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Chapter 4:Auditing in CIS Environment (PSP_DAT5BJune2020)

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Chapter 4:Auditing in CIS Environment (PSP_DAT5BJune2020)

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Assalamualaikum dan salam sejahtera. Dont  forget to join us on our fb live. While waiting, you can visit our blogspot to know about this chapter. Thank you.

Link for blogspot :https://mypolyaudit.blogspot.com/2020/09/chapter-4-auditing-in-cis-environment.html

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Let’s Get Quizzical challenge

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Find quizzes on any topic and practice or compete with friends.

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Assalamualaikum and Salam Sejahtera. We Group 3 from PSP DAT5B_JUN2020

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Assalamualaikum and Salam Sejahtera. We Group 3 from PSP DAT5B_JUN2020

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We will discuss about Topic 3: Audit Of Financial Statement this Saturday. Don't forget to see us and check our blogspot  : https://mypolyaudit.blogspot.com/2020/09/review-chapter-3-audit-on-financial_3.html

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Sila layari portal di pautan  https://mypolyaudit.weebly.com/ dan juga refleksi perbincangan pelajar di http://mypolyaudit.blogspot.com/

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Platform penyampaian pengajaran dan pembelajaran (P&P) Jaminan Audit di Malaysia menerusi pembelajaran teradun(Blended Learning).

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MOHAMAD NOOR IHSAN BIN MOHAMAD NADZRI
10DAT18F2065
I hope i can score for this subject

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Assalamualaikum dan selamat sejahtera . Kami group 8 DAT5B dari politeknik seberang perai <3
Untuk makluman semua , dibawah ini merupakan link fb live mypolyadudit yang telah dibuat . Jadi sesiapa yang ingin mengulangkaji atau mendengar semula boleh melihat semula penerangan dari kami di link yang dilampirkan .
https://m.facebook.com/story.php?story_fbid=969815546874304&id=894503637335357

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Audit Procedures For The Liabilities Process.

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Audit Procedures For The Liabilities Process.

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Assalamualaikum dan Selamat Malam 🌙
Kami pelajar Politeknik Seberang Perai, kelas DAT5B daripada kumpulan 7 🌹
Dibawah merupakan link tajuk kumpulan kami 👇🏻

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Chapter 3 : Audit procedures for the inventories and work in progress process
Group 6 DAT5C
Assalamuaalaikum and hi , kami group 6 DAT5C dari politeknik seberang perai ✨ di bawah ini video powtoon group kami ☺️ jemput untuk tengok 💕

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group 6  DAT5C audit procedures for the inventories and work in progress process

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Penilaian online

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Join a game of kahoot here. Kahoot! is a free game-based learning platform that makes it fun to learn - any subject, in any language, on any device, for all ages!

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Chapter 2: Audit Evidence by Group 2 PSP | DAT5C_JUN2020

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Chapter 2: Audit Evidence by Group 2 PSP | DAT5C_JUN2020

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1. Ikuti perbincangan topik 2 di MypolyAudit blogspot.
http://mypolyaudit.blogspot.com/2020/08/audit-evidence-by-dat5cjune2020.html

2. FB Live Mypoly Audit
https://www.facebook.com/watch/live/?extid=OPMfuQklI7fnmhqr&v=611919369525876&ref=watch_permalink

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Saya En Mohd Hafiz dan Pn Juliana akan berkongsi ilmu DPA5043 untuk semester ini untuk kelas DAT5A dan DAT45B (PSP) Mohon memperkenalkan diri dengan :
1. upload gambar terkini
2. Nama penuh
3. No Matrik
4. Nyatakan matlamat anda di akhir kursus ini.

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More to learn in chapter 1 (Audit Documentation) in this sway's link. Click on the link and let's learn together in chapter 1.

https://sway.office.com/DSRqAektQm6s0vSm?ref=Link

Through this link, you will find out more about audit documentation because we had prepare for you guys the slide, Video and so on. ENJOY!

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CHAPTER 7:AUDIT ISSUES AND LEGAL LIABILITIES

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CHAPTER 7:AUDIT ISSUES AND LEGAL LIABILITIES

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1.Jangan lupa untuk menyertai siaran langsung kami di Facebook hari ini pada 11 pagi.
2.Anda boleh rujuk slide yang kami terangkan dibawah.
https://app.conceptboard.com/board/76te-fg6r-yb0d-pe60-0h0y

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Assalamuaalaikum and hai guys , lets spend time to see our fb live tomorrow at 10.30 am , we will discuss about audit report , your consideration are highly appreciated : 

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Assalamuaalaikum and hai guys , lets spend time to see our fb live tomorrow at 10.30 am , we will discuss about audit report , your consideration are highly appreciated : 

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-this is our blogspot in mypolyaudit web https://mypolyaudit.blogspot.com/2020/11/review-chapter-6-audit-report.html

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Tahniah semua...

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Assalamualaikum and Selamat Sejahtera. We Group 3 from PSP DAT5B_JUN2020

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Assalamualaikum and Selamat Sejahtera. We Group 3 from PSP DAT5B_JUN2020

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Hello guys, here is the link of our live on Facebook https://m.facebook.com/story.php?story_fbid=382296136499436&id=894503637335357
Thank you so much for all the support, We really appreciate it 😘❤

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Assalamualaikum and Salam sejahtera. Don't forget to see us. 

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Assalamualaikum and Salam sejahtera. Don't forget to see us. 

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DAT5B JUN2020

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1. Ikuti perbincangan topik 1 di MypolyAudit blogspot.
http://mypolyaudit.blogspot.com/2020/08/ulasan-chapter-1-audit-documentation.html

2. FB Live Mypoly Audit di
https://www.facebook.com/watch/?v=1708904982597157&extid=XoGDxU52c9oMMU1v

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Welcome to our blog 😊

We are from group 1, DATB
CHAPTER 1: AUDIT DOCUMENTATION
Group members :

1- Muhammad Ashraf bin Mohd Redzwan 10DAT18F1006

2-Thurgeswari Selvemani 10DAT181073

3- Nor Athirah bt Amran 10DAT18F1028

4- Nuralya Sophia bt Suhaidi 10DAT18F1026

5- Nurdiana bt Mohd Nasir 10DAT18F1014

[Ulasan Kumpulan 1 untuk sesi pembelajaran topik 1?]

Never stop learning, because life never stop teaching

👇👇 CLICK DOWN below to listen and learn topic one 👇👇

Feel free to watch this video okay !!

SHARING IS CARING RIGHT GUYS

For more information for chapter 1, you guys can read the slide that had been prepared💖💖
https://app.conceptboard.com/board/bm2n-55rb-nd94-1qh9-bioq
QUESTIONS and ANSWER SESSION

please fill the answers in the comment section👍👍

1) Three (3) purposes of audit working papers

2) An auditor needs to keep proper audit documents as evidence for use in the future

a-Explain two (2) advantages of proper audit programme

b- List four (4) contents of working papers

3) What is permanent audit and current audit files? Explain.

THE MORE THAT YOU READ,

THE MORE THINGS YOU WILL KNOW.

THE MORE THAT YOU LEARN,

THE MORE PLACES YOU'LL GO.

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Review Chapter 1: Audit Documentation (PSP_DAT5Bjune2020)

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Welcome to our blog 😊 We are from group 1, DATB CHAPTER 1: AUDIT DOCUMENTATION Group members : 1- Muhammad Ashraf bin Mohd Redzwan 10DAT18F1006 2-Thurgeswari Selvemani 10DAT181073 3- Nor Athirah bt Amran 10DAT18F1028 4- Nuralya Sophia bt Suhaidi 10DAT18F1026 5- Nurdiana bt Mohd Nasir 10DAT18F1014 [Ulasan Kumpulan 1 untuk sesi pembelajaran topik 1?]

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1. Jom ikuti live yang akan diadakan pada jam 11 pagi tarikh 18 Oktober 2020 di page MyPoly Audit.
2.Ini adalah slide untuk lihat semasa anda di live kami.
https://app.conceptboard.com/board/t3md-i25m-3z92-o536-4se9

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Matching audit test with audit procedures of data validation controls

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﻿ Internal control structure and assesses control risk to complete the Electronic Data Processing (EDP). Effect of computerised information system in the auditing process.

