Hello, I'm just curious about something. Is there an easy way to categorize situations through Occurrence, Completeness, Accuracy, Classification, Cutoff, Existence, Rights and Obligations, Valuation and Allocation, Presentation and Disclosure? I'm really struggling with given scenarios and what I should be looking for when I am categorizing each kind of assertion. there seems to be some sort of clue/context that makes it clear what each one should be, but besides remembering each scenario, I am having trouble finding the reasoning behind why something is classified the way that it is.
Hi Ravenleaf, so I struggle with that all of the time. From my understanding there really isn't, you have to conceptualize it based on the situation. This is not to say there is not a way, I just haven't found a way since I don't teach auditing on a consistent basis at my institution. If I taught it more, I'd probably come up with something, but it's been a while. Patrick
@@PatrickLeeCPA Thank you so much, that seems to be a general consensus that its troubling to identify and classify each as you can make cases for 2-3 of them given a situation. I suppose at best it will come with experience.
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So far I found your videos are the most helpful ones for auditing
Thanks a lot for these absolutely great explanations. It's become more clear, especially difference between Audit and Assurance. 👍🏻👏
I finally understood ... i searched in all websites and found no persuadable answer
You are amazing helpful 👏💯
Thanks👍
That's what I get all the time. I need more time to really do auditing justice, just never had the time to get it done. Thanks for watching. - Patrick
Omg me too! I couldn’t find anything online and this video helped me understand completely!
i love the way you explain, thank you very much
Dear Sir, Thank you for your kind help.❤❤❤....Is there any audit related exam exercises?
Unfortunately, no, I haven't taught this class in a while and haven't had time to do an entire Audit course (it's on my wish list). - Patrick
Difference of audit, review, compilation and agreed-upon procedures
Hello, I'm just curious about something. Is there an easy way to categorize situations through Occurrence, Completeness, Accuracy, Classification, Cutoff, Existence, Rights and Obligations, Valuation and Allocation, Presentation and Disclosure? I'm really struggling with given scenarios and what I should be looking for when I am categorizing each kind of assertion. there seems to be some sort of clue/context that makes it clear what each one should be, but besides remembering each scenario, I am having trouble finding the reasoning behind why something is classified the way that it is.
Hi Ravenleaf, so I struggle with that all of the time. From my understanding there really isn't, you have to conceptualize it based on the situation. This is not to say there is not a way, I just haven't found a way since I don't teach auditing on a consistent basis at my institution. If I taught it more, I'd probably come up with something, but it's been a while. Patrick
@@PatrickLeeCPA Thank you so much, that seems to be a general consensus that its troubling to identify and classify each as you can make cases for 2-3 of them given a situation. I suppose at best it will come with experience.
Please elaborate in simple word...
Why is a SSAE 18 SOC is called attestation while it actually fit into audit definition as per your video.
I think many people use audit and attestation interchangeably which is probably why it is consider attestation instead of auditing.
Patrick