The audit team of Swift Logistics Company presents the scope of audit and also determines the time frame for the audit after discussing with the senior management and key administrative staff of the company. The meeting organized by the audit team for these purposes is known as: Status meeting Exit meeting Open meeting Closing meeting

The audit team of Swift Logistics Company presents the scope of audit and also determines the time frame for the audit after discussing with the senior management and key administrative staff of the company. The meeting organized by the audit team for these purposes is known as: Status meeting Exit meeting Open meeting Closing meeting

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter16: Advanced Topics Concerning Complex Auditing Judgments

Section: Chapter Questions

Problem 20MCQ

See similar textbooks

Similar questions

Select which refer to Current audit file and Permanent audit file, using the working papers given below: Engagement letters Financial statements Account’s checklists Board minutes of continuing relevance New client questionnaire Management letter Audit planning memorandum Accounting systems notes
an an audit of tion Which one of the following document is considered as a permanent audit file? Significant analysis of trends and ratio Important matters in the minutes of Board Meetings Evidence of the planning process of the audit Evidence that the work performed by assistants on
Who is responsible for preparing financial statements? Discuss the responsibility and functions of CPA with evidence from annual report regarding auditing of financial statements. Also name the different Financial statements that are audited by external auditors at Zamil industrial.
25 As the process of auditing is involves many stages as per ISA, the auditor after setting up a closing meeting submits the final audit report to ___________in___________ a. Owners, AGM b. The chief Accountant, AGM c. The chief Executive Officer, AGM d. The Chief Financial Officer, AGM
Problem 12: Describe the stages of an audit from beginning to end. Detail all steps in a comprehensive summary outlining individual steps and examples of how those steps would be displayed/observed/etc. in a company. Be sure to elaborate on each section by detailing, in simple terms, the objective of the specific stage. For example, Step 1: Plan the Audit > Establish an understanding with the client as to the nature of the engagement. The auditor should prepare an audit engagement letter that outlines……..
Audit documentation is covered in _________. a. ISA 200 b. ISA 250 c. ISA 300 d. ISA 230 The auditor prepares sufficient audit documentation to understand __________. a. The structure of HR policies of the entity b. The nature, timing and extent of audit procedures performed c. The designations and position of the employees of the entity d. The objectives of the entity
What are key audit matters? How do these affect the format of the audit report? maximum 200 words)b) Stewart Jones is reviewing the results of the subsequent events audit procedures. Stewart iswriting a report for his audit partner based on these results and will be attending a meetingtomorrow with the partner and representatives of the company to discuss them. The issue will bewhether the financial report should be amended, or additional notes included for thesesubsequent events.Many of the items are not material and Stewart will recommend that no action be taken withrespect to these. However, there are several items that Stewart believes are material and shouldbe discussed at the meeting. These are as follows.(a) The board is planning to issue shares in a private placement on 15 August. (b) The share issue is to fund the purchase of a 60 per cent stake in another company. Thenegotiations are in the final stages and although the contract is not yet signed it will be signedby 15…
Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting with their management. Their target is to conduct the audit during one week. The auditors have started their work. identify which of the following is related to their audit process. O a. Discussing corrective action plan O b. Identifying the risk Oc Conduct interviews O d. Create audit procedure and plan
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 is true with respect to PCAOB inspections of accounting firms?a. All firms performing audits of public companies are required to have annual inspectionsconducted by the PCAOB.b. PCAOB inspections review a sample of audits conducted by firms as well as the firm’ssystems of quality control.c. All results of PCAOB inspections are made available to the public following the inspection.d. Firms performing audits of 100 or fewer public entities may elect to have a peer reviewconducted through the AICPA in lieu of a PCAOB inspection.
The phases in the internal audit process are: determining audit assignment and overall plan; planning the internal audit (engagement planning); performing the engagement (fieldwork) and audit reporting and follow up. Based on scenario B, name which phase of the internal audit process each of the activities (a - f) listed falls
Auditors have a responsibility related to management’s disclosure of new informationrelated to subsequent events untila. The date of the financial statements.b. The date of the auditor’s report.c. The audit report release date.d. The following year’s date of the financial statements