In establishing the overall audit strategy, the auditor shall: 1. Identify the characteristics of the engagement that define its scope 2. Ascertain the nature, timing and extent of resources necessary to perform the engagement 3. Ascertain the reporting objective of the engagement to plan the timing of the audit and the naturé of the communication required 4. Consider the factors that, in the auditor's professional judgement are significant in directing the engagement team. 1, 2 ,3 and 4 3 only 1, 2 and 3 only 1 and 2 only

In establishing the overall audit strategy, the auditor shall: 1. Identify the characteristics of the engagement that define its scope 2. Ascertain the nature, timing and extent of resources necessary to perform the engagement 3. Ascertain the reporting objective of the engagement to plan the timing of the audit and the naturé of the communication required 4. Consider the factors that, in the auditor's professional judgement are significant in directing the engagement team. 1, 2 ,3 and 4 3 only 1, 2 and 3 only 1 and 2 only

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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Answer the following questions :
Audit planning is a vital area of the audit primarily conducted at the beginning of audit process to ensure that appropriate attention is devoted to important areas, potential problems are promptly identified, work is completed expeditiously and work is properly coordinated. Required: b. Describe sources of relevant information for understanding a client's business.
Discuss the responsibility and functions of CPA. Then, Identify why independent Auditors' Reports are usually required and What type of information usually discussed in this report.
Who is ultimately responsible for determining that the objectives for an internal audit engagement have been met? A The individual internal audit staff member. B The CAE. (C) The audit committee. The internal audit engagement supervisor.
Q. Who is responsible for preparing the overall audit strategy and the audit plan? a-Those charged with governance b-Management’s c-Accountant d-Auditor’s
Which of the following accurately describes a characteristic of a management letter? Select all that apply. written on the auditor's letterhead O addressed to management or those charged with governance O reports internal control weaknesses O includes documentation of materiality and the audit plan O signed by management
Audit evidence is more persuasive when : A_Information is provided by the board of directors of the company B_ The audit team comprises of high quality personnel C_ Audit evidence is inconsistent with that from another D_ Items of evidence from different sources or of a different nature are consistent
What is the general character of the responsibilities characterized by the Performanceprinciples?(1) The competence, independence, and professional care of persons performingthe audit.(2) Criteria for the content of the auditor’s report on financial statements andrelated footnote disclosures.(3) The criteria of audit planning and evidence gathering.(4) The need to maintain an independence in mental attitude in all matters pertaining to the audit.