ACC305 Assurance and Attestation is a five-credit online course that provides an overview of assurance, attestation, and related services. The course covers the history and development of assurance and attestation services, as well as the terminology, concepts, and methods used in these services. The course also covers the different types of engagements that may be performed by CPAs, including financial statement audits, agreed-upon procedures engagements, and consulting engagements.

In addition, the course covers the role of internal controls in assurance and attestation engagements, as well as the requirements for performing these engagements in accordance with professional standards. Upon completion of this course, students will have a solid understanding of the nature and purpose of assurance and attestation services. They will also be familiar with the different types of engagements that may be performed by CPAs and the requirements for performing these engagements in accordance with professional standards.

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ACC305 Assignment Task 1: Explain the purpose of legal and professional regulation of auditing in the context of information risk and the demand for assurance.

Auditing is the process of inspecting an organization’s financial records to ensure accuracy and compliance with generally accepted accounting principles (GAAP). Auditors may also provide other forms of assurance, such as compliance with regulatory requirements or internal control procedures. The purpose of auditing is to provide stakeholders with a degree of assurance that the financial statements are free from material misstatement and that the organization is operating in a manner that is consistent with relevant laws and regulations.

There are two main types of auditors: external auditors, who are hired by an organization’s shareholders or creditors; and internal auditors, who are employees of the organization being audited. External auditors are typically required to be licensed by a professional body. Internal auditors may or may not be required to be licensed, depending on their employer’s policies.

Both external and internal auditors are subject to legal and professional regulations. The Sarbanes-Oxley Act of 2002, for example, imposes certain requirements on public companies’ auditor independence, internal control testing, and reporting. In addition, both external and internal auditors must adhere to professional standards set forth by their respective licensing bodies. These standards require auditors to exercise due professional care in planning and conducting audits, maintain confidentiality, and avoid conflicts of interest.

The demand for audit assurance has increased in recent years in light of numerous corporate scandals (e.g., Enron, WorldCom) and the global financial crisis. As a result, organizations are placing greater emphasis on ensuring that their financial statements are accurate and free from material misstatement. They are also seeking assurance that their operations are in compliance with relevant laws and regulations. Licensed professional auditor firms play an important role in providing this assurance.

Assignment Task 2: Apply applicable Singapore Standards on Auditing and other laws and regulations throughout the audit process of client acceptance, engagement planning, fieldwork, completion, and reporting.

The Singapore Standards on Auditing (SSA) are a set of professional standards that auditors must adhere to when conducting audits in Singapore. The SSA is issued by the Accounting and Corporate Regulatory Authority (ACRA), the statutory body responsible for regulating the accounting and corporate sectors in Singapore.

The SSA covers all aspects of the audit process, from client acceptance and engagement planning to fieldwork and completion. They also address the auditor’s reporting obligations, including the contents of the audit report and any qualifications that may need to be made. In addition to the SSA, auditors must also comply with other laws and regulations, such as the Companies Act and the Securities and Futures Act.

The SSA provides guidance on how to conduct audits in a manner that is consistent with professional standards and best practices. They also promote transparency and accountability in the audit process and help to ensure that auditors are independent and objective in their work. Compliance with the SSA is mandatory for all auditors in Singapore.

ACC305 Assignment Task 3: Indicate the risks of material misstatement in the financial statements due to business, regulatory and macroeconomic factors, and demonstrate the impact on the audit strategy.

There are a number of risks that could lead to material misstatements in financial statements. These risks can be broadly classified into three categories: business risk, regulatory risk, and macroeconomic risk.

• Business risk is the risk of an adverse event occurring that could negatively impact an organization’s ability to generate revenue or profit. Examples of business risks include competition, new technology, and legal changes.
• Regulatory risk is the risk of an organization violating a law or regulation. This could result in financial penalties, damages to reputation, or even criminal charges.
• Macroeconomic risk is the risk of adverse economic conditions affecting an organization’s business. This could include recession, inflation, or interest rate changes.

The impact of these risks on the audit strategy will vary depending on the specific circumstances. However, in general, risks that could lead to material misstatements in financial statements will require a more detailed and comprehensive audit approach. This may include extending the scope of the audit to cover additional areas, such as internal controls or risk management processes. It may also require the use of more sophisticated audit techniques, such as analytical procedures or risk assessments.

