Discuss the importance and types of auditsin an organisation. Suggest the possibleissues related to the financial statementaudit and give recommendations toovercome the possible issues.on the importance of audit in anDescriptionorganisation.Discussion on the purpose of the financialstatement audit.Able to discuss four possible issues related tofinancial statement audit.Able to suggest four recommendations toovercome the possible issues.The summary covered all of the key points.

Audit- Audit is the process of verifying and inspecting all books of accounts made by the…

Description on the importance of audit in an organisation. Discussion on the purpose of the financial statement audit. Able to discuss four possible issues related to financial statement audit. Able to suggest four recommendations to overcome the possible issues. The summary covered all of the key points.

Description on the importance of audit in an organisation. Discussion on the purpose of the financial statement audit. Able to discuss four possible issues related to financial statement audit. Able to suggest four recommendations to overcome the possible issues. The summary covered all of the key points.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Business risk must be assessed in performing an audit. a) Define business risk in association with an audit and describe several sources of such risk. b) How does business risk relate to the performance of preliminary analytical procedures in an audit? c) There are four major areas in planning an audit engagement and there are sub-parts to each of the four major areas. Please identify the four major areas and the sub-parts that are associated with the major areas.
a) ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways. Required: i) Identify and explain the five stages in audit process ii) Discuss three importance of audit planning.
Explain the difference between the overall audit strategy and the audit plan and state the key contents of the overall strategy document. ISA 230 Audit Documentation requires auditors to document their work. Briefly explain the reasons for auditors documenting their work. ISA 580 Written representations explains the purpose and use of written representations as audit evidence. State six items that could be included in a written representation letter. ISA500 Audit Evidence requires auditors to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base their audit opinion. Discuss the different sources of evidence available to auditors and assess their relative appropriateness. What factors should the auditor take into consideration before concluding that a financial statement DO NOT show a True and Fair View?
13. When the auditors obtain an understanding of internal control for the financing cycle documentation will frequently include a written description as well as a(n): Group of answer choices Decision table List of audit objectives Internal control questionnaire Summary of tests of controls
Which of the following best describes the general contents of the introductory paragraph of the auditors’ report?a. A description of an audit examination, including the fact that the audit was conducted under standards established by the PCAOB.b. The auditors’ conclusion with respect to the fairness of the entity’s financial statements.c. Statements identifying the responsibility of auditors and management in the financial reporting process.d. The auditors’ conclusion with respect to the effectiveness of the entity’s internal control over financial reporting.
Explain the content of each section of the AICPA audit report. Evaluate the importance of each section with respect to the users of financial reports.
Explain FIVE differences between a financial statement and an internal audit engagement
Which part (paragraph) of the audit report appears first, according to new (ISA) auditing standards A. Opinion paragraph B. Scope paragraph C. Basis of opinion D. Key audit matters
Auditors identify and assess the risk of material misstatement at these two levels Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Financial Statement level and Information Process Goals level b Financial statement level and Operations Process Goals level c Information Process Goals level and Operations process goals level d Financial Statement Level and Relevant Assertion Level
Your must be four typed pages. a) What do you understand by the concept of audit and other assurance engagements? b) What is the difference between externalk audit and internal audit? (Give at least six differences)
Which of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements? Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.
Comprehensive Problems (covers all content) Problem 11: List the Summary of the Audit Process in correct phases (from beginning to end of audit): Perform analytical procedures and tests of details of balances Complete the audit and issue and audit report Plan and design an audit approach Perform tests of controls and substantive tests of transactions Phase 1 ______ Phase 2 ________ Phase 3 ________ Phase 4 ________ Give an example of each step.