Mar 10, 2013 ... Types of audits and assurance services. - Types of auditors ... Eilifsen, Messier,
Glover& Prawitt. “Auditing & Assurance ... and substantive tests (incl. case) ....
A&A. Special industries. - The audit of financial statements of banks.
European PMA Program overview 2013/2014 2013 March 10
Course Intro
Theme Introduction to the EPMA
March 11, 12, 13
AIS&IC
March 14, 15, 16
A&A
Foundations of AIS&IC: − Internal organization − Cornerstones of AIS&IC − IT control − Management control and internal control The audit market − The audit and assurance market − Types of audits and assurance services − Types of auditors − Audit theories − The assurance framework − Auditing in a historical perspective The audit environment − The expectation gap − Auditor’s legal liability − International organizations that effect the audit profession − Auditing standards − Ethics for auditors and auditing firms − Independence (incl. cases) Audit objectives and audit evidence − Brief overview of the audit process − Audit objectives and management assertions − Financial statement cycles − Audit evidence and audit documentation (incl. cases)
March 18, 19, 20
FA
Literature Vaassen “The AISIC curriculum in the EPMA” Vaassen, Meuwissen, Schelleman “Accounting Information Systems and Internal Control” Ch. 1, 2, 3, 4, 5
− − − − − −
Real estate and investments Intangible assets Revenue recognition Shareholders equity versus liabilities Tax Provisions and contingent liabilities
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Eilifsen, Messier, Glover& Prawitt “Auditing & Assurance Services” Ch. 1, 2, 4 ISA 230, 500, 501, 505 Cases
IAS 40 IAS 38 IAS 18 IAS 12 IAS 37 Conceptual framework shareholders equity versus liabilities
March 21, 22, 23
AIS&IC
July 14
July 15, 16, 17
Exams: A&A FA A&A
July 18, 19, 20
AIS&IC
Processes in organizations: − Sales − Production − Purchases − Inventory − HRM − Accounting − Fixed assets − Cash management
Vaassen, Meuwissen, Schelleman “Accounting Information Systems and Internal Control” Ch. 6, 7, 8, 9, 10, 11 Cases
Basic auditing concepts: Risk − Audit risk − The audit risk model − Assessing acceptable audit risk − Assessing inherent risk − The relationship between risk and evidence − The application of audit risk (case studies) Basic auditing concepts − Preliminary judgment about materiality − Allocate materiality to segments − Estimate misstatements − Evaluate misstatements − The application of materiality (case studies) Basic auditing concepts: internal control − Internal control objectives − Internal control & overview of the COSO Framework − Management responsibilities for internal control − Auditor’s responsibilities for internal control − Understanding internal control (incl. case) − Assessing control risk (incl. case) − Test of controls (incl. case) − Relationship with detection risk and substantive tests (incl. case) − Reporting on internal control Processes in organizations
Eilifsen, Messier, Glover& Prawitt “Auditing & Assurance Services” Ch. 3, 6 ISA 300, 315 ISA 320, 450 ISA 315/330/450/530/265 Cases
2
Vaassen, Meuwissen, Schelleman “Accounting Information Systems and Internal Control” Ch. 6, 7, 8, 9, 10, 11 Cases
July 22, 23, 24
FA
− − − − −
July 25, 26, 27
AIS&IC
Typology of organizations
Vaassen, Meuwissen, Schelleman “Accounting Information Systems and Internal Control” Ch. 12, 13, 14, 15, 16, 17, 18 Cases
November 10
Exams: A&A FA AIS&IC
Practical case
Vaassen “The AISIC curriculum in the EPMA” Section 2 ISCQ & ISA 220/230 WAB, WTA, BTA, VAO Eilifsen, Messier, Glover& Prawitt “Auditing & Assurance Services” Ch. 3, 19 Code of ethics, VOA ISA 240, 250, 260 Cases
November 11, 12, 13 November 14, 15, 16
A&A
November 18, 19, 20
FA
November 21, 22, 23 December 17
AIS&IC
Impairment Pensions and employee benefits Interests in other companies Business combinations Leasing
Dutch regulatory framework − Legislation for audit professionals (WAB) − Legislation for auditing firms (WTA/BTA) − Quality control for auditing firms (VAO) (incl. case) − Dutch civil code (2BW) Ethics and independence − Dutch Code of Ethics (VGC) − Independence rules (VOA) (cases) − Confidentiality − Ethical dilemmas (cases) Errors and Fraud − Types of fraud − Conditions for fraud − Assessing the risk of fraud − The fraud triangle − Responding to the risk of fraud (case) − Communication about fraud (case) − Compliance with laws and regulations Special entities: Non‐profit and government Fundraising Exam preparation
National exam AIS&IC
3
Reader Assignments Cases
IAS 36 IAS 19 IAS 27 IAS 28 IFRS 3 IAS 17 IFRS 1 Assignments
2014 March 9
March 13, 14, 15
