ASSURANCE AND ATTESTATION
2011/2012, Semester 1
School of Business (Accounting)
Modular Credits: 4
This module provides the knowledge and understanding of the audit process required by assurance and attestation engagements. It aims to ensure students acquire the necessary attitude, skills, and knowledge for a career in auditing, in the accounting profession or in business management.
8 Aug 2011
1 & 2
Regulatory framework relating to public accountants and auditors
Code of Ethics & Conduct
15 Aug 2011
Appointment of auditors for statutory audit
Professional clearance procedures
Audit Planning (I):
Obtaining an understanding of entity’s business and internal controls
Preliminary analytical procedures
Audit risk assessment
22 Aug 2011
Audit Planning (II):
Materiality level and sampling
Audit strategy and approach
Audit of Property, Plant & Equipment
29 Aug 2011
Audit of Sale
Audit of Purchases
5 Sept 2011
Audit of Inventory (I)
Audit of Inventory (II)
12 Sept 2011
Case Presentation: Sales & Purchases
Audit of Wages
26 Sept 2011
Case Presentation: Inventories
Audit of Accounts Receivable
3 Oct 2011
Case Presentation: Wages
Audit of Accounts Payable
10 Oct 2011
Case Presentation: Accounts Receivable
Audit of Cash & Bank
17 Oct 2011
Case Presentation: Accounts Payable
Audit closeout procedures, going concern audit, post-balance sheet events, representation letter
24 Oct 2011
Case Presentation: Cash & Bank Audit
31 Oct 2011
Case Presentation: Closeout Procedures
Case Presentation: Audit Report
7 Nov 2011
23 Nov 2011 9am
Course Overall Review
More details would be announced later.
Instructions on Class Presentations
Groups would be assigned a specific tutorial one week in advance.
A written submission is required for each group assigned to a tutorial. A maximum of 6 pages A4 paper (font size 11) is required. Marks would be deducted for writing more than necessary required to answer the questions.
The written submission is to be email to email@example.com by the preceding Saturday 2359 hours.
Each member must play a role in presenting the tutorial. Each member’s presentation is limited to a maximum of 10 minutes.
The evaluation criteria focus on substance instead of form:
Specific application of technical knowledge to the situation in the case
Clear and logical presentation
Ability to handle questions
The presentation must be consistent with the written submission. Any inconsistencies, e.g. adding of materials in the presentation that are not in the written submission, will be penalised.
The powerpoint presentation handout can be submitted on the day of presentation.
Any intention to make a submission for peer review should be made as soon as possible. The last date where such a submission may be made is 3 November 2011. Submissions beyond this date will not be entertained.
Case Presentation: 10%
Group Project: 20%
Class Participation: 10%
Students who have passed FNA3121 are not allowed to take ACC3603.