WEEK 8 | 05 - 09 October 2020

Learning Objective
Upon completion of this chapter, students should be able to understand basic approach to computerised information system.
4.1.1 Describe the changing information of technology and its implication for auditing.
4.1.2 Determine the level of complexity in computerized information system enviroments.
4.1.3 Identify the general and application control on CIS.
4.1.4 Prepare the plan an audit strategic in CIS approach

Thing to Do
Assalamualaikum & Salam Sejahtera,

1. Please join the online class at Microsoft Teams (refer course schedule) until it finishes.

2. Please watch this P & P video until it finishes. | How to audit CIS? - What is CIS? | IT controls - General vs Application Controls
| video 1 & video 2

3. After finished watch these video, you can click link Conceptboard or QR code scan for online reading activity. Students as editor can also comment and share any content in this Conceptboard. Thank you.

​ Student`s Blog
----------------

1. After watch this video and read eNotes at Microsoft Teams, CIDOS and MyPoly Audit, please answer and comment for each video and notes attached.

2. Furthermore, please broadcast your discussion activity at the FB live that you created.

3. Also, c ollaboration with your team at Mural and don`t forget to update group activity at Padlet and blogspot respectively.

You will be able to edit this mural.

Note Chapter 4
To my beloved students, you are available for free reading online or free download in CIDOS Politeknik Malaysia.

​Alhamdulillah, you finished watching the video above, now you can play with this game at CRAM. Matching audit test with audit procedures of data validation controls.

OTHER TOPICS

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AUDITING IN COMPUTERISED INFORMATION SYSTEM ENVIRONMENT

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﻿ Internal control structure and assesses control risk to complete the Electronic Data Processing (EDP). Effect of computerised information system in the auditing process.

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Chapter 3: Audit On Financial Statement by Group 3 PSP

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Chapter 3: Audit On Financial Statement by Group 3 PSP

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DAT5C  JUN2020

Discussion about chapter 3 :)
please checkout our blogspot
https://mypolyaudit.blogspot.com/2020/09/review-chapter-3-audit-on-financial.html

link for Facebook Live
https://web.facebook.com/watch/live/v=322177082333660&ref=watch_permalink

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Discussion at Conceptboard https://app.conceptboard.com/board/ru9q-cz3c-5zoc-peaf-b2th#

also at Flipgrid https://flipgrid.com/d33bd1

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Flipgrid is where social and emotional learning happens! The leading video discussion platform for millions of PreK to PhD educators, students, and families.

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1. Ikuti perbincangan topik 1 di MypolyAudit blogspot.
http://mypolyaudit.blogspot.com/2020/08/1muhammad-muaz-bin-mohd-hassan.html

2. FB Live Mypoly Audit di
https://www.facebook.com/watch/?v=224097338943424&extid=L0xK7OkJOG1FMgmE

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1.Ikuti perbincangan topik 4 di MypolyAudit blogspot.
https://mypolyaudit.blogspot.com/2020/10/review-chapter-4-auditing-in.html

2. Link for our group facebook live
https://www.facebook.com/mypolyaudit/videos/2798679506902094

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CHAPTER 7:AUDIT ISSUES AND LEGAL LIABILITIES - Conceptboard

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Assalamualaikum dan salam sejahtera. Jom melihat video kami.sekian terima kasih.

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Assalamualaikum dan salam sejahtera. Jom melihat video kami.sekian terima kasih.

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Audit Procedures Expenditure (DAT5C group2)

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assalamualaikum dan salam sejahtera. sila tekan link ini untuk melihat video kami.sekian terima kasih.

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Audit Documentation (10 - 14 August 2020)

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Audit Documentation (10 - 14 August 2020)

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Discussion at Conceptboard https://app.conceptboard.com/board/7dix-2upr-ahih-2hqb-3p8a#

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Audit Documentation - Introduction - Conceptboard

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Assalamualaikum dan selamat sejahtera.Kami dari kumpulan 1 kelas DAT 5C Jun 2020.Sila tekan link di bawah until menonton video yang telah kami buat.Sekian,terima kasih.

