The Audit Experience EMS

Learning Journal

The Audit Experience EMS V16

2000-2013 Deloitte Global Services LimitedPartners in Learning

Section 2Internal Controls Learning Journal

Use this document to keep a record of your learning experiences and key learning points, and
what this means in terms of your role, engagements, or personal development.
What have you done in Section 2?
Prepared a flowchart based on a business process narrative
Used narratives and flowcharts to obtain an understanding of a business process and identify gaps
using understanding of the business process
Described the purpose of a walkthrough
Recognized appropriate behaviors for meeting with the entity, including professional skepticism
Performed tests of controls Identified entity documents required to perform procedures
Identifying how the material ABCOTD fits in with the overall business
Identifying information produced by the entity required to perform procedures
Documenting audit procedures performed as per the AAM
Performing self-review on audit documentation prior to submission for detailed review
Identified, interpreted, and applied relevant Deloitte requirements and Performance Support to
assist in performing audit procedures

Key Audit Approach Manual (AAM) References

00100 Audit Evidence
00400 Ethical Requirements, Professional Skepticism, Professional Judgment and Differences of
Opinion
12000 Audit Risk and Risk Assessment Procedures
12200 Understand Internal Control
13300 Respond to Engagement Risk and the Risks of Material Misstatement
23001 Testing and Concluding on the Operating Effectiveness of Controls
Glossary

Key Takeaways/Insights
What skills did I do well in this section?

What skills do I feel like I need the most improvement?

What were some of the more difficult tasks for me during this section?

Document your three top key learning points

Section 3Cash Learning Journal

Use this document to keep a record of your learning experiences and key learning points, and
what this means in terms of your role, engagements, or personal development.

What have you done in Section 3?

Agreeing leadsheets to draft financial statements
Analyzed audit evidence and information produced by the entity
Addressed the risks of material misstatement identified in subphase 23100 Cash
Performed tests of details, specifically:
o

Identified the relevant population to be tested

Obtained sufficient and appropriate audit evidence

Evaluated evidence for items selected

Identified misstatements

Analyzed bank confirmations

Obtained appropriate and sufficient independent third party audit evidence required for addressing
risks of material misstatement identified in cash
Analyzed risks of material misstatement associated with foreign currency balances
Analyzed and recalculated foreign currency translations
Examined cash balances to test they are properly presented and disclosed

Key Audit Approach Manual (AAM) References

00100 Audit Evidence
00400 Ethical Requirements, Professional Skepticism, Professional Judgment and Differences of
Opinion
12300 Inquiries Regarding Fraud and Error
13100 Materiality
13150 Identify and Assess Risks of Material Misstatement
23002-1 Substantive Procedures
23002-3 External Confirmation Procedures
23002-4 Tests of Details
23005 Audit Sampling

 29600 Evaluate Audit Results, Including Misstatements

Glossary

Key Takeaways/Insights
What skills did I do well in this section?

What skills do I feel like I need the most improvement?

What were some of the more difficult tasks for me during this section?

Document your three top key learning points

Section 4Property, Plant and Equipment

Learning Journal
Use this document to keep a record of your learning experiences and key learning points, and
what this means in terms of your role, engagements, or personal development.
What have you done in Section 4?
Differentiated between expenses that should be capitalized or not capitalized
Calculating gain/loss on disposals
Performing substantive analytical procedures to address the risk of material misstatement
identified in depreciation expense, including:
o

Creating an expectation

Determining a threshold

Investigating differences, including quantifying explanations, and obtaining supporting

documentation
Used the EMS Process, Policies, Engagement Procedures, and subphase and procedure Guidance to
address the risks of material misstatement identified in subphase 23600 Property, Plant, and
Equipment (PPE)
Identified information gaps and issues while performing substantive testing in subphase 23600 PPE
and understanding what needs to be discussed with entity personnel
Identified information produced by the entity (IPE) and audit evidence required for addressing
risks of material misstatement identified in PPE
Evaluated information produced by the entity (IPE) to provide audit evidence for addressing risks
of material misstatement identified in PPE
Identified, interpreted, and applied relevant guidance and policies from the EMS Process View, the
Deloitte Audit Approach Manual, and relevant Performance Supports to assist in performing audit
procedures to address risks related to PPE

