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Questions and Answers
What is the primary function of a nucleus in a cell?
What is the primary function of a nucleus in a cell?
Which process is primarily involved in the conversion of glucose into energy?
Which process is primarily involved in the conversion of glucose into energy?
Which organelle is responsible for producing ATP within the cell?
Which organelle is responsible for producing ATP within the cell?
What is the role of ribosomes in a cell?
What is the role of ribosomes in a cell?
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Which component of the cell membrane is primarily responsible for its fluidity?
Which component of the cell membrane is primarily responsible for its fluidity?
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What best describes the role of the mitochondria in cellular processes?
What best describes the role of the mitochondria in cellular processes?
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Which function is primarily associated with lysosomes in cellular operations?
Which function is primarily associated with lysosomes in cellular operations?
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Which statement correctly identifies a characteristic of the cell membrane?
Which statement correctly identifies a characteristic of the cell membrane?
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Which of the following best explains the function of ribosomes?
Which of the following best explains the function of ribosomes?
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What primary function is assigned to the endoplasmic reticulum (ER)?
What primary function is assigned to the endoplasmic reticulum (ER)?
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Study Notes
Principles of Auditing
- Success is simple: Know what you're doing, love what you're doing, and believe in what you're doing. - Will Rogers
Course Aims
- Equip students with basic knowledge of auditing, including financial statement auditing and performance auditing.
- Focus on basic concepts, major issues, and techniques for gathering evidence and sampling in auditing.
- Include an overview of auditing standards, the code of ethics for auditors, and specialized fields/current trends in auditing.
Prerequisites
- Financial accounting I
Learning Outcomes
- Explain basic concepts and techniques of auditing.
- Explain the impact of corporate governance, internal controls, and information technology.
- Apply professional code of ethics and auditing standards.
- Demonstrate professional behaviors in working environments.
- Address specific audit issues.
Text Books
- Principles of Auditing (2017), Vietnam Education Publishing House (Vietnamese)
- Auditing and Assurance Services (2017), 14th edition, Prentice Hall (Arens, Elder, Hogan, Beasley)
- Principles of Auditing & Other Assurance Services (2014), McGraw-Hill/Irwin (Whittington, Kurt)
- Auditing & Assurance Services (2015), McGraw-Hill/Irwin (Timothy J., Ramsay, Robert J., Sinason, David H)
- Auditing Fundamentals (2011), Pearson Education Limited (Marlene Davies, John Aston)
- A History of Auditing (2013), Derek Matthews
- Vietnamese Standards on Auditing (Circular No. 214/2012/TT-BTC and Circular 70/2015/TT-BTC)
Course Assessment
- 20% in-class participation + volunteer work + homework
- 20% mid-term exam
- 60% final exam
Course Structure
- Chapter 1: Introduction to Auditing
- Chapter 2: Professional Ethics and Legal Liability of Auditors
- Chapter 3: Basic Concepts in Auditing
- Chapter 4: Major Subjects Relating to Auditing
- Chapter 5: Audit Process
- Chapter 6: Specialized Fields and Emerging Issues in Auditing
Introduction to Auditing
- Formation and Development
- Nature of Auditing
- Introduction to professional auditing organizations
- Auditing standards
Historical Background of Auditing
- Questions regarding the first appearance, primitive forms, and methods of early auditing.
Why Do We Need Auditing?
- Demand for Reliable Information:
- Understanding a Client's Business
- Environmental Conditions
- Information Risk
- Audit process considers business risk, information risk, and environmental factors leading to the need for audits.
Understanding a Client's Business
- Business risk: the risk that an entity will not meet its objectives.
- Failure to meet objectives may lead to misstating financial statements.
Environmental Conditions
- Complexity: Decisions-makers may not be trained to gather and summarize information.
- Remoteness: Investors cannot personally visit locations, leading to a need for timely and reliable information.
- Time Sensitivity & Consequences
Information Risk
- Probability that information circulated by a company will be false or misleading.
- Possible conflict of interest between management and investors.
Auditing
- Independent inspection of accounting information due to separation between owners and management, conflict of interest, complexity and quality.
Is Auditing a Necessity or Luxury?
- Viewpoint of small firms
- Applicability to companies
- Benefits of auditing
Role of Auditing
- Relationship among auditor, client, and external users
- Auditor issues reports relied upon by users to reduce information risk
Increase the Reliability of Financial Reporting
- Save social costs
- Improve the quality of financial information
- Increase the trust in financial information
Financial Statements & Audit Report
- Distributed to shareholders.
- Delivered by the auditor.
- Reviews the accounting records.
- Records events and transactions in the books.
Assurance Services
- Independent professional services
- Improve the quality of information or context for decision-makers.
- Include many areas of information, including nonfinancial areas.
Attestation Services
- Engagement results in report issuance by a responsible party.
- Includes auditing (a specific form of attestation).
Nature of Auditing
- Accumulation and evaluation of evidence about information.
- To determine the degree of correspondence between the information and established criteria.
- Performed by a competent, independent person.
Information Needs to be Audited
- Auditors must consider assertions.
Obtaining and Evaluating Evidence
- Evidence forms: electronic and documentary data, written and electronic communications, observations, and testimonies.
- Quantity and quality of evidence is crucial for proper audit completion.
Competent and Independent Auditors
- Qualified to understand criteria and competent to accumulate evidence to form appropriate conclusions.
- Maintain an unbiased attitude (independence)
- Maintain integrity.
Audit Reports
- Communicate the auditor's findings based on the degree of correspondence between audited information and established criteria, and reporting approach.
- Might vary in formality (highly technical for financial statements versus simple reports for operational audits).
Audit Function
- Verification of financial statement truth and fairness/legitimacy of recording and reporting.
- Expressing opinions on financial statements (public vs. non-public).
- Advisory services (presented in management letter)
Examples of Audits
- XYZ bank financial reports
- Province A budget usage
- VCB branch activities
- Budget usage of Province A in 2011
Types of Audits
- Financial Statements Audits
- Operational Audits
- Compliance Audits
Types of Auditors
- Certified Public Accounting (CPA) firms
- Government audit offices
- Internal audit departments
- Individuals
Overview of Auditing Standards
- Legal standards and measures.
Generally Accepted Auditing Standards (GAAS)
- Provide guidelines and measures of auditor quality.
International Auditing Standards (ISAs)
- Set by the International Auditing and Assurance Standards Board.
Auditee Types
- Government clients
- CPA firm clients
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Description
Test your knowledge on the essential functions of cell organelles and processes. This quiz covers topics such as the nucleus, ATP production, and more. Perfect for biology students looking to reinforce their understanding of cellular structures.
