ACCY 330: Auditing Assignment Sample NZ

There is a lot of confusion in the accounting industry about what auditing means and how it’s done. In the business world, there is a huge difference between having audited financial statements and just having statements that have been prepared in accordance with generally accepted accounting principles.

When an outside auditor conducts an audit, he or she examines a company’s records in order to form an opinion about the fairness of the company’s financial statement presentation. Audits can be done by professionals who are members of the American Institute of Certified Public Accountants (AICPA) and state societies, such as New Zealand’s Institute of Chartered Accountants.

An audit may be required when a company sells products or services in overseas markets and needs to prepare financial statements according to international accounting standards. It can also provide assurance to lenders, investors, and other stakeholders that the financial statements are accurate.

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This course will increase your students’ knowledge and understanding of the subject. The following are some tasks that will be answered in this course:

Assignment Task 1: Explain and evaluate the purpose of auditing and the role of the auditor

The auditor’s primary role is to certify the accuracy of a company’s financial statements. Auditing lets the public have more faith in these companies, as they can purchase stocks and invest with confidence knowing that their accounts are audited and correct.

Auditing achieves this by carefully evaluating transactions and procedures for any risks, errors, or anomalies. Auditors then provide management with an evaluation of how well assets were managed throughout the year with special attention to cash flow relationships that may exist between related parties such as subsidiaries and affiliates (auditors make use of comparative analyses to identify such relationships). Analyzing reports generated by limited search methods (the most common being review) does not give sufficient evidence of reliability; additionally, it assumes responsibility for internal control has been given to management.

Assignment Task 2: Evaluate and apply professional standards and professional ethics

Professional standards are the framework a company follows to ensure that a standard of care is met by conducting work in a professional manner. Professionals should be able to consider all factors before rendering an opinion on the fairness of financial statements, and they should provide additional information when necessary or requested. For example, if management does not want their opinions changed upon further review, the auditor should consider this as a factor when rendering an opinion.

Professional standards include acting in a timely manner and reporting findings to management. This allows management to take corrective action before a company is audited again. Professionals should also engage in continued education and training after acquiring their license or certification, stay up-to-date on changes in the profession, and adhere to a code of ethics.

The AICPA’s Code of Professional Conduct includes five main principles:

1. Integrity: Accountants must maintain integrity in all professional and business activities. This includes being honest and forthright in dealings with others, avoiding conflicts of interest, and disclosing any potential ethical breaches.
2. Objectivity: Accountants must maintain objectivity in their professional judgment. For example, auditors are required to remain independent when conducting reviews or audits.
3. Due care: Accounting professionals must exercise due care when performing all aspects of their job, which includes understanding the applicable professional standards and adhering to them throughout all engagements.
4. Competence: Accounting professionals must perform only tasks that they are qualified to do; furthermore, they must take steps to stay up-to-date on changes in the profession and continuously improve their skills.
5. Courtesy: Accounting professionals should conduct themselves with courtesy when dealing with others by treating people fairly and taking responsibility for their actions (Ethics, 2014).

Assignment Task 3: Apply professional judgment in the areas of materiality, risk assessment, and audit evidence

Materiality

Materiality is the extent to which an item should be included in a financial statement based on its size and/or significance. Auditors make use of materiality as a starting point for their assessment of risk, but it is important to remember that materiality is subjective and only represents the auditor’s best guess as to what material items might exist.

Risk assessment

Auditors must be able to identify and assess risk within all areas of an organization. This is especially true for publicly traded companies, where legal requirements require auditors to render an opinion on the fairness of financial statements. Management’s responsibility is to provide sufficient information, while the auditor’s responsibility is to identify risks and draw conclusions.

Audit evidence

The auditor’s job is to find and document information that should be included in the financial statements; documentation of this evidence should be sufficient to support the opinion rendered by management. Evidence can come from many different sources, such as internal controls, confirmations with third parties, and physical observation (Auditing Standards Board of the American Institute of CPAs, 2013).

Professional judgment is critical in the areas of materiality, risk assessment, and audit evidence. Materiality is important because it helps auditors focus on the most important items within an organization. Risk assessment is necessary in order to identify which risks are the most significant and warrant further attention. And finally, audit evidence is necessary to support the auditor’s opinion on the financial statements. By exercising professional judgment in these areas, auditors can provide assurance to management and shareholders that financial statements are accurate and fair.

Assignment Task 4: Apply audit concepts and theory to the practice of auditing in the business world

Auditing is a process that can protect an organization’s objectives by ascertaining whether the company is following its own rules. For example, to prepare for an audit, management checks policies and procedures keep accurate records of their transactions, and makes sure they are not conducting illegal or unethical activities. Auditors do this kind of work by examining the policies, financial statements, and bank accounts these companies provide. They examine how managers have made decisions on spending money since they might have wrongfully gained value by selling stock after getting insider information about price fluctuation for instance.

It’s cheaper to prevent mistakes before they occur rather than to react after something has happened that damages your company’s integrity or reputation. A mistake could also lead to misreported income or a trading loss that in turn affects shareholder value. The auditor’s job is to find these mistakes, since they have been requested by management, and warn managers when the company may be in danger of committing illegal actions.

Audit work includes reviewing accounting systems, evaluating risk factors including decisions about transactions, estimating how well internal controls are functioning, and understanding the company’s business. The auditor also looks at management’s assertions about the financial statements, such as whether they have been prepared in accordance with Generally Accepted Accounting Principles (GAAP).

The goal of an audit is to provide assurance that the financial statements are accurate. The auditor achieves this by gathering evidence and evaluating it to see if it is credible. The evidence needs to be sufficient enough to provide a reasonable basis for an opinion about the financial statements.

Audit work doesn’t just cover financial records but also covers any other aspects of an organization that might affect its decisions or transactions, such as identifying data systems used by staff and reviewing how they are safeguarding sensitive information. These types of audits are an important part of managing risk for any organization.

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