According to the PCAOB Auditing Standard 3 on audit documentation, the complete audit documentation must be assembled 45 days after the report release date. What does this standard say about whether documentation can be added or deleted after the documentation completion date or whether documentation can be added after the document completion date?

Q: List the three reasons why an experienced member of the audit firm must thoroughly review audit…

A: Audit documentation: It is the record and documentation of the performance of auditors and it is…

Q: How is a gain contingency reported?

A: Gain contingencies: The excess of book value over the amount to be received is actually gain…

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A: Solution:- Classification of each procedure according to the following types of audit evidence as 1)…

Q: Explain why it is important for audit documentation to include eachof the following: identification…

A: Audit Report is the verification of financial statements of a company by an outsider/insider to…

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A: The general ledger accounts are graphically presented in the form of T-accounts. All the debit…

Q: Which refers to the record of audit procedures performed, relevant audit evidence obtained, and…

A: Audit documentation can be termed as keeping various records and procedures which was performed by…

Q: The Sarbanes-Oxley Act (SOX) requires that an auditor must O issue an internal control report…

A: The Sarbanes Oxley Act requires all the financial reports so that it can include the Internal…

Q: For each of the procedures described in the table below, identify the audit procedure performed and…

A: Auditors utilize audit techniques to evaluate the accuracy of the financial data supplied by their…

Q: auditor assessed the preliminary a

A: If the internal controls are of higher quality then auditor does not have to perform extensive test.

Q: Briefly explain four distinct specific audit procedures excluding discussion that should be…

A: Answer

Q: When can controls tested by an auditor in a prior year be used in the current year's audit…

A: Internal controls provides reasonable assurance that material misstatements will be prevented,…