate the going concern assumption and determine how to adjust the audit strategy CAS: 320, 540, 570, 620 Notes on Auditing the Going Concern Assumption Auditing Considerations in an Uncertain Economic Environment (Auditing and Assurance Bulletin, CPA Canada) Case: Great Lakes Cruises Case: Hamm Industries CW: Session 6 Slides 7 Monday July 6 Midterm Exam (Covers Material from Sessions 8 Monday July 13 Other Assurance Engagements Related to Financial Statements Reviews Compilations Small Business Audits Due Diligence Engagements Learning Objectives: Understand and analyze the risks associated with conducting compilations and reviews Understand the reviews and compilations standards and determine when engagements are appropriate Understand the audit issues and risks unique to Small Entities Identify and analyze audit and control issues unique to Small Entities and develop appropriate audit strategy to address those issues OCS: 8500, 8600, 9100 Notes on Auditing A Small Business (Jones) Minimize Risks (Cowperthwaite, 2013) Case: Knopa’s Kaberet Case: Q Dots Other: Review Chapter 20, Arens Textbook CW: Session 8 Slides
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