Explain why it is important for audit documentation to include each of the following: identification of the name of the client, period covered, description of the contents, initials of the preparer and the reviewer, dates of the preparation and review, and an index code. (If an input field is not used in the table, leave the input field empty; do not select a label.) In audit documents Name of the client Period covered Description of the contents Initials of the preparer Date of preparation Index code C... Why is it important?

Explain why it is important for audit documentation to include each of the following: identification of the name of the client, period covered, description of the contents, initials of the preparer and the reviewer, dates of the preparation and review, and an index code. (If an input field is not used in the table, leave the input field empty; do not select a label.) In audit documents Name of the client Period covered Description of the contents Initials of the preparer Date of preparation Index code C... Why is it important?

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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Similar questions

Identify the contents of Form 10-K, Form 10-Q, and Form 8-K. How are auditors involved with the information in these filings?
Which of the following is ordinarily performed last in the audit examination?a. Securing a signed engagement letter from the client.b. Performing tests of controls.c. Performing a review for subsequent events.d. Obtaining signed written representations.
The user auditor is required to obtain a sufficient understanding of the nature and significance of the services provided by the service organisation and their effect on the user entities internal control relevant to the audit. From which source(s) might this understanding be obtained? A) the user entity B) a type 1 service auditors report C) a type 2 service auditors report D) all of the above answers
Obtaining an understanding of the internal control structure is required for first time audit client, but not necessary for recurring clients. TRUE OR FALSE? WHY?
Which activities are performed in a change management audit? a) Assessment of the "design" of the change management controls b) "Operating effectiveness" testing of change approvals c) Assess source code management d) All of the above
Explain and Analyze whether or not the auditor is able to rely on previous audits' assessments of automated application controls, given the effectiveness of general controls.
An auditor is likely to use procedures to support the operating effectiveness of internal controls. Which of the following would generally not be used ? Select one : O a. Re -perform client procedures O b. Examine documents , records, and reports O c. Make inquiries of appropriate client personnel O d. Analytical procedures
Evaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data from internal versus external sources. Written data versus verbal conversation records. Data obtained from direct versus indirect methods. Data obtained from original documents versus electronic scans.
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.
Help me understand the distinction between an external audit and a Review Engagement.
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EFFECTS OF COMPUTERS ON AUDITING Changes to evidence collections Changes to evidence evaluation explain briefly and give example