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AUDIT: An
Auditing Defined
Overview
Types of Audits
Inherent Limitations
General Principles
Theoretical framework
1-1
Auditing
Types of Audit
(FOC)
Financial
Statement
Audit
Operational Audit
Compliance Audit
1-3
Types of Auditors
(GIE)
Government Auditor
Internal Auditor
External Auditor
1-4
Independent FS
Audit
Responsibility for the
Financial Statements
- The management is responsible
in the design, implementation
and maintenance of internal
control.
1-5
Independent FS
Audit
Assurance provided by
the auditor
- Reasonable Assurance/ Highlevel of assurance/ Increased
assurance.
1-6
1.
2.
3.
4.
5.
Inherent
Sampling Risk/ Use of Testing
Limitations
(SIREN)
Inherent Limitations on the clients
accounting and internal control
systems.
Reliance on Managements
Representation
Error in application of Judgment
Nature of evidence
1-7
General Principles
General Principles
1-9
General Principles
General Principles
General Principles
Attitude of Professional
Skepticism
- Auditor neither assumes that
the management is honest nor
assumes unquestioned
honesty.
1-12
1.
2.
3.
4.
Need for an
Independent FS Audit
Financial Consequences
(FIRE)
Theoretical Framework
of Auditing
Audit function operates on the
assumptions that all financial data
are verifiable.
Theoretical Framework
of Auditing
Theoretical Framework
of Auditing
Theoretical Framework
of Auditing
An audit benefits the
public.
1-17
END
1-18