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Audit Evidence (31 August - 04  September  2020)

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Audit Evidence (31 August - 04  September  2020)

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Discussion at Conceptboard https://app.conceptboard.com/board/m3ur-x8tn-c3s4-b84a-9o8f

also at Flipgrid https://flipgrid.com/d33bd1

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Audit Documentation (17 - 21 August 2020)

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Audit Documentation (17 - 21 August 2020)

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Discussion at Conceptboard https://app.conceptboard.com/board/pgq8-ob0c-3gei-b6r3-f3dx#

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Audit Documentation - Audit Files - Conceptboard

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Assalammualaikum dan salam sejahtera. Kami dari kumpulan 3 DAT5C 2020. Sila tekan link di bawah untuk melihat video yang telah kami buat. Thank you.
https://www.youtube.com/embed/qlAEPiD3Bl0%22

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Evidential matter is necessary to support the assertions in the financial statements....please watch our video at link below. Thank.

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"Information used by the auditor in arriving at the conclusions on which the auditor's opinion is based. Audit evidence includes both information contained in the accounting records underlying the financial statements and other information. (See Sufficiency of audit evidence and Appropriateness of audit evidence.)"

Evidential matter is necessary to support the assertions in the financial statements. Evidential matter consists of underlying accounting data such as books or journal of original entry and all corroborating information available to the auditor. Underlying evidence for the most part is available to the auditor from within the company. It consists of the accounting data from which the financial statements are prepared, and includes journals, ledgers, computer files, accounting manuals, memoranda, worksheets and spreadsheets supporting items such as cost allocations, computations, and reconciliations.

Our Discussion on this topic

Prepared by Najhan Amani binti Mohd Dzahar (18DAT18F1021) | Noor Nadiah binti Mohd Suhaimi(18DAT18F1019)

Prepared by Siti Sarah Najiha Binti Besri 18DAT18F1011 | Phon Pi Mon A/P Boon Loy 18DAT18F1031 | Phamayla A/P Kam 18DAT18F1023

Prepared by Muhammad Zahir Afiq bin Zulkiflee 18DAT18F1062 | Ahmad Aizzat bin Abdul Karim 18DAT18F1027 | Wan Muhammad Arif Iman bin Wan Nor Azizey 18DAT18F1029

Prepared by Muhammad Firdaus | Aziah Yasmin | Shalini

Prepared by Nurul Atika Binti Zulkarnain (18DAT18F1017) | Nur Raisyah Aqifah Binti Mohd Rozi (18DAT18F1037) | Anis Syahira Binti Rohaizat (18DAT18F1035)

Audit evidence is information used by the auditor in arriving at the conclusions on which the auditor's opinion is based. It comprises source documents and accounting records underlying the financial report, and corroborating information from other sources. Audit evidence is gathered through all stages of an audit.

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"Information used by the auditor in arriving at the conclusions on which the auditor's opinion is based. Audit evidence includes both information contained in the accounting records underlying the financial statements and other information. (See Sufficiency of audit evidence and Appropriateness of audit evidence.)" Evidential matter is necessary to support the assertions in the financial statements.

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Assalamualaikum and salam sejahtera to everyone. We’re from PSP, group 1 DAT5B Jun 2020. Do click this link to watch our video. Enjoy it and thank you!! ❤ https://youtu.be/UWqs_syOgSM

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Assalamualaikum and salam sejahtera to everyone. We’re from PSP, group 1 DAT5B Jun 2020. Do click this link to watch our video. Enjoy it and thank you!! ❤ https://youtu.be/UWqs_syOgSM

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Assalamualikum and Selamat Sejahtera. We from group 3 DAT5B PSP Jun 2020. Here is our video. Enjoy it and thank you for supporting us!! 😘

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Audit Procedures Bank and Cash (DAT5B group3)

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Assalamualaikum dan salam sejahtera. Kami group 2 DAT5B JUN2020 . Sila tengok video kami

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Assalamualaikum dan salam sejahtera. Kami group 2 DAT5B JUN2020 . Sila tengok video kami

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https://youtu.be/Fga7JV-5zhs

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Try the best!

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DPA5043 Audit & Assurance | DAT5B_Dec 2020: Online scoreboard

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A free online scoreboard and leaderboard app. It's fun and ideal for school, games and sport!

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Work smart !

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DPA5043 Audit & Assurance | DAT5A_Dec 2020: Online scoreboard

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A free online scoreboard and leaderboard app. It's fun and ideal for school, games and sport!

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NUR NAJMEEN AIMALIN BINTI MUHAMAD SYAFIQ WILLIAM

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NUR NAJMEEN AIMALIN BINTI MUHAMAD SYAFIQ WILLIAM

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10DAT18F1106
I hope I will understand all the topic and score A in this subject .

