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Sunday, June 21, 2015

Discussions in Auditing Theory by Mr. Valdez Part 6

MP3 File/24 items/Taglish/6:26:52/88.6MB/2012

Mr. Rommel M. Valdez
Systems Information and Accounting Director
Magna Cum Laude
Co-author, Textbook in Auditing Theory

Discussions include:
1. Audit Sampling
2. Wrapping up procedures
3. Audit documentations
4. Audit Reports
5. Audit Opinion 

The links are provided below:


*Author's Note: These materials are intended solely for review and academic use specifically published to help aspiring CPA Reviewees and accountancy students prepare for the Philippine Certified Public Accountant (CPA) Board Examinations. Copying and distributing such materials are considered violations of the copyright law and may result to legal proceedings.

Saturday, June 6, 2015

The Law on Pledge, Mortgage, and Antichresis in Audio


MP3 File/4 Files/5.51 MB

Links are provided below:


*Author's Note: These materials are intended solely for review and academic use specifically published to help aspiring CPA Reviewees and accountancy students prepare for the Philippine Certified Public Accountant (CPA) Board Examinations. Copying and distributing such materials are considered violations of the copyright law and may result to legal proceedings.

Discussions in Auditing Theory by Mr. Valdez Part 5

MP3 File/24 items/Taglish/6:26:52/88.6MB/2012

Mr. Rommel M. Valdez
Systems Information and Accounting Director
Magna Cum Laude
Co-author, Textbook in Auditing Theory

Discussions include:
1. Materiality in Planning the Audit
2. Assessing the Risks of Material Misstatements
3. Audit Assertions
4. Overall Responses to Risks of Material Misstatements
5. Evaluation of Material Misstatements
6. Audit Sampling

The links are provided below:


*Author's Note: These materials are intended solely for review and academic use specifically published to help aspiring CPA Reviewees and accountancy students prepare for the Philippine Certified Public Accountant (CPA) Board Examinations. Copying and distributing such materials are considered violations of the copyright law and may result to legal proceedings.

Monday, June 1, 2015

Let's simplify Audit Assertions


I think you are already familiar with the concept of audit assertion, right? If not, audit assertion is a guiding principle or attribute that the auditor considers during the gathering of audit evidence. This is just one of the basic concepts we learn in our Auditing Theory classes.

These assertions are quite confusing to grasp and understand not only to the accountancy students and CPA Reviewees but also to practicing CPAs. In fact, applying the concepts of audit assertions in the actual practice is quite challenging to the practicing CPAs. Nevertheless, these assertions will guide them in obtaining sufficient appropriate audit evidence to afford sound judgment on the transactions, balances and disclosures they examine during the course of their audit.

Meanwhile, we will try to develop mnemonics in order for us to easily remember these assertions. Accordingly, we will divide the audit assertions into three groups, namely: (1) assertions about classes of transactions and events for the period under audit; (2) assertions about account balances at the period end; and, (3) assertions about presentation and disclosure. These assertions are further discussed below together with their assigned mnemonics.

Assertions about classes of transactions and events for the period under audit: (COCAC)

1. Completeness - all transactions and events that should have been recorded have been recorded.
2. Occurence - transactions and events that have been recorded have occurred and pertain to the entity.
3. Classification - transactions and events have been recorded in the proper accounts.
4. Accuracy - amounts and other data relating to recorded transactions and events have been recorded appropriately
5. Cutoff - transactions and events have been recorded in the correct accounting period.

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