Auditing at Universität St. Gallen | Flashcards & Summaries

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Lernmaterialien für Auditing an der Universität St. Gallen

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen Auditing Kurs an der Universität St. Gallen zu.

TESTE DEIN WISSEN
What is an auditing?

Lösung anzeigen
TESTE DEIN WISSEN
The accumulation and evaluation of evidence about
information to determine and report on the degree
of correspondence between the information and
established criteria.

Moreover, it is usually performed by a competent, independent person



week 1
Lösung ausblenden
TESTE DEIN WISSEN
What is the difference between accounting and auditing?
Lösung anzeigen
TESTE DEIN WISSEN
Accounting is the recording, classifying and summarizing of economic events in a logical manner for the purpose of providing financial information for decision-making


Auditing
Auditors focus on determine whether recorded information properly reflects the economic events that occured during the accounting period 


week 1
Lösung ausblenden
TESTE DEIN WISSEN
What is the difference between internal and external audit? 
Lösung anzeigen
TESTE DEIN WISSEN
Internal audit is more operational and less focused on process but rather on actual events, it is designed to add value and improve the operations. Internal auditors are responsible to the boards


instead, external audits have a similar modus operandi. However, external auditors are responsible to the users of the financial statements.


The audit committee should form its own opinion on the quality of internal and external audit, the internal control system and the annual financial statements.
Lösung ausblenden
TESTE DEIN WISSEN
What are the responsibilities for auditor and management?
Lösung anzeigen
TESTE DEIN WISSEN
Management
-preparation of financial statements in accordance with applicable accounting frameworks
- integrity and fairness of the representation (assertions) in the financial statements. Presentations and diclosures
- certification of the financial statements submitted to the SEC
       -  financial statements fully comply with the requirements
       - information are fairly presented, in all material respects
- internal control
 establishing and maintains internal controls that provide reasonable, nut not absolute, assurance that the financial statements are fairly stated
- publicly report on the operating effectiveness of controls





Auditor
- expression of an opinion based on the evaluation of the annual report
- plan and execute the audit in the manner, that material misstatements can be detected with reasonable assurance
-  conduct audit with adequate skepticism
 - errors or fraud may lead to material misstatements: hereby one differentiates between:
           - errros: unintentional misstatements of the financial statements not criminally relevant misstatement s or omissions
          - fraud: intentional, criminally relevance acts or omissions, committed by members of the management, employees or third parties
                     - fraudulent fincial reporting, i.e. management fraud
                     - misappropriation of assets i.e. management and employee fraud
- internal control
     - obtain understanding of internal control
     - express an opinion on controls
 
       
Lösung ausblenden
TESTE DEIN WISSEN
What are an auditor’s responsabilities
Lösung anzeigen
TESTE DEIN WISSEN
Auditor
- expression of an opinion based on the evaluation of the annual report
- plan and execute the audit in the manner, that material misstatements can be detected with reasonable assurance -  conduct audit with adequate skepticism - errors or fraud may lead to material misstatements: hereby one differentiates between:
           - errros: unintentional misstatements of the financial statements not criminally relevant misstatement s or omissions
          - fraud: intentional, criminally relevance acts or omissions, committed by members of the management, employees or third parties
                     - fraudulent fincial reporting, i.e. management fraud
                     - misappropriation of assets i.e. management and employee fraud
- internal control
     - obtain understanding of internal control
     - express an opinion on controls
 
       
Lösung ausblenden
TESTE DEIN WISSEN
What are the management‘s responsibilities? 
Lösung anzeigen
TESTE DEIN WISSEN
Management
-preparation of financial statements in accordance with applicable accounting frameworks
- integrity and fairness of the representation (assertions) in the financial statements. Presentations and diclosures
- certification of the financial statements submitted to the SEC
       -  financial statements fully comply with the requirements
       - information are fairly presented, in all material respects
- internal control
 establishing and maintains internal controls that provide reasonable, nut not absolute, assurance that the financial statements are fairly stated
- publicly report on the operating effectiveness of controls

Lösung ausblenden
TESTE DEIN WISSEN
What are the benefits of an audit?
Lösung anzeigen
TESTE DEIN WISSEN
- enhancing the reliance in the financial statements for stakeholders and investors
- audit is an important condition for well functioning market
- by supervising financial information, the decision-makers’ uncertainty is reduced
-reduced uncertaintly gives lower transaction costs and consequently increases the efficiency<
- protecting the interest of shareholders that might differ form the managers’ objectives

Lösung ausblenden
TESTE DEIN WISSEN
how should form an audit committee?
Lösung anzeigen
TESTE DEIN WISSEN
The committee should consists of non-executive and independent members of the board of directors.
Moeover, the majority of the members, including the chairman should be experienced in the financial and accounting matters. In complex situation, at least one member should be a financial expert (current or former CFO or financial auditor)
Lösung ausblenden
TESTE DEIN WISSEN
What happen when there is a scandal?
Lösung anzeigen
TESTE DEIN WISSEN
When an audit scandal occurs, thy usually lead to loss of confidence, new regulations and lawsuits
Lösung ausblenden
TESTE DEIN WISSEN
Which authority determines the admission procedure for auditors?
Lösung anzeigen
TESTE DEIN WISSEN
The Swiss audit supervision act detemines admission procedure for auditors and the oversight of auditor of listed companies
Lösung ausblenden
TESTE DEIN WISSEN
What does an auditor evaluate? 
Lösung anzeigen
TESTE DEIN WISSEN
The auditor evaluates
- the application of the relevant accounting standards
- material differences in the accounting assets
- the presentation of the financial statements and the correctness of accounting
Lösung ausblenden
TESTE DEIN WISSEN
What is the purpose of an auditing?
Lösung anzeigen
TESTE DEIN WISSEN
The purpose of an audit is to enhance the degree of
confidence of intended users in the financial
statements. This is achieved by the expression of an
opinion by the auditor on whether the financial
statements are prepared, in all material respects, in
accordance with an applicable financial reporting
framework. (ISA 200.3)
Lösung ausblenden
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Q:
What is an auditing?

