AUD339

SEMESTER OCT 2024 - FEB 2025

Common Test - 9 Nov 2024

Lesson plan ✅

Weekly Lesson plan ✅

Text book

Arens, A.A., Elder, R.J.,Beasley, M.S.,Adapted by Noor Afza A., Faudziah Hanim, Nor Zailina, Mohamad Naimi & Rohami.(2014). Auditing and assurance services in Malaysia, An Integrated Approach (3rd ed.). Pearson Malaysia. Buy here ✅

Assessment 

1. Test 1                                     15% ✅Dewan Merpati 9/11 Sat , 9am – 10:30am
2. Test 2                                     15% ✅Dewan Merpati 17/1 Fri, 2:30–5:30pm
3. Group Project / Case Study   10% ✅Due Week 8
4. Final Examination                 60% ✅

Test 2 (50 marks: 90 min) CLO1/PLO1 - 12/01/2024 FRIDAY (3:00pm – 4:30pm) ✅

• Q1: Audit Regulation – MIA by Laws (10 marks)✅  
• Q2: Audit Regulation – MIA by Laws (15 marks)✅
• Audit of SOFP & SOPL (25 marks) Video✅
• Sample Question - Jan 2023✅

Final Assessment (100 marks: 180 min) CLO2/PLO3 ✅

• Q1: Audit Planning Part 1 ✅
• Q2: Audit Planning Part 2 ✅
• Q3: Audit Planning Part 3 ✅
• Q4: Audit Report ✅ 
• Q5: Audit of Financial Statement Cycles ✅

PYQ July23|Feb23|Feb22|Mac22|Feb21|✅

Week 1 (7–11/10/24)

Lecture overview

• Ice breaking ✅
• About you and me ✅
• Grouping  ✅
• Do and don’t ✅
• Lesson plan ✅
• Assignment 
• Introduction to AI (How it will benefits/destroy you) 
• Let begin with the End - PYQ  ✅

Relevant videos

How to study auditing - U & A

World com

Enron

What is audit

Chapter 1 Introduction to Auditing

Download today’s material

1. Lesson Plan ✅
2. OBE ✅
3. Weekly lesson plan ✅
4. Group Assignment Due WEEK 8 - SUBMIT HERE ✅
5. GA (Rubric) ✅
6. Group Assignment Peer evaluation form
7. Lecture notes  ✅
8. Citation and referencing 1 | 2  ✅

Week 2 (14–18/10/24)

Week 3 (21–25/10/24)

Lecture overview

1. Tazkirah
2. Notes - Topic 1 - Pg 25-37 (Text book) | Self test1 | ST2 | ST3 |✅
3. Notes - External vs Internal | Self test1 | ST2 | ST3 |✅
4. Notes - Company Act 2016 | Self test1 | ST2 | ST3 |✅
5. Notes - Mind map ✅
6. Notes - Disqualification of Auditors | Self test1 | ST2 | ST3 |✅
7. Notes - Agency Theory | Self test1 | ST2 | ST3 |✅
8. Notes - MIA by laws - Pg 87-88 (Text book) | Self test1 | ST2 | ST3 |✅

MIA BY LAW

Exercise 

CT October 2023 - Week 4

CT April 2023 - Question 3 Week 4

CT November 2022 ✅

CT April 2022 ✅

CT Nov 2021

CT Oct 2019 ✅

Professional Ethics Notes with Examples - Notes

• Objectivity 1|2|3| Video F4|GM1| ✅
• Integrity 1|2|3|4| Video Asia|Jubjub|Chem|Savvy| ✅
• Confidentiality 1|2|3|4| Video RD|SP|Delulu|Ace| ✅
• Professional behaviour 1|2|3|4| Video Zuha| Auvengers|MG|HS| ✅
• Professional competence and due care 1|video TAT1| ✅

Others

Audit fees - Ainul ✅

Exercises & relevant videos

1. Exercises - CT April 2023
2. Exercises - CT April 2023
3. Exercises - CT April 2021
4. Relevant videos 1 - Introduction to Auditing ✅
5. Relevant videos 2 - Company Act 2016 ✅
6. Relevant videos 3 - Company Act 2016 (Sir Syed) ✅
7. Relevant videos 4 - Audit regulation MIA by Laws ✅

Week 4 (28–1/11/24)

Notes - Audit Planning & Fieldwork Part 1 ✅

Week 5 (4–8/11/24) - COMMON TEST (15%) Dewan Merpati Saturday, 9am – 10:30am

Notes - Audit Planning & Fieldwork Part 2 ✅

Week 6 (11–15/11/24)

Notes - Audit Planning & Fieldwork Part 3a ✅

MID-TERM BREAK - (18–24/11/24)

Week 7 (25–29/11/24)