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10DAT18F2076
Saya harap saya dapat faham semua chapter audit sem ni dengan cemerlang dan dapat score A untuk final result untuk subject ini.

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10DAT18F2058
I’m from Seberang Jaya, Penang.

I want to learn more about audit.

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Taufik Ali Bin Mohamed Masoothu
10DAT18F2013
I want to explore the audit subject deeply. 💕

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Mohamed Azrul Bin Dawlath Mohamed

10DAT18F2062

I want to learn audit more and explore all the knowledge available in the subject ❤️

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10DAT18F2049

Im from Sungai Gelugor Penang

I want to learn more about audit

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10DAT18F2039
I hope i will understand all topic in this subject.

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10DAT18F2037
Saya harap saya dapat faham semua topik dan dapat skor A untuk peperiksaan akhir nanti.

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10DAT18F2011
Saya harap saya akan faham subject ini dan cuba untuk mendapat keputusan yang cemerlang dalam subject ini.

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10DAT18F2047
Saya ingin memahami subjek audit dengan mudah dan mendapat keputusan yang cemerlang

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SHAFAZRUN NAHAR BT SHAHUL HAMID-10DAT18F2005

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SHAFAZRUN NAHAR BT SHAHUL HAMID-10DAT18F2005

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I hope I can understand and acquire knowledge in auditing and score excellent  marks.

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10DAT18F2025

saya berharap saya dapat memahami semua topik dan mendapat markah yang cemerlang dalam subjek ini.

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I want to understand this subject clearly and score good marks in this subject.I want to gain my auditing knowledge as well.

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10DAT18F2064
I hope I can understand all the chapters & score good marks

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10DAT18F2041

Saya berasal dari Tasek Gelugor,Pulau Pinang

Saya harap saya dapat memahami segala yang diajar oleh encik dan mendapat results yang cemerlang..aminn

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I want to learn more about audit and gain the knowledge. I want to apply in my life

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10DAT18F2003

saya harap saya faham apa yang encik ajar dan saya mendoakan saya dan semua kawan-kawan saya dapat A dalam result final audit.

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(10DAT18F2019)

Saya mahu menguasai setiap bab yang dipelajari dengan baik supaya dapat menggunakan ilmu ini pada masa akan datang.
Saya juga berharap, saya akan memperoleh keputusan A+ dalam subjek audit.

#staysafe

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Lourine Logeeswary A/P Marimuthu@Edward
10DAT18F2074
I want to explore more on Auditing and Hopefully Scores a good Gred in this Subject at the end of the semester 😇✌

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10DAT18F2045

I hope i can understand and learn more about auditing.

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JASEEMA BANU BT ABDUL RAHIM
10DAT18F2001
I hope I can learn more about auditing and score A in auditing.

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UMATHEIVI ELANGON
10DAT18F2053
Will try to give my best to gain everything that i should know about an auditor and will make sure i do score well in my test,quiz and final exam

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MUHAMMAD SYAHILMAN BIN SHARAIZHI (10DAT18F2068)

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MUHAMMAD SYAHILMAN BIN SHARAIZHI (10DAT18F2068)

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I hope i can understand this audit to be useful for my work in the future .

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10DAT18F2070
Saya harap saya akan lulus dan cemerlang dalam subjek ini serta memahami setiap bab.

# data[].attributes.body
10DAT18F2043

Saya akan berusaha agar dapat memahami lebih lagi tentang audit dan mendapat keputusan lulus dgn cemerlang dalam subjek ini.

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10DAT18F2029
I hope that i will understand all the topic and get a good result in exam.

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- 10DAT18F2066
- Matlamat saya untuk subjek ini adalah untuk saya faham dan kekal faham subjek ini sehingga akhir hayat serta mengaplikasikan ilmu ini untuk orang ramai.

