Answered: After the financial statements are…

After the financial statements are issued, auditors finish the substantive procedures. Identify the most frequently performed auditing tasks.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter6: A Framework For Audit Evidence

Section: Chapter Questions

Problem 20TFQ

See similar textbooks

Similar questions

Audit planning is conducted at the beginning of the audit process to establish the overall audit strategy and detail the specific procedures to be carried out to implement the strategy and complete the audit. Briefly explain the steps in audit planning.
Where the auditor should summarize the overall audit strategy that contains the key decisions about the scope, timing and conduct of the audit a. Audit plan b. Memorandum c. Audit working papers d. Audit Note book
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 book
Prior to the auditor conducting an audit there are stages which need to be followed. What are these stages?
The preparation of audit documentation is an integral part of an auditor’s examination of financial statements. On a recurring engagement, auditors review the audit plans and audit documentation from the prior audit while planning the current audit to determine their usefulness for the current-year work.Required:a. (1) What are the purposes or functions of audit documentation? (2) What records may be included in audit documentation?b. What factors affect the auditors’ judgment of the type and content of the audit documentation for a particular engagement?c. What should be included in audit documentation to support auditors’ compliance with generally accepted auditing standards?d. How can auditors make the most effective use of the prior-year audit plans in a recurring audit?
The audit process may be divided up into four phases. At which phase would the auditor normally evaluate the integrity of management and consider ethical requirements? Select one: a. Conduct the audit. b. Plan the audit. c. Pre-engagement d. complete the audit
Which of the following audit phases would generally be conducted last in relation to the others? * Auditing business processes and related accounts. Preliminary assessment of materiality and audit risk. O Preliminary analytical procedures. Consideration of internal control systems.
Learn the fundamentals of reporting and identify the essential components of the auditors' report.
Auditors perform analytical procedures in the planning stage of an audit for the purpose ofa. Deciding the matters to cover in an engagement letter.b. Identifying unusual conditions that deserve more auditing effort.c. Determining which of the financial statement assertions are the most important for theclient’s financial statements.d. Determining the nature, timing, and extent of further audit procedures for auditing theinventory.
You have been asked by the audit manager to undertake preliminary analytical procedures. a) Identify the most important reasons for performing analytical procedures. b) Describe the broad purposes of analytical procedures.
In planning the audit, an auditor takes three basic steps in determining the audit procedures to be performed for any business cycle or class of transactions in order to gather audit evidence concerning possible misstatement due to error or fraud. List those three basic steps below.
After completing and documenting the ADA procedures, the auditor evaluates the audit evidence obtained and develops a conclusion based on the audit evidence. Indicate what the conclusion relates to. a. ADA procedures utilized. b. Relevance and reliability of audit evidence. c. Specific phase of audit where ADA utilized. d. Completeness of audit evidence.