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    Acc3603 S1

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    ACC 3603 - Assurance and Attestation - Course Outline. Regulatory framework relating to public accountants and auditors Singapore Accountants Act and Code of Professional Ethics Role of Accounting and Corporate Regulatory Authority (acra) Role of the Institute of Certified Public Accountants of Singapore (icpas) Objectives of audit Code of Ethics - Professional clearance procedures Engagement letter.

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    Acc3603 S1

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    ACC 3603 - Assurance and Attestation - Course Outline. Regulatory framework relating to public accountants and auditors Singapore Accountants Act and Code of Professional Ethics Role of Accounting and Corporate Regulatory Authority (acra) Role of the Institute of Certified Public Accountants of Singapore (icpas) Objectives of audit Code of Ethics - Professional clearance procedures Engagement letter.

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    ACC 3603 - Assurance and Attestation - Course Outline. Regulatory framework relating to public accountants and auditors Singapore Accountants Act and Code of Professional Ethics Role of Accounting and Corporate Regulatory Authority (acra) Role of the Institute of Certified Public Accountants of Singapore (icpas) Objectives of audit Code of Ethics - Professional clearance procedures Engagement letter.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    84 views5 pages

    Acc3603 S1

    Uploaded by

    Hort Try
    ACC 3603 - Assurance and Attestation - Course Outline. Regulatory framework relating to public accountants and auditors Singapore Accountants Act and Code of Professional Ethics Role of Accounting and Corporate Regulatory Authority (acra) Role of the Institute of Certified Public Accountants of Singapore (icpas) Objectives of audit Code of Ethics - Professional clearance procedures Engagement letter.

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    of 5

    ACC 3603 – Assurance and Attestation  

    Assurance and Attestation – Course Outline 

    1. Regulatory framework relating to public accountants and auditors 

    • Singapore Accountants Act and Code of Professional Ethics 

    • Role of Accounting & Corporate Regulatory Authority (ACRA) 

    • Role of the Institute of Certified Public Accountants of Singapore (ICPAS) 

    2. Appointment of auditors for statutory audit 

    • Companies Act – responsibilities of directors 

    • Companies Act – responsibilities and rights of auditors 

    • Objectives of audit 

    • Code of Ethics ‐ Professional clearance procedures 

    • Engagement letter 

    3. Audit Planning 

    • Obtaining an understanding of entity’s business and internal controls 

    • Preliminary analytical procedures 

    • Audit risk assessment 

    • Materiality level and sampling 

    • Computer assisted audit techniques 

    • Audit strategy and approach 

    ___________________________________________________________________
    1 
     
    ACC 3603 – Assurance and Attestation  

    4. Auditing revenue 

    • Revenue business processes and accounting procedures 

    • Risk of misstatements in revenue accounting 

    • Audit procedures/tests on revenue 

    • Test of controls 

    • Substantive procedures –  

    o Test of details (TOD) 

    o Substantive analytical procedures 

    5. Auditing Purchases 

    • Purchases business processes and accounting procedures 

    • Risk of misstatements in purchases accounting 

    • Audit procedures/tests on purchases 

    • Test of controls 

    • Substantive procedures ‐ Test of details (TOD) 

    6. Auditing Payroll/Wages 

    • Payroll business processes and accounting procedures 

    • Risk of misstatements in payroll accounting 

    • Audit procedures/tests on payroll 

    • Test of controls 

    • Substantive procedures ‐ Test of details (TOD) 

    ___________________________________________________________________
    2 
     
    ACC 3603 – Assurance and Attestation  

    7. Auditing Receivable 

    • Risk of misstatements in receivable accounting 

    • Audit procedures/test on receivable 

    • Direct confirmation/circularization as audit evidence 

    • Subsequent receipts as audit evidence 

    8. Auditing Payable 

    • Risk of misstatements in payable accounting 

    • Audit procedures/test on payable 

    • Search for unrecorded liabilities 

    9. Auditing Cash at Bank 

    • Bank confirmation as audit evidence 

    • Bank reconciliation audit 

    10. Auditing cash on hand 

    • Cash count as audit evidence 

    • Petty cash audit 

    11. Auditing Inventory 

    • Stock count as audit evidence 

    • NRV audit 

    • Auditing perpetual inventory system 

    • Relying on the work of internal auditors 

    ___________________________________________________________________
    3 
     
    ACC 3603 – Assurance and Attestation  

    12. Auditing property, plant and equipment 

    • Risk of misstatements in property, plant and equipment 

    • Acquisition cost audit 

    • Depreciation audit 

    • Property revaluation audit 

    • Relying on work of experts 

    13. Auditing other areas 

    • provision 

    • events after year end 

    • going concern 

    14. Audit closeout 

    • Review of misstatements detected 

    • Management representation as audit evidence 

    15. Audit reporting 

    • Management letter 

    • Audit report and audit opinion 

    ___________________________________________________________________
    4 
     
    ACC 3603 – Assurance and Attestation  

    Assessment method: 

    • Final exam – 60% 
    • Project  – 20% 
    • Class participation – 20% 
     

    Reading list: 

    • Principle of Auditing And Other Assurance Services – Whittington Pany – McGraw Hill 
    • Audit and Internal Review – Dr. Ernest Kan – CCH 
     

    ___________________________________________________________________
    5 
     

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