Course Exams: A&A FA Dutch laws and regulations A&A
March 17, 18, 19
FA
March 20, 21, 22
Dutch laws and regulations Exams: FA Dutch laws and regulations
March 10, 11, 12
July 13
Theme
Literature
Dutch company law
Reader
The audit process: part 1 planning − Overview of the audit process − Client acceptance − Terms of audit engagements − Understanding the clients business and industry (incl. case) − Assess client business risk (incl. case) − Initial engagements The audit process: part 2 execution − Preliminary analytical review − Analytical procedures (incl. case) − Obtain an understanding of internal control (incl. case) − Assessing control risk − Testing of controls (including sampling) (incl. case) − Substantive procedures (including sampling) (incl. case) − Timing of audit procedures The audit process : part 3 completing the audit − Review for contingencies (incl. case) − Review for subsequent events (incl. case) − Management representations − Final evidence evaluation process − Communication with those charged with governance and management − Audit reports (an introduction and overview) Special topics − Financial institutions − Financial instruments − Integrated reporting Dutch tax law
Eilifsen, Messier, Glover& Prawit “Auditing & Assurance Services” Ch. 5, 8, 9, 17 ISA 200, 210, 510 ISA 520, 530 ISA 560, 580, 450, 260, 265 Cases
4
Reader Assignments Reader
July 14, 15, 16
A&A
July 17, 18, 19
Dutch laws and regulations
Information Technology and the audit process: part 1 − Implications of information technology for internal control − Understanding the IT‐ environment − Assessing risks in the IT‐ environment (incl. case) − Evaluating internal controls in an IT‐environment (incl. case) − Using information technology in the audit of financial statements Information technology and the audit process: part 2 − Evaluating general controls in a small business environment (incl. case) − Evaluating general controls in a complex IT‐environment (incl. case) − Evaluating application controls (incl. case) Information technology and the audit process: part 3 − The audit of service organisations − Auditing in a cloud environment − The implications of XBRL Dutch company law
5
Reader Assignments
Reader
July 21, 22, 23
A&A
July 24, 25, 26
Country‐ specific coursework
November 9
Exams: Dutch laws and regulations Country specific coursework Dutch laws Dutch tax law and Dutch versus international tax law regulations Social security law
November 10, 11, 12
Auditing consolidated financial statements − Complications for audit planning − Using the work of another auditor (incl. case) − The importance of audit instructions − The meaning of consolidation packages − Cooperating with internal auditors (incl. case) − Related parties Audit reports : extensive transmit − Different types of audit reports/opinions − The structure and wording of audit reports (incl. cases) − Publication of the auditor’s report − Comparatives − Emphasis of matter (incl. case) − Going concern (incl. case) − Audit of accounting estimates Audit related services − Engagements to review financial statements − Engagements to compile financial information − Engagements to perform agreed upon procedures (incl. case) See http://ow.ly/dzuiZ for an overview of the country‐specific programs. Students choose one of the country‐ specific programs.
6
ISA 550, 600, 610 Eilifsen, Messier, Glover& Prawitt “Auditing & Assurance Services” Ch.18, 20 ISA 540, 570, 700, 710 ISA 2400, 4410, 4400 Cases
Assignments
Reader
November 13, 14, 15
A&A
Special industries − The audit of financial statements of banks − The audit of insurance companies − Cooperation between auditors and actuarias − Auditing real estate − Using the work of an expert Special purpose engagements − Assurance engagements other than audits or reviews of historical information − The examination of prospective financial information − The auditor’s report on special purpose audit engagements Integration case Based on a real life case the meeting of an audit committee is simulated in which the students will have to act in the role of the auditor and audit committee See http://ow.ly/dzuiZ for an overview of the country‐specific programs. Students choose one of the country‐ specific programs. Dutch versus international tax law Civil law Labour law
November 17, 18, 19
Country‐ specific coursework
November 20, 21, 22
Dutch laws and regulations
December 2, 3
National exam A&A
ISA 620, 621, 545 ISA 620, 621, 545 Cases
Assignments
Reader
2015 March 8
Course Theme Exams: Dutch laws and regulations Country specific coursework Reader
Literature
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