Written by NGUYEN TUAN DUONG

On December 1st, 2022 (Thursday), students of IBBA program have a chance to welcome a guest lecture presented by Mr. Benny Shao (邵朝彬) Partner, CPA, ILP at Crowe Taiwan. Mr. Benny delivered a talk with students in the accounting course on the topic of “Risk-based Audit Methodology and Audit Report”.

As IBBA students are all freshmen, Mr. Benny started his lecture with some basic audit concepts and techniques which can use throughout the career as an auditor. With an attractive teaching method, Mr. Benny introduced the working environment in the accounting and auditing field including professional background, key personality traits, interpersonal skills, and even dress code in a professional working environment to build a trustworthy image.

In the main part, Mr. Benny presented the overview of the audit field which covers the overall objectives of the audit, who auditors work for, attest, and assurance services and levels of services. Especially, Mr. Benny explained the details of the concepts of independence and professional skepticism in accounting and auditing. After that, he portrayed a typical audit process including relevant professional standards, defining professional responsibilities, pre-engagement activities and client acceptance, further audit procedures, financial statement analysis, and concluding procedures. Students can imagine the responsibilities of an auditor in reality. In this part, Mr. Benny demonstrated his lecture by analyzing the financial statement of some famous companies in Taiwan attracted students’ engagement a lot.

Next, Mr. Benny introduced the audit risk model in the auditing process starting from assessing the risk (planning the audit plan, performing risk assessment procedures), responding to the risk (designing further audit procedures and performing further audit procedures), and completing with the reporting (evaluate the audit obtained evidence, and prepare the auditor’s report).

In a three-hour lecture, Mr. Benny Shao helped students understand the role of an auditor and imagine an audit procedure with the role of risk-based audit methodology. Students of IBBA program had a great opportunity to discuss and ask Mr. Benny questions regarding the real working environment. Maybe, some of the students in IBBA program will pursue the auditing career in the future.