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10DAT18F2031
Saya harap dapat mempelajari dan mudah dapat mempraktikkannya dalam hidupan harian . dan mendapat result yang cemerlang dalam subjek ini

# data[].attributes.body
I'll give my best to score excellent result in auditing ✨

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10DAT18F2060

I hope I will understand the entire topics of this subject and get a excellent mark

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NUR ATHIRAH BINTI MOHAMED SULTAN 10DAT18F2009

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NUR ATHIRAH BINTI MOHAMED SULTAN 10DAT18F2009

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I'll achieve good results in auditing ✨

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10DAT18F2033
I'II try my best to score A in Auditing

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10DAT18F2027

I hope i can understand this subject and tried my best to get a good result 🤲🏻

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10DAT18F2023
I want to get excellent results in this subject

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10DAT18F2055
saya harap saya dapat memahami apa yang saya pelajari dari subjek auditing.

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(10DAT18F2017)
Saya berharap akan dapat memahami pelajaran yang diajar serta memperoleh keputusan yang cemerlang dalam audit and assurance.

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Muhammad Irfan Syafiq bin Shuhali
10DAT18F2601
I hope i can get A in this subject

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INTAN NORHAFIZA BT WAN IBRAHIM
10DAT18F2022
i want to increase my knowledge in the field of audit and hope to get excellent results in the examination(A+)

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I hope I can learn more about auditing and score A.

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NURUL LIYANA BINTI ANWAR
10DAT18F2014
(Saya harap saya akan lebih memahami subjek audit ini)

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10DAT18F2048
I hope i can score excellent marks for this subject

# data[].attributes.body
10DAT18F2054

Saya harap dapat mendalami bidang audit dengan lebih baik dan cemerlang dalam subjek ini

# data[].attributes.body
10DAT18F2028

Saya harap dapat memahami subjek ini dengan lebih baik

# data[].attributes.body
10dat18f2036

Dapat keputusan yang cemerlang dalam subjek audit

# data[].attributes.body
10DAT18F2042
I hope all of us can understand every chapter and score well in this subject.

# data[].attributes.body
10DAT18F2050
saya harap dapat memahami subjek ini dengan baik dan dapat keputusan yang cemerlang dalam final.

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10DAT18F2012
Success in all subject and got a dean list.

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10DAT18F2006

Saya berusaha untuk memahami subjek ini dengan baik serta mendapat keputusan yang cemerlang.

# data[].attributes.body
10DAT18F2034

Saya harap dengan semester last ini, saya dapat memahami semua subjek dengan mudah dan mendapat dekan.

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10DAT18F2024
I hope i will understand all topic in this subject.

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NUR SHAFIQAH BINTI SHIRAFAZ ALI
10DAT18F2010
SAYA HARAP DAPAT MEMAHAMI SUBJEK NI, SKOR SUBJEK NI DAN GUNAKAN ILMU AUDIT NI DI MASA DEPAN

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NUR NATASHAH AMIRA BINTI HASAN
10DAT18F2008
saya harap saya akan dapat keputusan yang cemerlang pada peperiksaan akhir & menggunakan ilmu ini di masa hadapan

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10DAT18F2600
I want to learn more about audit and gain the knowledge. I will try my best to score well in my exams.

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10DAT18F2002
I get know more about audit and get to score well in examination

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10DAT18F2061
I HOPE I CAN LEARN MORE ABOUT AUDIT. AND CAN SCORE A IN AUDIT.

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10DAT18F2067
I CAN LEARN MORE ABOUT AUDIT & SCORE BETTER MARKS

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Kalpanasri Ramanuzam        10DAT18F2038

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Kalpanasri Ramanuzam        10DAT18F2038

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I get know more about audit and get to score well in examination

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10DAT18F2016
I want gain knowledge about auditing and I want score good grades in examination.

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NUR LIYANA BT ZAINOL
10DAT18F2046
saya berharap agar dapat memahami subjek ini dengan lebih baik

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10DAT18F2073
Gain knowledge about this subject

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Chapter 7 : Audit Issues And Legal Liabilities

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Chapter 7 : Audit Issues And Legal Liabilities

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Assalamualaikum and salam sejahtera , you all are welcoming to view this blogspot about chapter 7 : Audit issues and legal liabilities.

For more detail , please click the link down below !
Sway : https://sway.office.com/g7EnqS3hTjfxudQP?ref=Link&loc=play
Blogspot : https://mypolyaudit.blogspot.com/2021/06/group-7-1.html
Mypolyaudit : https://mypolyaudit.weebly.com/audit-issues-and-legal-liabilities.html

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Auditing Issues and Legal Liabilities Introduction

(1) Understanding the meaning of fraud and error.

(2) Reviewing the legal acts that govern auditor's liabilities.

(3) Relation between type of liabilities and current audit cases.

The legal liability that is assumed when the auditor is performing professional duties.

(A) The auditor is liable for client accounting misstatements in the financial statements.

(B) There is always the risk of fraud and material misstatement in financial statements.

(C) Fraud in audits is when an entity is found to have illegally altered financial statements to manipulate its financial health or to hide profit or losses. It is severely punished since fraud undermines the trust that is the bedrock of the global financial system.

Inadvertently taking an expense to the wrong account: For example, an advertising expense shows up as an amortization expense. The two accounts are next to each other in the chart of accounts, and the data entry clerk made a simple keying error.

Booking an unreasonable accounting estimate for allowance for bad debt expense: The person who made this mistake may have simply misinterpreted the facts. The allowance for bad debt arises because generally accepted accounting principles call for the matching of revenue and expenses for the same financial reporting period. Each period, a certain amount of credit sales have to be recorded as bad debt. That way, revenue isn't overstated in the current period.

Incorrectly applying accounting principles: Recording assets at their cost rather than their market value is an example of an accounting principle. Make sure the company hasn't inadvertently made an adjustment to increase the value of assets (such as land or buildings) to their appraised value rather than cost. It's never appropriate to change the value of a fixed asset on the balance sheet from its original cost.

There are two pieces of civil law of particular significance to the audit profession; contract law and the law of tort. These establish the principles for auditor liability to clients and to third parties, respectively. Under contract law parties can seek remedy for a breach of contractual obligations.

- An agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

- A tort, in common law jurisdiction, is a civil wrong (other than breach of contract) that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act. It can include intentional infliction of emotional distress, negligence, financial losses, injuries, invasion of privacy, and many other things.

Types of Liabilities and Current Liabilities

An auditor is in a contractual relationship with a client. If the auditor does not

perform his or her side of the bargain according to contract terms the client can sue for

breach of contract. A client may seek these remedies for breach of contract:

(1) specific performance;

(2) general monetary damages for losses incurred as a result of the breach;

(3) consequential damages that occur indirectly as a result of the breach.

Auditors may be liable for negligence to third parties such as actual and potential shareholders, vendors, bankers. Under the common law, auditor can be held liable to client for breach of contract, negligence and fraud; and auditor can be held liable to third party for negligence and fraud.

A forensic audit examines and evaluates a firm's or individual's financial records to derive evidence used in a court of law or legal proceeding. Forensic auditing is a specialization within accounting, and most large accounting firms have a forensic auditing department. Forensic audits require accounting and auditing procedures and expert knowledge about the legal framework of such an audit.

Factors That Help to Minimize the Auditor Liabilities

1.Get rid of high risk clients and troublemakers. Continuing to serve clients that are risky, that require constant hand-holding, that are uncooperative or that argue over fees limits productivity of CPA firm personnel and often creates a "crisis-oriented" culture.

2.Make sure in-charge accountants and engagement leaders know what they are doing. Due to employee turnover, business growth or other reasons, staff personnel are frequently promoted to these leadership positions without adequate experience and training.

3.Carefully manage cookie-cutter approaches to audits. Standard approaches to attest engagements without carefully considering the facts and circumstances of each can increase the possibility errors or fraud going undetected.

4.Restrict the use of reports in high risk circumstances. Normally, restrictions on the use of reports are appropriate when the accountant or auditor has concern about unqualified or unauthorised persons utilising financial statements and footnotes.

5.Compliance on Audit quality: There are a number of ways in which audit firms can manage their exposure to claims of negligence. Perhaps the most obvious is not being negligent in the first place.

For more detail , clink the link down below !

2. Differentiate between fraud and error.

3. Define the legal liability

4. Discuss Liability to client

5. Discuss Liability to third party

6. Discuss Fraud / Forensic

8. Give the factors that minimize the auditor liabilities

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Auditing Issues and Legal Liabilities Introduction (1) Understanding the meaning of fraud and error. (2) Reviewing the legal acts that govern auditor's liabilities. (3) Relation between type of liabilities and current audit cases. The legal liability that is assumed when the auditor is performing professional duties.