a) PWC Lecture Series
The lecture was about the role of audit, the process of audit and its risk management.
The audit is the process of independently verifying a company’s financial statement to provide an opinion as to whether the FS give a prudent view of the financial position of the entity and are presented with an applicable financial reporting framework.
The audit approach is designed to comply with International Standards on Auditing (ISA). ISAs are the basis for audit in all territories, but some territories’ national standards may extend beyond the requirements of ISA. For example, the US adopts US GAAS (US Generally Accepted Auditing Standards). Concerning accounting standards, various countries’ unique accounting principles are now converging at International Financial Reporting Standards.
Financial statements are firstly prepared by the accounting department with stringent internal controls. Thereafter, auditing companies provide assurance on the financial performance and help businesses improve external financial reporting and adapt to new regulatory requirements such as Sarbanes-Oxley and IFRS. Especially, after the Enron fraud incident, stringent standards are imposed both on auditing and internal controls.
There are three components of audit risk: inherent risk, control risk, and detection risk. For the simplicity of argument, the lecturer compared the audit risk with student’s exam risk. Inherent risk means the situation where a student makes careless mistakes in the exam. The student has to decrease control risk by double-checking to find his/her mistakes. After the submission of your exam, your professor evaluates your test score; however, there could be the risk where even the professor cannot notice your mistakes – this is the detection risk. As a consequence, your test grades could be wrong; this is the audit risk.
b) Japanese Buddhism
In the first half of lecture, several students made informal presentations in front of the class to talk about something related to Japanese Buddhism.
A German student introduced a newspaper article of the new trend of temple “event”. In a certain temple in Bunkyo-ku, Tokyo, priests dance with hip-hop music and use manga or cosplay to attract young people. The professor mentioned that temples used to be the centre of Japanese society, and now they are struggling to gain their role.
In the second half, the professor discussed the characteristics and peculiarity of Japanese Buddhism. Japanese Buddhism is considered to be ortho-practic rather than ortho-donctic, and is based on transcendentalism views on the impure world.
Well, I would like to finish for today, as the summary is getting quite long.
The lecture was about the role of audit, the process of audit and its risk management.
The audit is the process of independently verifying a company’s financial statement to provide an opinion as to whether the FS give a prudent view of the financial position of the entity and are presented with an applicable financial reporting framework.
The audit approach is designed to comply with International Standards on Auditing (ISA). ISAs are the basis for audit in all territories, but some territories’ national standards may extend beyond the requirements of ISA. For example, the US adopts US GAAS (US Generally Accepted Auditing Standards). Concerning accounting standards, various countries’ unique accounting principles are now converging at International Financial Reporting Standards.
Financial statements are firstly prepared by the accounting department with stringent internal controls. Thereafter, auditing companies provide assurance on the financial performance and help businesses improve external financial reporting and adapt to new regulatory requirements such as Sarbanes-Oxley and IFRS. Especially, after the Enron fraud incident, stringent standards are imposed both on auditing and internal controls.
There are three components of audit risk: inherent risk, control risk, and detection risk. For the simplicity of argument, the lecturer compared the audit risk with student’s exam risk. Inherent risk means the situation where a student makes careless mistakes in the exam. The student has to decrease control risk by double-checking to find his/her mistakes. After the submission of your exam, your professor evaluates your test score; however, there could be the risk where even the professor cannot notice your mistakes – this is the detection risk. As a consequence, your test grades could be wrong; this is the audit risk.
b) Japanese Buddhism
In the first half of lecture, several students made informal presentations in front of the class to talk about something related to Japanese Buddhism.
A German student introduced a newspaper article of the new trend of temple “event”. In a certain temple in Bunkyo-ku, Tokyo, priests dance with hip-hop music and use manga or cosplay to attract young people. The professor mentioned that temples used to be the centre of Japanese society, and now they are struggling to gain their role.
In the second half, the professor discussed the characteristics and peculiarity of Japanese Buddhism. Japanese Buddhism is considered to be ortho-practic rather than ortho-donctic, and is based on transcendentalism views on the impure world.
Well, I would like to finish for today, as the summary is getting quite long.