Notes - Audit Planning & Fieldwork Part 3b ✅

Audit Planning and Audit Risk

Self Test 1 | Self Test 2 | Self Test 3 |

Audit Evidence and Audit Procedures

Self Test 1 | Self Test 2 | Self Test 3 |

Audit Documentation

Self Test 1 | Self Test 2 | Self Test 3 |

Audit Sampling

Self Test 1 | Self Test 2 | Self Test 3 |

Materials to cover

PART 1 ✅

Pre-plan: client’s acceptance - Pg 196 (Text book) Video F4|

Scope of audit work - Pg 197 (Text book) 1|2|Video Savvy|SP|

1. Engagement letter - Pg 197-199 (Text book) 
2. Fraud, error - Pg 135 (Text book)
3. Setting audit objectives - Pg 132 (Text book)

Management assertions - Pg 143 (Text book) 1| Video AM|Q|

Transaction-related audit objectives - Pg 144 (Text book) 1| video AU|

Balance-related audit objectives - Pg 146 (Text book) 1| video AU|

1. Knowledge of client’s business and industry - Pg 202 (Text book)
1. Industry and external environment - Pg 203 (Text book)
2. Business operations and processes - Pg 204 (Text book)

Client business risk - Pg 207 (Text book) 1| video HS|

PART 2 ✅

Preliminary analytical procedures - Pg 208 (Text book)

Materiality - Pg 236 (Text book) 1|video TAT2|AM|

• Definition and concept of materiality - Pg 236-237 (Text book)

• Types of materiality - Pg 238 (Text book)

1. Quantitative
2. Qualitative

Assessment of Risk 1| Video GM!|

• Types of risks

1. Audit risk - Pg 244 (Text book) 1| Video Zuha|AM1|AM2|AM3|AM4|
2. Audit risk model - Pg 244 (Text book)
• Inherent risk - Pg 246-247 (Text book)
• Control risk - Pg 246-247 (Text book)
• Detection risk - Pg 246-247 (Text book)

Can you identify Significant Risks for an audit client? video AM|

Sampling - Pg 450 (Text book) Video YB|

1. Criteria - representative samples
2. Reasonable assurance

PART 3

Audit procedures - Pg 161 (Text book) 

1. Terms used in audit procedures 1|
2. Tests of controls vs Substantive tests Video AM|
3. Tests of controls - Pg 381 (Text book) 1| Video Auvengers|AM|
4. Substantive procedures - Pg 382 (Text book) 1| Video 5peeps|
1. Analytical procedures - Pg 211/383 (Text book) video TAT1|
2. Tests of details of classes of transactions - Pg 384 (Text book)
3. Tests of details of account balances and disclosures - Pg 384 (Text book)

Audit evidence - Pg 160 (Text book) 1| Video Chem|

1. Sufficient appropriate audit evidence - Pg 162-163 (Text book)
1. Persuasiveness of audit evidence - Pg 162 (Text book)

Types of audit evidence - Pg 165 (Text book) 1|

PODCIARR 

1. Physical examination
2. Observation
3. Documentation
4. Confirmation
5. Inquiries of client
6. Analytical procedures
7. Recalculation
8. Re-performance

Audit programme - Pg 161 (Text book) 1| Video Delulu|

• Types of audit programme: Standard and Tailored 1|

Audit documentation - Pg 173-174 (Text book) 1| Video MG|

Types of files

• Permanent files - Pg 176 (Text book)
• Current files - Pg 177 (Text book)

Preparation of working papers Video RD|

Ownership and Confidentiality - Pg 175 (Text book) 1|

Internal control - Pg 274 (Text book) 1| Video JubJub|

1. Management and auditor’s responsibilities - Pg 275 (Text book)
2. Objectives of internal controls - Pg 274 (Text book)
3. Components of internal controls - Pg 277 (Text book)
4. Evaluation of internal controls - Pg 287 (Text book)
5. Assessment and documenting understanding of internal controls - Pg 284-287 (Text book)

Letter of weaknesses to management - Pg 294 (Text book) 1| Video Asia|

What is audit quality and how do you measure it? video AM|

Week 8 (2–6/12/24) ✅

Week 9 - (9–13/12/24) - SUBMISSION OF GROUP PROJECT (10%)

Week 10 - (16–20/12/24)

SPECIAL BREAK - (23–29/12/24)

Week 11 - (30/12/24 – 3/1/25)

Audit of Financial Statement Cycles

1. Types of financial statements cycles & related internal controls

• Sales and collection cycle (pg415-439) - Notes|Video AM1|AM2|1|2|3|Soalan latihan 1|2|3
• Purchases and payment cycle (pg569-588) - Notes|Video Amanda|1|2|3|Soalan latihan 1|2|3
• Payroll and Personnel cycles (pg627-639) - Notes|Video AM1|AM2|1|2|3|Soalan latihan 1|2|3

