Chapter 1 - Assurance and auditing: An overview. This chapter presents the following content: overview of current environment, auditing profession’s response to crisis of confidence, the assurance framework, objective of assurance engagement, forms of assurance services. | Auditing and Assurance Services in Australia By Grant Gay and Roger Simnett Slides prepared by Roger Simnett Copyright © McGraw-Hill 2006 1- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Part One The Auditing and Assurance Services Profession 1- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Chapter 1 Assurance and Auditing: An Overview 1- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Introduction: An overview of the current auditing environment 2001-2003 Developments: Resultant crisis of confidence in financial system: Numerous corporate collapses (Enron, HIH, etc) Collapse of major auditing firm (Arthur Andersen) Auditor value questioned during this period. 1- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett An overview of the current auditing environment 2004-2006 Developments: The auditing profession has gone from strength to strength. Society’s need for a strong, independent auditing profession has been recognised. There have been many legislative and professional developments aimed at ensuring (or even increasing) the auditor’s professional competence and independence. 1- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Overview of the current auditing environment (Cont.) - some overall developments A framework for all assurance services, not just financial statement audit. Greater . | Auditing and Assurance Services in Australia By Grant Gay and Roger Simnett Slides prepared by Roger Simnett Copyright © McGraw-Hill 2006 1- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Part One The Auditing and Assurance Services Profession 1- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Chapter 1 Assurance and Auditing: An Overview 1- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Introduction: An overview of the current auditing environment 2001-2003 Developments: Resultant crisis of confidence in financial system: Numerous corporate collapses (Enron, HIH, etc) Collapse
