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M1 Assurance service framework

A Page No. SAT

Audit of financial information 1.7

Assurance engagement other than Audit

4

1.7

Australian auditing and assurance standards boards (AUASB) 1.8

Australian Standard on Auditing (ASA) Q1.1

Absolute assurance absolute assurance? Q1.2

Assertion-based engagement ( assertion user)

Direct-reporting engagement( user)

Q1.4

Assurance engagement risk 1.18 M1Case1.2

1.inherent risk 1.18

2.control risk 1.18

3.dedection risk 1.18

Assurance report 1.20

1.reasonable assurance: IC 1.202.Limited assurance: IC 1.20

absolute assurance, Q1.6

Appointment: auditor safeguard 1.37

Auditor-General 1.53

Overall Audit approach M7Case10a

Audit approach on AR M7Case

10b

B

C

Suitable criteria

5

:

fin-statement assurance

IAS 1.14

1.relevance 2.completeness 3.reliability 4.neutrality

5.understandability

1.15

corporate governance assurance criteria 1.15 Q1.5

Establish criteria 1.24

Code of ethic by International Ethic Standard Board for Accountant 1.32

Code of Ethic Fundamental Principle 5 1.36 M1Case1.6

Custody of client assets 1.40

Conflicts of interests 2 1.38

Conceptual framework approach to independence: 1.41

1.independence in mind 1.41

2.independence in appearance 1.41

create honesty and ethical behaviour 3 Q7.3

D

E

Elements of an assurance engagement 5 1.11

Evidence-gathering procedures Nature timing and

extent

1.19

1.reasonable assurance absolute assurance 1.19

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2.limited assurance client inquire 1.19

Engagement performance 1.48

1.engagement support materials 1.48

2.supervision and review process 1.48 Q1.12

review

3.consulation 1.484.engagement quality control review 1.48

Ethical considerations: Threats Safeguard

1) audit fee; 2) CEO; 3)

1.34/6.10 M1Case1.6

M6Case Part2

Audit evidence: quality and quantity 1.17

F

Engagement circumstances 1.10

Financial statement audit 5 1.21

1.3 party relationship: Practitioner, Responsible party, Intended User 1.21

2.Subjet matter 1.21

3.suitable criteria () 1.214.sufficient audit evidence: evidence 1.22

5.written assurance report 1.22

Fees and other type of remuneration 1.39

G

Gifts and hospitality 1.40

H

Human resource 1.48

I

Structure of ISA 1.5

International auditing and assurance standards boards (IAASB) 1.5International Standards on Auditing (ISA) 1.5 Q1.1

Internal Control audit: Effective IC, IC structure 1.25 M1Case1.3

IC by COSO 1.27

IC1effectiveness and efficiency 2)reliability 3)compliance 1.27

IC 5 component 1.27

1.control environment 2. Risk assessment 3.control activities 4.info

and communication 5.monitoring

1.27

IC limitation 1.29

Independence requirements 1.42

Independence 1.40

acc firm independence quality control

Q1.9

existing client audit? 1.47 Q1.11

J

Audit judgement example 1.23 Q1.7

L

Limited assurance engagement:

reasonable assurance

1.10

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M

Materiality 1.17

Marketing professional service 1.40

Elements on Quality Control and Independence Monitoring Process 1.50

Quality peer review Q1.13

N

Nature timing and extent of evidence-gathering procedures 1.19

O

P

Preamble to Australian auditing standards: 1.9

Practitioner, responsible party and intended users 1.12

Professional Scepticism 1.16/7.10 Q7.4

M7Case3

Public sector perspective 1.51

Instruments on Public Expenditures Control 1.51

Q

Quality control report auditor independence 1.44Quality controls elements 1.45

Quality control 1.46

Quality Q1.10

R

Review of financial information 1.7

Related services 4 1.7

Responsible party: audit fin statement audit

responsible party BOD

Q1.8

Reasonable assurance engagement:, fin

statement assurance

1.10

Risk Management 1.30

Risk Management Objective by CSCO 4 1.31

Risk Management Components 8 1.31

S

Subject matters ( 5) 1.13

Suitable criteria 5: fin-statement assurance IAS 1.14

1.relevance 2.completeness 3.reliability 4.neutrality

5.understandability

1.15

Sufficient appropriate evidence 1.16

Safeguard 1.35

1.Safeguard by Profession, Legislation and regulation 1.35

2.Safeguard by work environment 1.35

Second Opinion 1.39

T

Type of assurance engagements: reasonable Vs limited 1.10

Ethical considerations: Threats Safeguard

1) audit fee; 2) CEO; 3)

1.34/6.10 M1Case1.6

M6Case Part2

Treasurer 1.52

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U

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Formulas

Engagement1assurance engagement 2)related service

Assurance engagement1reasonable assurance engagement 2)limited assurance engagement

Audit report: