ACC306 Advanced Assurance and Attestation SUSS Assignment Sample Singapore

The Singapore Standards on Auditing (SSA) and Statements of Audit Practice (SSAP), which were put in place to ensure a certain level of quality assurance for audits, provide an excellent foundation. Topics covered include auditing businesses processes; responsibilities during the course or completion phase as well as wherein firms are examined internally from time to time by external parties such that no deviations may have happened unnoticed before being brought into light at last once discovered later down stream eliminating any unnecessary risks associated therewith where applicable .

The objective of the Singapore Standards on Auditing (SSA) and Statements of Audit Practice (SSAP) is to provide guidance to auditors in the performance of their duties. The standards are based on international auditing standards, which have been developed by the International Auditing and Assurance Standards Board (IAASB).

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Assignment Task 1: Analyse business risks to evaluate material risks, choose an appropriate audit strategy and draft the relevant audit programme of tests of controls and substantive tests for the major business processes (revenue, purchasing, inventory management, asset management, HR management and financial management).

Based on the nature of your risks, you should conduct an audit that would look for control weaknesses and substantive deficiencies.

Controls testing would include running a test to see what happens when a person who is given access to the company’s property purposefully invokes an incorrect action or procedure.

Substantive tests could consider how well your product meets customer expectations. For example, if someone wanted a bench with four legs instead of three, does it meet their needs? Would they be frustrated with having to drill new holes for attaching the last leg because there were no pre-drilled ones? This type of testing might also involve having someone puzzle put together one puzzle versus another, and seeing which one gets completed first. The purpose of this type of testing is to ensure that the product or service functions as it should and that customers are getting what they expect.

Both types of audits are important in order to maintain a high level of security for your company. By ensuring that your controls are effective and that your products and services meet customer expectations, you can help protect your business from fraud and other inefficiencies.

Assignment Task 2: Assess the IT environment and IT developments (including ecommerce,ebusiness and virtual arrangements), to identify IT-related threats (such as cyber security) and discuss the required audit IT applications and technology to test controls and data.

Starting with an informal risk assessment is typically best because it can help identify gaps in the cybersecurity mitigation controls that are already in place. For example, if this informal audit finds that antivirus software is routinely missing updates or that remote access is enabled for support personnel, then these flaws might be easier to exploit. Another advantage of doing an informal risk assessment first is that it can help inform what type of audit approach to use afterward. For example, if the organization has a firewall but does not have any IT policies for its users limiting access on their mobile devices, there might be potential risks exposed during a more formal data security test which are not exposed during an informal test done first. Therefore the key benefits of an initial onsite review include:

The primary disadvantage of performing an initial onsite review is that, because it can be informal and free-form, the scope and depth of the risk assessment may vary widely from company to company. If done properly however, this allows an organization to quickly uncover any obvious problems before moving forward with a more formal risk assessment plan.

Assignment Task 3: Appraise the requirements for completing a financial statement audit and analyse and evaluate the conditions for forming an appropriate audit opinion consistent with the results obtained from the audit work performed.

It is essential to assess risks and threats and know about the technological developments and the so-called “Internet of things” before they impact your IT environment. It’s important to consider audit applications needed for an organization’s particular risk assessment process so it can be identified whether there are controls in place that can test data, such as graphical data, log files, SQL server administration reports, etc. 

One of the most common ways for a hacker to gain remote access into a network or system is through brute-force cracking passwords with an offline dictionary attack. This means they run through millions of word combinations until they find one that matches user credentials. By making it difficult (or even impossible) for hackers and automated scripts (bots) to gain access through brute-force attempts, you can significantly reduce your risk of being hacked.

Assignment Task 4: Appraise the additional audit procedures required to issue an audit opinion on group accounts.

Identify the need for the additional procedures, such as reconciliations and obtaining management confirmation on balance sheet accounts. Identify the areas of concern at each unit and review specified audit risks with auditors to ensure proper plan is developed. Contract head of accounting department to attend meeting to address any special accounting risks not addressed in audit risk assessment and discuss criteria influencing particular requirements or presentations that may be useful in presentation of financial statements.

