Planning phase enables the auditor to obtain all the relevant background information to gain an understanding of the client's entity. The analytical procedures initiated by the auditor in the planning phase enable the auditor with all of the following EXCEPT: Acquiring knowledge of the policies and procedures in place Areas or aspects of potential risks Determination of timing, scope and extent of required audit procedures Formulation of corrective action plans

Planning phase enables the auditor to obtain all the relevant background information to gain an understanding of the client's entity. The analytical procedures initiated by the auditor in the planning phase enable the auditor with all of the following EXCEPT: Acquiring knowledge of the policies and procedures in place Areas or aspects of potential risks Determination of timing, scope and extent of required audit procedures Formulation of corrective action plans

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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Analytical procedures are required as a part of the: Internal control assessment. Detailed tests of balances. Procedures performed near the end of the audit. Substantive testing.
In assessing control risk, an auditor selects from a variety of techniques, including A. Inquiry and recalculation B. Reperformance and observation C. Comparison and confirmation D. Inspection and verification
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.
Direction: summarize each step of the risk-based audit process. Testing of ControlsPerforming substantive proceduresOverall review of the financial statementsIssuing audit report
Salim is an auditor planning with engagement team members how to obtain an audit evidence. In this regard, which of the following situations is required the application of ISA 500? O a. The audit evidence obtained in relation to a particular topic O b. All the audit evidence obtained during the course of an audit O c. Specific procedures to obtain an audit evidence O d. At the time of planning an 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.
ABOUT AUDITING The process of selecting and developing policies and procedures to help mitigate risks to an acceptable level is part of which component in the COSO Framework? a. Control environment b. Risk assessment c. Control activities d. Monitoring
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
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.