Organizations should carefully consider all risks when planning their audit strategy. The auditor’s role is to provide an objective and independent assessment of the financial statements. However, the responsibility for ensuring the accuracy and completeness of the financial statements rests with management.

Assignment Task 4: Illustrate the components of internal control related to financial reporting.

Internal control is a process that is designed to ensure the accuracy and completeness of financial reporting. It includes a series of procedures and policies that are implemented by a company in order to safeguard its assets and ensure that its financial statements are free from error. There are five main components of internal control related to financial reporting:

1) Control Environment: The control environment sets the tone for an organization and establishes the foundation for all other components of internal control. It includes factors such as the tone set by management, the organizational structure, and the delegation of authority.

2) Risk Assessment: Risk assessment is the process of identifying and assessing the risks inherent in a company’s business activities. This information is used to develop strategies to mitigate those risks.

3) Control Activities: Control activities are the specific actions taken by a company to address the risks identified in the risk assessment process. These activities may include policies and procedures, segregation of duties, and physical controls.

4) Information and Communication: Information and communication systems are essential for effective internal control. They provide employees with the information they need to perform their jobs properly and help ensure that information is accurately communicated between different levels of management.

5) Monitoring: Monitoring is the process of assessing whether controls are functioning as intended and taking action to correct any deficiencies that are identified. This includes both ongoing monitoring activities as well as periodic evaluations.

Assignment Task 5: Demonstrate data analysis techniques to obtain insights into business performance and risks.

In order to obtain insights into business performance and risks, data analysts use a variety of techniques. One common technique is regression analysis, which can be used to identify relationships between different variables. For instance, a data analyst might use regression analysis to examine how changes in advertising expenditures affect sales revenues.

Another common technique is time-series analysis, which can be used to track changes in a particular variable over time. For instance, a data analyst might use time-series analysis to track changes in the unemployment rate. By using these and other data analysis techniques, analysts are able to obtain valuable insights into business performance and risks.

ACC305 Assignment Task 6: Execute typical audit procedures for sales, expenses, inventory, accounts receivable and payable, and salaries, using quantitative and qualitative methods.

There are a variety of audit procedures that can be used to test the accuracy and completeness of financial statements.

For instance, when auditing sales, an auditor might perform a reconciliation to compare the sales recorded in the accounting records to the corresponding shipping documents. This procedure is designed to ensure that all sales are properly recorded in the accounting records.

When auditing expenses, an auditor might perform a review of supporting documentation such as receipts or invoices. This procedure is designed to ensure that all expenses are properly supported and documented.

When auditing inventory, an auditor might perform a physical count of the items on hand. This procedure is designed to ensure that the quantities of inventory reported in the accounting records are accurate.

When auditing accounts receivable, an auditor might perform a review of the aging report. This procedure is designed to ensure that all receivables are properly accounted for and that there are no errors in the calculation of the amounts due.

When auditing accounts payable, an auditor might perform a review of the documentation supporting the invoices. This procedure is designed to ensure that all payables are properly supported and documented.

When auditing salaries, an auditor might perform a review of the payroll records. This procedure is designed to ensure that all salary payments are accurate and authorized.

These are just a few examples of typical audit procedures. There are many other procedures that could be used, depending on the specific circumstances. By using a combination of quantitative and qualitative methods, auditors are able to obtain a comprehensive understanding of the financial statements and the risks associated with them.

Assignment Task 7: Compare how transactions are recorded, and financial statements are prepared, to relevant Singapore Financial Reporting Standards and other regulations.

In order to ensure compliance with Singapore Financial Reporting Standards (SFRS) and other regulations, businesses must take care to record transactions accurately and prepare financial statements in a prescribed format. When recording transactions, businesses must take into account the nature of the transaction, its value, and the date on which it occurred. This information must then be entered into the appropriate ledger accounts.

Once all transactions have been recorded, businesses must prepare financial statements in accordance with SFRS guidelines. These statements provide an overview of a business’s financial position and performance and must be submitted to the relevant authorities on a regular basis. By following these requirements, businesses can ensure that their financial reporting is up to scratch.

