GDB (ACC311) Fundamental of Auditing Covering Video Lecture 1-12 Topic for Discussion 2021
GDB (ACC311)Fundamental of AuditingCovering Video Lecture 1-12Topic for Discussion“Financial Statements Audit in a Computerized Environment” Learning Outcomes:After going through this activity, students would be able to understand:What is financial statements audit?How it is different from other types of audit?What procedures that auditors are required to adopt while conducting audit in a computerized environment?What are some basic requirements to perform audit procedures in a computerized environment?What sources of evidences and quantifiable information available to auditors to conduct audit in a computerized environment? Scenario:Automation of tasks in an organization has important role in reshaping the requirements of financial statements audit. Auditors must understand such requirements when conducting audit in a computerized environment. By understanding automation process of accounting information, the auditors come to know the appropriate controls required, the accuracy, completeness, reliability and validity of such information. For this purpose, a comparison of accounting data with the actual data of the information system is carried out to ensure the control over correctness of data recovery. The automation of tasks makes it possible for auditors to shorten the audit time and provides an opportunity to perform audit procedures and conduct audit tests with more precision and greater control. With the help of software tool/(s), the auditors test calculations, do recalculations and compare the results obtained with regulatory data, establish deviations, seek management decisions to find out the causes and finally propose measures to improve the system. Required:You are required to discuss briefly any five relevant procedures that an auditor will perform during audit within a computerized environment. Important Instructions:Carefully review your GDB before submission as it cannot be replaced once it is submitted.Your discussion must be based on logical aspects of the topic requirements with proper justification.There is a limit of 150 Words for discussion and your answer should be in bulleted form.Use the font style “Times New Roman” and font size “12”.Your answer should be relevant to the topic i.e. clear and concise.Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.Books, websites, handouts and other reading material may be consulted before posting your comments; but copying or reproducing the text from books, websites, handouts and other reading materials is strictly prohibited. Such comments will be marked as Zero (0) even if you provide references.You should post your answer on the Graded Discussion Board (GDB), not on the Moderated Discussion Board (MDB). Both will run parallel to each other during the time specified above. Therefore, due care will be needed.Obnoxious or ignoble answer should be strictly avoided.You cannot participate in the discussion after the due date via email.Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.For planning your semester activities in an organized manner, you are advised to view schedule of upcoming Assignments, Quizzes and GDBs in the Course Calendar/Lesson Index of the course on VU-LMS.As you know that load shedding problem is also prevailing in our country. Keeping in view the fact, you are advised to submit your GDB well before time without waiting for the due date. For your convenience, you have been communicated well before time so that you can manage your activities, therefore no excuse will be entertained after due date of GDB.See More
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