2. Components in financial statements cycles 

• Business functions
• Documents and records

Week 12 (6/1 – 10/1/25)

Audit of Statements of Financial Position and Comprehensive Income 

Video Sir Syed

1. Substantive audit procedures for statement of financial position – account balances and disclosures

• Property, plant and equipment |Notes|Audio|Video AM|
• Cash|Notes 1|Notes 2|Video AM|
• Income statement

2. Repair and Maintenance Entertainment

Week 13 (13/1 – 17/1/25) - TEST 2 (15%) Friday, 3pm – 4:30pm

Audit Report - Video Sir Syed | Notes | mindmap |

1. Types of audit report

• Unmodified audit report

2. Standard

3.Emphasis of matter paragraphs

• Modified audit report

4. Qualified opinion – “except for”

5. Adverse opinion

6. Disclaimer opinion

7. Components of an unmodified audit report

8. Departures from an unmodified audit report

• Inability to obtain sufficient appropriate audit evidence (qualified or disclaimer opinion)
• Financial statements are materially misstated (qualified or adverse opinion)

Week 14 (20/1 – 24/1/25)

Contemporary Issues in Auditing

1. Industry Revolution 4.0 and its impact on auditing profession

2. Transnational audit

3. Other issues

27/1/25 – 2/2/25 STUDY WEEK 4

3 – 23/2/2025 FINAL EXAMINATION (60%)

Important Announcement

💖 CARRY MARKS

Test 2 (50 marks: 90 min) CLO1/PLO1 - 12/01/2024 FRIDAY (3:00pm – 4:30pm)

• Q1: Audit Regulation – MIA by Laws (10 marks) 
• Q2: Audit Regulation – MIA by Laws (15 marks)
• Audit of SOFP & SOPL (25 marks) Video
• Sample Question - Jan 2023

Final Assessment (100 marks: 180 min) CLO2/PLO3

• Q1: Audit Planning Part 1
• Q2: Audit Planning Part 2
• Q3: Audit Planning Part 3
• Q4: Audit Report 
• Q5: Audit of Financial Statement Cycles 

PYQ July23|Feb23|Feb22|Mac22|Feb21|

Week 1

Lecture overview

• Ice breaking
• About you and me
• Grouping 
• Do and don’t
• Lesson plan
• Assignment
• Introduction to AI (How it will benefits/destroy you)
• Let begin with the End - PYQ

Relevant videos

How to study auditing - U & A

World com

Enron

What is audit

Chapter 1 Introduction to Auditing

Download today’s material

1. Lesson Plan
2. Weekly lesson plan
3. Group Assignment - SUBMIT HERE
4. GA (Rubric)
5. GA Peer evaluation form
6. Lecture notes
7. Citation and referencing 1 | 2

Week 2-3

Lecture overview

1. Tazkirah
2. Notes - Topic 1 - Pg 25-37 (Text book)
3. Notes - External vs Internal
4. Notes - Company Act 2016
5. Notes - Mind map
6. Notes - Disqualification of Auditors
7. Notes - Agency Theory
8. Notes - MIA by laws - Pg 87-88 (Text book)

MIA BY LAW

• Objectivity 1|2|3| Video F4|GM1|
• Integrity 1|2|3|4| Video Asia|Jubjub|Chem|Savvy|
• Confidentiality 1|2|3|4| Video RD|SP|Delulu|Ace|
• Professional behaviour 1|2|3|4| Video Zuha| Auvengers|MG|HS|
• Professional competence and due care 1|video TAT1|

Others

Audit fees - Ainul

Exercises & relevant videos

1. Exercises - CT April 2023
2. Exercises - CT April 2023
3. Exercises - CT April 2021
4. Relevant videos 1 - Introduction to Auditing
5. Relevant videos 2 - Company Act 2016
6. Relevant videos 3 - Company Act 2016 (Sir Syed)
7. Relevant videos 4 - Audit regulation MIA by Laws

Week 4 - 8

1. Tazkirah
2. Notes - Audit Planning & Fieldwork Part 1
3. Notes - Audit Planning & Fieldwork Part 2
4. Notes - Audit Planning & Fieldwork Part 3a
5. Notes - Audit Planning & Fieldwork Part 3b
6. Relevant videos 1

Materials to cover

PART 1

Pre-plan: client’s acceptance - Pg 196 (Text book) Video F4|

Scope of audit work - Pg 197 (Text book) 1|2|Video Savvy|SP|

1. Engagement letter - Pg 197-199 (Text book) 
2. Fraud, error - Pg 135 (Text book)
3. Setting audit objectives - Pg 132 (Text book)