Assignment Task 8: Discuss the appropriateness and sufficiency of evidence collected to form the basis for the audit opinion.

The evidence collected during an audit is critical to forming an opinion on the financial statements. The auditor must assess whether the evidence is sufficient and appropriate to support the opinion. In general, sufficient evidence is considered to be enough information to provide a reasonable basis for the auditor’s opinion. Appropriate evidence, on the other hand, is evidence that is relevant and reliable.

Relevant evidence supports the auditor’s conclusions on the financial statements, while reliable evidence is credible and free from material error or bias. When assessing the sufficiency and appropriateness of audit evidence, the auditor must exercise professional skepticism and consider whether the evidence collected supports or contradicted the management’s assertions. If there are contradictions, the auditor may need to seek additional information to form a conclusion. In summary, sufficiency and appropriateness of audit evidence are key considerations in forming an audit opinion.

ACC305 Assignment Task 9: Illustrate the ethical principles, threats, and safeguards in different professional scenarios such that independence of mind and appearance, integrity, objectivity, or professional skepticism are not compromised.

Ethical principles:

There are a number of ethical principles that guide the professional conduct of accountants. These principles include independence of mind and appearance, integrity, objectivity, and professional skepticism. Independence of mind and appearance ensures that accountants are able to make objective judgments free from any outside influence.

Integrity requires that accountants act in an honest and ethical manner at all times. Objectivity ensures that accountants do not allow their personal biases to distort their professional judgment. Professional skepticism requires that accountants approach their work with a questioning attitude and a healthy degree of skepticism.

Threats:

There are a number of threats to these principles. For example, financial pressure may threaten the independence of the mind if it leads to pressure to sacrifice quality for quantity. Conflicts of interest may threaten integrity if they lead to an accountant prioritizing their own interests over those of their client. Personal biases may threaten objectivity if they lead to an accountant interpreting data in a way that supports their own preconceptions. And finally, excessive optimism or pessimism may threaten professional skepticism if it leads the accountant to accept information without critically evaluating it.

Safeguards:

There are a number of safeguards that can be put in place to protect against these threats. For example, accounting firms can establish policies and procedures designed to safeguard the independence of mind, such as requiring multiple sign-offs on engagements or limiting client interactions to certain members of the staff. Likewise, firms can put safeguards in place to protect against conflicts of interest, such as prohibiting personal financial interests in client entities or requiring staff members to recuse themselves from engagements where they have a conflict.

Other safeguards include required training on personal bias and regular reviews of engagement files to ensure that objectivity is maintained. Finally, firm culture plays a role in promoting professional skepticism; creating an environment where questioning is encouraged and failure is not penalized can go a long way toward fostering a healthy degree of skepticism among accounting professionals.

Assignment Task 10: Identify accounting, auditing, and professional issues and apply auditing and professional standards to develop appropriate solutions.

As an auditor, it is essential to be aware of the various accounting, auditing, and professional issues that could impact your work. This includes understanding the different auditing and professional standards that apply to your work. By having a strong understanding of these standards, you will be better equipped to identify potential issues and develop appropriate solutions.

In addition, it is important to keep abreast of developments in the accounting and auditing profession. This will help you to maintain a high level of professionalism and competence in your work. By remaining up-to-date on the latest developments, you will be able to provide the best possible service to your clients.

Assignment Task 11: Demonstrate proficiency in written and verbal communication skills.

As an accountant, it is essential to have strong written and verbal communication skills. This includes being able to effectively communicate with clients, colleagues, and other professionals. It is also important to be able to clearly articulate your ideas and findings in both writing and speaking.

Strong communication skills are essential in order to be successful in the accounting profession. By honing your communication skills, you will be better equipped to build strong relationships with clients and colleagues and to successfully convey complex information.

ACC305 Assignment Task 12: Develop the essential knowledge and interpersonal skills to work effectively in a team.

Working effectively in a team is essential for an accountant. This includes being able to build strong relationships with team members, communicate effectively, and collaborate on projects. By developing these skills, you will be better equipped to work effectively in any team environment.

In addition, it is important to be aware of the different roles that accountants can play in a team. This includes understanding the different strengths and weaknesses of each team member. By understanding the different roles that accountants can play, you will be better able to contribute to the team and add value to the project.

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