Answered: In the process of obtaining audit…

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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Financial audit Q&A What risks that may occur during assertion testing, but cannot be prevented due to the lack of time? What reports that need to be prepared to find out if there are significant changes in the client? What is the parties reported by the auditor that are related to the results of the audit reports made? What terms that must be included in the document prepared by the client? What is the inspection activities to ensure the shipping or Destination Point in the recording of the financial statements is correct in accordance with the fragments? The auditor needs to know that the ending balance recorded in the financial statements is appropriate based on evidence of transactions in the company. What is the audit assertion underlying the vouching procedure? What is the audit assertion underlying the tracing procedure? What is the risk that caused by the sample taken by the Auditor does not describe the characteristics of the data from the entire data population? What is the risk that arises because the auditor is unable to find misstatements in the client's financial statements? What is the file type of the customer confirmation that is related to the outstanding balance the client has? What is the name of accounts that has materiality limit of 1/2% to 1% applied? What is the process used by auditors in conducting tests of control in testing documents and supporting control files? Auditors also need to consider the subjective needs of users of financial statements regarding financial statements as the basis for professional judgment when determining materiality (Yes/No). In the process of obtaining audit evidence, the strongest audit evidence is inquiry, while the weaker audit evidence is a written document (Yes/No).

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