Management assertions - Pg 143 (Text book) 1| Video AM|Q|

Transaction-related audit objectives - Pg 144 (Text book) 1| video AU|

Balance-related audit objectives - Pg 146 (Text book) 1| video AU|

1. Knowledge of client’s business and industry - Pg 202 (Text book)
1. Industry and external environment - Pg 203 (Text book)
2. Business operations and processes - Pg 204 (Text book)

Client business risk - Pg 207 (Text book) 1| video HS|

PART 2

Preliminary analytical procedures - Pg 208 (Text book)

Materiality - Pg 236 (Text book) 1|video TAT2|AM|

• Definition and concept of materiality - Pg 236-237 (Text book)

• Types of materiality - Pg 238 (Text book)

1. Quantitative
2. Qualitative

Assessment of Risk 1| Video GM!|

• Types of risks

1. Audit risk - Pg 244 (Text book) 1| Video Zuha|AM1|AM2|AM3|AM4|
2. Audit risk model - Pg 244 (Text book)
• Inherent risk - Pg 246-247 (Text book)
• Control risk - Pg 246-247 (Text book)
• Detection risk - Pg 246-247 (Text book)

Can you identify Significant Risks for an audit client? video AM|

Sampling - Pg 450 (Text book) Video YB|

1. Criteria - representative samples
2. Reasonable assurance

PART 3

Audit procedures - Pg 161 (Text book) 

1. Terms used in audit procedures 1|
2. Tests of controls vs Substantive tests Video AM|
3. Tests of controls - Pg 381 (Text book) 1| Video Auvengers|AM|
4. Substantive procedures - Pg 382 (Text book) 1| Video 5peeps|
1. Analytical procedures - Pg 211/383 (Text book) video TAT1|
2. Tests of details of classes of transactions - Pg 384 (Text book)
3. Tests of details of account balances and disclosures - Pg 384 (Text book)

Audit evidence - Pg 160 (Text book) 1| Video Chem|

1. Sufficient appropriate audit evidence - Pg 162-163 (Text book)
1. Persuasiveness of audit evidence - Pg 162 (Text book)

Types of audit evidence - Pg 165 (Text book) 1|

1. Physical examination
2. Observation
3. Documentation
4. Confirmation
5. Inquiries of client
6. Analytical procedures
7. Re-performance

Audit programme - Pg 161 (Text book) 1| Video Delulu|

• Types of audit programme: Standard and Tailored 1|

Audit documentation - Pg 173-174 (Text book) 1| Video MG|

Types of files

• Permanent files - Pg 176 (Text book)
• Current files - Pg 177 (Text book)

Preparation of working papers Video RD|

Ownership and Confidentiality - Pg 175 (Text book) 1|

Internal control - Pg 274 (Text book) 1| Video JubJub|

1. Management and auditor’s responsibilities - Pg 275 (Text book)
2. Objectives of internal controls - Pg 274 (Text book)
3. Components of internal controls - Pg 277 (Text book)
4. Evaluation of internal controls - Pg 287 (Text book)
5. Assessment and documenting understanding of internal controls - Pg 284-287 (Text book)

Letter of weaknesses to management - Pg 294 (Text book) 1| Video Asia|

What is audit quality and how do you measure it? video AM|

Week 8-11

Audit of Financial Statement Cycles

1. Types of financial statements cycles & related internal controls

• Sales and collection cycle (pg415-439) - Notes|Video AM1|AM2|1|2|3|Soalan latihan 1|2|3
• Purchases and payment cycle (pg569-588) - Notes|Video Amanda|1|2|3|Soalan latihan 1|2|3
• Payroll and Personnel cycles (pg627-639) - Notes|Video AM1|AM2|1|2|3|Soalan latihan 1|2|3

2. Components in financial statements cycles 

• Business functions
• Documents and records

Week 12

Audit of Statements of Financial Position and Comprehensive Income 

Video Sir Syed

1. Substantive audit procedures for statement of financial position – account balances and disclosures

• Property, plant and equipment |Notes|Audio|Video AM|
• Cash|Notes 1|Notes 2|Video AM|
• Income statement

2. Repair and Maintenance Entertainment

Week 13

Audit Report - Video Sir Syed | Notes | mindmap |

1. Types of audit report

• Unmodified audit report

2. Standard

3.Emphasis of matter paragraphs

• Modified audit report

4. Qualified opinion – “except for”

5. Adverse opinion

6. Disclaimer opinion

7. Components of an unmodified audit report

8. Departures from an unmodified audit report

• Inability to obtain sufficient appropriate audit evidence (qualified or disclaimer opinion)
• Financial statements are materially misstated (qualified or adverse opinion)

Week 14

Contemporary Issues in Auditing

1. Industry Revolution 4.0 and its impact on auditing profession

2. Transnational audit

3. Other issues