In the situation you are an auditor who is task to do an audit engagement. Make an Audit Plan that has atleast 5 elements present. Set up your own problem/situation you wanted to audit.
Q: . Why do you need to make pre - engagement activities before making an actual audit?
A: At the beginning of audit engagement the auditor should undertake the following activities - 1)…
Q: You are an audit graduate working for an audit firm. A client has said to you that you seem to be…
A: An auditor is responsible for verifying the accuracy of the financial accounts prepared by the…
Q: analytical procedures
A: Analytical procedures are comparing the performance of the client over periods or other entities to…
Q: Outline from your own understanding the roles of the following people in audit department: a) The…
A: Following are the roles of stated people in audit department
Q: Instructions In not less than five sentences, choose ONE FS item and explain what kind of audit…
A: Assertions are claims made by the management of the company which are further verified by the…
Q: stage of audit the audit program
A: Option a is wrong is wrong because during field work, auditing is done complying with the audit…
Q: When gaining an understanding of the client by speaking with the management of the client, the…
A: An auditor is a person who is appointed to check the accuracy of the financial statements prepared…
Q: Which of the following is least likely to be included in the auditor’s engagement letter?(1) Details…
A: Audit engagement is a document that confirms the acceptance of the audit assignment of the client.…
Q: In making a decision of whether to take on a new audit client, the auditor should perform all of the…
A: Acceptance decisions are critical since potential clients and/or contracts might jeopardize…
Q: An audit plan is : a. The blueprint for conducting the audit and accomplishing the audit objectives.…
A: An audit plan is "The blueprint for conducting the audit and accomplishing the audit objectives."
Q: The auditor should summarize the overall audit strategy that contains the key decisions about the…
A:
Q: Auditors are interested in having independence in appearance becausea. They want to impress the…
A: Answer: Option b.
Q: Describe FOUR matters that an auditor needs to keep in mind when considering how useful the…
A: According to para 4 of INTERNATIONAL STANDARD ON AUDITING 520, "Analytical procedures are the…
Q: Name the record in which the auditor records the audit procedures performed, the relevant audit…
A: Auditing means checking the accuracy and reliability of financial statements. In the process of…
Q: You are an audit graduate working for an audit firm. A client has said to you that you seem to be…
A: Audit is very important for a business organisation. It describes what type of risk the organisation…
Q: The auditors' understanding established with a client should be established through a(an): Select…
A: Auditor is person who verifies the truthfulness of financial statements and its accuracy. Whose…
Q: the descriptions provided, identify the type of power in each instance. 1. Archie Ngidi is widely…
A: Explanation of Concept We can understand the Audit as per their definition which describe Audit as…
Q: Auditors must collect sufficient and appropriate audit evidence to reduce audit risk. This audit…
A: Auditors must collect sufficient and appropriate audit evidence to reduce audit risk. This audit…
Q: (a) Explain what you should consider and do before accepting the audit engagement from Hope-well…
A: Audit: Auditing is the process of verifying whether the books of a firm are complying to the…
Q: Spreadsheet software would be most useful for which of the following audit activities?a. Testing…
A:
Q: John Josephs an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of…
A: Answer:- A. Client Acceptance Pre Planning Establish materiality and assess risk Plan the audit…
Q: ist the four types of information the auditor should obtain or review as a part of gaining…
A: After the audit engagement auditor starts planning its audit practice.
Q: data analytics can be used during an external audit
A: Data analytics means the analysis of a set of data to find out trends and variations.
Q: Audits are conducted for various reasons. It can help an organization ensure effective operations,…
A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…
Q: Question 4 Chu newly joins Simon & Co, CPA as an audit junior and his senior told him that the…
A: Audit evidence means all supportings, documents that are used as proofs at the time of audit. For…
Q: In planning the audit, an auditor takes three basic steps in determining the audit procedures to be…
A: Auditing means the inspection of financial accounts of the company to determine if the records are…
Q: Which of the following documents or/ and procedures should be used by the auditor to gain a better…
A: Audit is the process of verifying and examining the financial statements and control procedures…
Q: Reading BOD minutes of meeting by the internal auditors is an example of an audit procedures called:…
A: An auditor is a person appointed to check the accuracy of the financial statements of the company.
Q: Explain how analytical procedures are useful in: (1) The risk assessment stage of the audit. (2) The…
A: As per standards on auditing (SA) 520 “Analytical Procedures“, The term “analytical procedures” mean…
Q: During the planning phase of an audit client, Ana Alitick (auditor) utilises analytical procedures.…
A: Introduction: An audit is the examination or safety checks of various books of accounts by an…
Q: The first stage when an auditor considers the use of an expert is: a) assessing the objectivity of…
A: Expert - Expert is the person possessing expertise in the field other than Auditing and Accounting,…
Q: Identify and explain the three components of audit risk
A: When the auditor expresses an opinion on the final audit of company there is a certain risk involved…
Q: In auditing through the computer, CPAs may use test data. (1) What are test data? (2) Why do CPAs…
A: Auditing is the process of independent examination of the information and the accuracy of the…
Q: 1. List three reasons management may ask for an operational audit to be performed and explain how…
A: Answer 1) Operational audit includes a review of an activity executed in entity. a) find any…
Q: ___________ is a tool for planning, directing, and controlling the audit work. a. Engagement letter…
A: Audit Programme : An audit programme is a set of guidelines that the auditors and his or her team…
Q: d) Name the four types of tests auditors normally perform in an audit after risk assessment is done.
