Week 1 - Introduction to Audit

What is an assurance engagement

What are the 6 most common assurance services?

What are the 3 levels of assurance?

What are the two types of audit opinions?

What is an unmodified/unqualified opinion?

What is a modified opinion?

What 5 attributes should finanical reports have and who is responsible for prerparing this information?

What responsibilities do auditors have?

What is Professional skepticism??

What is Professional judgement?

What is due care?

Who demands audit & assurance services?

Why do people demand audit & assurance services? (4)

What 3 hypothesis explain the demand for audit/assurance services?

Who are the 8 regulalators in relation to audit

What does the FRC (Financial Reporting Council) do?

What does the AUASB (Auditing & Assurance Standards Board) do?

What does the International Auditing & Assurance Board do?

What does the APESB ( Accounting Professional & Ethical Standards Board) do?

What does ASIC do?

What does the ASX do?

What does CALDB (Companies, Auditors & Liqudators Disciplany Board) do?

What are rofessional bodies (CPA, ICAA & NIA)?

What regulation is concerned with auditing

What is an audit expectation gap?

How can the expectation gap be minimised?