Determine whether there are inconsistencies between different units’ books and records which should result in material adjustments or disclosures, such as unrecorded liabilities or significant differences from budgeted information over a period where controls were operating effectively. Determine expansion of scope audits if items exist which give rise to probable future contingencies or potential changes in assets, liabilities or equity. Determine whether additional analytical procedures are necessary to verify accounts and identify irregularities. Determine the extent of consultation with management required throughout the audit regarding accounting policies and material estimates that they have made, such as goodwill amortization, revenue recognition policy or impairment of long-lived assets.

Assignment Task 5: Examine the systems for audit quality control and the legal liability of auditors.

Audits are to serve the interests of shareholders, by providing an analytical overview of whether management’s financial statements are reliable. Management hires the accountants for this job. The assumption is that auditors are independent individuals who can make unbiased decisions about behalf of shareholders. This notion has been challenged because studies show that auditors are often willing to sacrifice their independence in order to close more deals and bill at higher rates to earn more lucrative profits.

The quality assurance process relies heavily on self-monitoring programs assigned by governmental regulation or voluntarily adopted by companies themselves. Among other responsibilities, these monitors evaluate each audit for compliance with professional accounting ethics and prepare a list of items they feel need closer attention for future audits. They also convene quarterly to review significant accounting and auditing judgments made by the individual auditors, and determine whether any changes in audit strategy or approach are necessary.

Assignment Task 6: Discuss the role of internal audit, discuss the opportunity for other types of assurance and review engagements and evaluate the impact of professional ethics on such opportunities.

Audits are to serve the interests of shareholders, by providing an analytical overview of whether management’s financial statements are reliable. Management hires the accountants for this job. The assumption is that auditors are independent individuals who can make unbiased decisions about behalf of shareholders. This notion has been challenged because studies show that auditors are often willing to sacrifice their independence in order to close more deals and bill at higher rates to earn more lucrative profits.

The quality assurance process relies heavily on self-monitoring programs assigned by governmental regulation or voluntarily adopted by companies themselves. Among other responsibilities, these monitors evaluate each audit for compliance with professional accounting ethics and prepare a list of items they feel need closer attention for future audits. They also convene to discuss these findings, but sometimes partners are not willing to bring attention to audit work they feel was done properly. The Treadway commission has been calling on auditors for years to adopt a more proactive approach and pay closer attention to the people who monitor their work.

Assignment Task 7: Develop the essential knowledge and interpersonal skills to work effectively in a team

A team member’s most important work is to be an effective communicator.

Team members’ most important work is to be an effective communicator. The hardest part of any task is managing the team, so it’s critical for all collaborators to invest in strengthening their communication skills—both verbally and non-verbally. Collaborative partners need to continually solicit feedback, offer feedback, give constructive criticism when needed, answer questions truthfully and openly, share responsibility for tasks assigned to them with backup if not having the time or resources themselves (i.e., asking for help), actively listen by looking at the person talking and not scrolling on their phone or laptop during conversations; use empathy vs judgment; collaborate through active listening; ask lots of questions, and give concise responses.

In order to be an effective communicator, team members must also be able to read body language. For example, someone who is leaning away from you or crossing their arms is likely indicating that they are not interested in what you have to say. If a team member observes this type of nonverbal communication from another person, instead of interpreting it as a sign that the other person doesn’t like or care about what is being said, try to read between the lines and determine what type of feedback the individual might be trying to communicate.

Assignment Task 8: Demonstrate proficiency in written and verbal communication skills.

There are many communications dos and don’ts in the corporate world. Always double check your email to make sure it isn’t too formal or too casual, never use dialect or slang, always stick with company jargon, etc.

One of the most important things to do is make eye contact while you are speaking with someone if physical distance permits. If you are giving presentations at a conference it’s also critical to be comfortable talking into a microphone that amplifies your voice for larger audiences who may not be right next to you. Finally, one thing that has helped me is really trying my best not to finish people’s sentences for them politely when they’re speaking- I’ve found that often by doing this I’m able to react quickly enough if they need my input on something.

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