A: Auditors are the persons who are responsible for review and examination of books of account of…
Q: In establishing the overall audit strategy, the auditor shall: 1. Identify the characteristics of…
A: The audit strategy is formed by an auditor based on engagement terms to perform the audit on a…
Q: Assume that you are a senior on an audit engagement and need to explain to your intern/trainee what…
A: Answer: Concept: Audit engagement is the agreement between the auditor and the business to perform…
Q: You are an audit student who has been invited to attend an interview for a graduate training program…
A: An audit evidence may be obtained by an auditor using following audit procedures: Inspection It…
Q: Audit planning is a vital area of the audit primarily conducted at the beginning of audit process to…
A: Before starting the planning, the Auditor has to take the knowledge of the client's business through…
Q: Choose the documents which should be included in the audit documentation a. Summaries of significant…
A: Audit documentation is a detailed records of all the planning activities for the purpose of audit,…
Q: Audit procedures are takes performed by the internal auditors and the auditee to gather the evidence…
A: The given statement has some typing errors. The correct question is: Audit procedures are specific…
Q: Permanent files serve as handy reference source for new staff members in acquainting themselves with…
A: Correct answer is True
Q: What is the general character of the responsibilities characterized by the Performanceprinciples?(1)…
A:
Q: Prepare an Audit engagement letter for your fictional client.
A: Audit Engagement Letter To, The Board of Directors of ABC Ltd, No.23, JPR Street, Chennai - 33 Dear…
Q: Explain all the five steps involved in the information system based audits in your own words. How…
A: Auditing Auditing is an important process in the accounting work in an organisation. The purpose of…
In the situation you are an auditor who is task to do an audit engagement. Make an Audit Plan that has atleast 5 elements present. Set up your own problem/situation you wanted to audit.
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- Describe the four phases of an audit and discuss the key factors that would help you determine how to plan the audit for this company. Provide specific examples.defines and describes each audit procedure 1. Physical examination 2.Confirmation 3.Inspection 4.Analytical procedures 5. Inquiry/interrogation 6.Recalculation 7.Perform again (reperform) 8.ObservationListed in the table below are some common audit procedures. For each procedure below: Identify whether it is a test of control (TOC), substantive test of transaction (STOT), analytical procedure (AP) or a test of details of balances (TODOB). Write your answer in the 2nd column of the table below. State one audit objective that is being satisfied. Write your answer in the 3rd column of the table below.
- Choose the documents which should be included in the audit documentation a. Summaries of significant matter O b. Issue memoranda O c. Audit program O d. All the optionsListed in the table below are some common audit procedures. For each procedure below: Identify whether it is a test of control (TOC), substantive test of transaction (STOT), analytical procedure (AP) or a test of details of balances (TODOB). Write your answer in the 2nd column of the table below. State one audit objective that is being satisfied. Write your answer in the 3rd column of the table below. Procedure (a) Type of Test (b) Audit Objective Example: Compare the quantity and description of items on duplicate sales invoices with related shipping documents. STOT Accuracy 1.Foot the list of accounts payable and trace the balance to the general ledger. 2. Account for the sequence of purchase orders 3. Select a sample of purchase transactions from purchase journal and trace them to vendors’ invoices and statements 4. Exam cash payments subsequent to the balance date to see if they are related to unrecorded…Analytical procedures are a critical part of audit work. Describe at least three different analytical procedures and explain how to perform each. Specify what the results will reveal about the client.
- What is the purpose of the audit engagement letter ? List the key items that should be included in an audit engagement letter ? What are the 5 elements of an assurance engagement?The auditor should summarize the overall audit strategy that contains the key decisions about the scope, timing, and conduct of a. Audit plan O b. Note. C ..Review working papers d. Audit memo bookThe audit director in charge is available for consulting and he approves the audit engagement before its completion. This is part of what quality assurance activity? Select one: O a. Peer review O b. Leadership responsibility for quality within the audit fırm O c. Engagement performance O d. Monitoring O e. Human resources
- The audit team is currently debating whether they should be using static or dynamic reports. Which phase are they most likely in? a. Perform the Analysis b. Master the Data c. Share the story d. Ask the Questioncreate a fictional audit company and client. Prepare an Audit engagement letter for your fictional client. The engagement letter must be a typed document and at least one page in length. While some paragraphs are standard and can be taken from the auditing standards,An audit plan is : a. The blueprint for conducting the audit and accomplishing the audit objectives. b. The flowchart for conducting the audit and accomplishing the audit objectives. c. The footprint for conducting the audit and accomplishing the audit objectives. d. The gannchart for conducting the audit and accomplishing the audit objectives.