Key Audit Approach Manual (AAM) References

00000 Introduction to the DTTL Audit Approach Manual
00100 Audit Evidence
00400 Ethical Requirements, Professional Skepticism, Professional Judgment and Differences of
Opinion
00500 Characteristics of Fraud and Auditors Responsibilities
12000 Audit Risk and Risk Assessment Procedures

 12300 Inquiries Regarding Fraud and Error

13150 Identify and Assess Risks of Material Misstatement
13300 Respond to Engagement Risk and the Risks of Material Misstatement
22500-1 Information Produced by the Entity and Used as Audit Evidence
23002-1 Substantive Procedures
23002-4 Tests of Details
23005 Audit Sampling
29600 Evaluate Audit Results, Including Misstatements
Glossary

Key Takeaways/Insights
What skills did I do well in this section?

What skills do I feel like I need the most improvement?

What were some of the more difficult tasks for me during this section?

Document your three top key learning points

Section 5Accounts Receivable Learning

Journal
Use this document to keep a record of your learning experiences and key learning points, and
what this means in terms of your role, engagements, or personal development.
What have you done in Section 5?
Analyzed the risks of material misstatement identified in accounts receivable
Performed substantive procedures, specifically tests of details, to address the risks of material
misstatement identified in accounts receivable
Identified, interpreted, and applied relevant Deloitte requirements and performance support to
assist in performing procedures related to confirmations and cutoff
Used the MUS function to determine the selections
Identified issues or questions to be discussed with entity personnel relating to confirmations testing
Analyzed supporting documents given by the entitys personnel during the discussion, to obtain
further information
Evaluated the audit evidence obtained for confirmation and cutoff procedures

Key Audit Approach Manual (AAM) References

00100 Audit Evidence
00400 Ethical Requirements, Professional Skepticism, Professional Judgment and Differences of
Opinion
12300 Inquiries Regarding Fraud and Error
13150 Identify and Assess Risks of Material Misstatement
13300 Respond to Engagement Risk and the Risks of Material Misstatement
23002-1 Substantive Procedures
23002-3 External Confirmation Procedures
23002-4 Tests of Details
23005 Audit Sampling
Glossary

Key Takeaways/Insights
What skills did I do well in this section?

What skills do I feel like I need the most improvement?

What were some of the more difficult tasks for me during this section?

Document your three top key learning points

Section 6Accounts Payable Learning Journal

Use this document to keep a record of your learning experiences and key learning points, and
what this means in terms of your role, engagements, or personal development.

What have you done in Section 6?

Performed substantive procedures summarized in subphase 24100 Accounts Payable and Accrued
Liabilities to address the risks of material misstatement identified in accounts payable
Identified entity documents relevant to audit for addressing the risks of material misstatement
related to accounts payable
Drafted an e-mail request to the entity, using appropriate business language
Performed tests of details on a reciprocal population to address the risks of material misstatement
related to accounts payable, including determine sample sizes and selecting appropriate samples
Proposed journal entries as a result of misstatements identified in testing

Key Audit Approach Manual (AAM) References

00000 Introduction to the Audit Approach Manual
00100 Audit Evidence
00400 Ethical Requirements, Professional Skepticism, Professional Judgment and Differences of
Opinion
12300 Inquiries Regarding Fraud and Error
13150 Identify and Assess Risks of Material Misstatement
23002-4 Tests of Details
23005 Audit Sampling
Glossary

Key Takeaways/Insights
What skills did I do well in this section?

What skills do I feel like I need the most improvement?

What were some of the more difficult tasks for me during this section?

Document your three top key learning points