A:
The accumulation and evaluation of evidence about
information to determine and report on the degree
of correspondence between the information and
established criteria.

Moreover, it is usually performed by a competent, independent person



week 1
Q:
What is the difference between accounting and auditing?
A:
Accounting is the recording, classifying and summarizing of economic events in a logical manner for the purpose of providing financial information for decision-making


Auditing
Auditors focus on determine whether recorded information properly reflects the economic events that occured during the accounting period 


week 1
Q:
What is the difference between internal and external audit? 
A:
Internal audit is more operational and less focused on process but rather on actual events, it is designed to add value and improve the operations. Internal auditors are responsible to the boards


instead, external audits have a similar modus operandi. However, external auditors are responsible to the users of the financial statements.


The audit committee should form its own opinion on the quality of internal and external audit, the internal control system and the annual financial statements.
Q:
What are the responsibilities for auditor and management?
A:
Management
-preparation of financial statements in accordance with applicable accounting frameworks
- integrity and fairness of the representation (assertions) in the financial statements. Presentations and diclosures
- certification of the financial statements submitted to the SEC
       -  financial statements fully comply with the requirements
       - information are fairly presented, in all material respects
- internal control
 establishing and maintains internal controls that provide reasonable, nut not absolute, assurance that the financial statements are fairly stated
- publicly report on the operating effectiveness of controls





Auditor
- expression of an opinion based on the evaluation of the annual report
- plan and execute the audit in the manner, that material misstatements can be detected with reasonable assurance
-  conduct audit with adequate skepticism
 - errors or fraud may lead to material misstatements: hereby one differentiates between:
           - errros: unintentional misstatements of the financial statements not criminally relevant misstatement s or omissions
          - fraud: intentional, criminally relevance acts or omissions, committed by members of the management, employees or third parties
                     - fraudulent fincial reporting, i.e. management fraud
                     - misappropriation of assets i.e. management and employee fraud
- internal control
     - obtain understanding of internal control
     - express an opinion on controls
 
       
Q:
What are an auditor’s responsabilities
A:
Auditor
- expression of an opinion based on the evaluation of the annual report
- plan and execute the audit in the manner, that material misstatements can be detected with reasonable assurance -  conduct audit with adequate skepticism - errors or fraud may lead to material misstatements: hereby one differentiates between:
           - errros: unintentional misstatements of the financial statements not criminally relevant misstatement s or omissions
          - fraud: intentional, criminally relevance acts or omissions, committed by members of the management, employees or third parties
                     - fraudulent fincial reporting, i.e. management fraud
                     - misappropriation of assets i.e. management and employee fraud
- internal control
     - obtain understanding of internal control
     - express an opinion on controls
 
       
Mehr Karteikarten anzeigen
Q:
What are the management‘s responsibilities? 
A:
Management
-preparation of financial statements in accordance with applicable accounting frameworks
- integrity and fairness of the representation (assertions) in the financial statements. Presentations and diclosures
- certification of the financial statements submitted to the SEC
       -  financial statements fully comply with the requirements
       - information are fairly presented, in all material respects
- internal control
 establishing and maintains internal controls that provide reasonable, nut not absolute, assurance that the financial statements are fairly stated
- publicly report on the operating effectiveness of controls

Q:
What are the benefits of an audit?
A:
- enhancing the reliance in the financial statements for stakeholders and investors
- audit is an important condition for well functioning market
- by supervising financial information, the decision-makers’ uncertainty is reduced
-reduced uncertaintly gives lower transaction costs and consequently increases the efficiency<
- protecting the interest of shareholders that might differ form the managers’ objectives

Q:
how should form an audit committee?
A:
The committee should consists of non-executive and independent members of the board of directors.
Moeover, the majority of the members, including the chairman should be experienced in the financial and accounting matters. In complex situation, at least one member should be a financial expert (current or former CFO or financial auditor)
Q:
What happen when there is a scandal?
A:
When an audit scandal occurs, thy usually lead to loss of confidence, new regulations and lawsuits
Q:
Which authority determines the admission procedure for auditors?
A:
The Swiss audit supervision act detemines admission procedure for auditors and the oversight of auditor of listed companies
Q:
What does an auditor evaluate? 
A:
The auditor evaluates
- the application of the relevant accounting standards
- material differences in the accounting assets
- the presentation of the financial statements and the correctness of accounting
Q:
What is the purpose of an auditing?
A:
The purpose of an audit is to enhance the degree of
confidence of intended users in the financial
statements. This is achieved by the expression of an
opinion by the auditor on whether the financial
statements are prepared, in all material respects, in
accordance with an applicable financial reporting
framework. (ISA 200.3)
Auditing

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