What are the five phases of the audit opinion formulation process? Use the illustration below to help you answer this question.
What are the five phases of the audit opinion formulation process? Use the illustration below to help you answer this question.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
Related questions
Question
What are the five phases of the audit opinion formulation process? Use the illustration below to help you answer this question.
![Exhibit 1.2
The Audit Opinion Formulation Process
III. Obtaining
IV. Obtaining
Substantive
1. Making Client
Acceptance and
V. Completing
the Audit and
Evidence About
II. Performing Risk
Evidence About
Internal Control
Assessment
Accounts,
Making Reporting
Continuance
Operating
Effectiveness
Disclosures, and
Decisions
Chapters 2, 3, 7,
and 9-13
Decisions
Assertions
Chapter 1
Chapters 14
and 15
Chapters 8-13
Chapters 8-13
Auditing Profession, Audit Quality, and
the Need for Quality Judgments
and Ethical Decisions
Professional Liability
Chapter 4
Chapter 1
The Audit Opinion Formulation Process and a Framework for Obtaining Audit Evidence
Chapters 5 and 6](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F605edda1-53e7-4a52-a127-1a518c69f281%2F6fe39510-48cd-43c4-a894-de6ebce4a1d6%2Ffxsbka_processed.png&w=3840&q=75)
Transcribed Image Text:Exhibit 1.2
The Audit Opinion Formulation Process
III. Obtaining
IV. Obtaining
Substantive
1. Making Client
Acceptance and
V. Completing
the Audit and
Evidence About
II. Performing Risk
Evidence About
Internal Control
Assessment
Accounts,
Making Reporting
Continuance
Operating
Effectiveness
Disclosures, and
Decisions
Chapters 2, 3, 7,
and 9-13
Decisions
Assertions
Chapter 1
Chapters 14
and 15
Chapters 8-13
Chapters 8-13
Auditing Profession, Audit Quality, and
the Need for Quality Judgments
and Ethical Decisions
Professional Liability
Chapter 4
Chapter 1
The Audit Opinion Formulation Process and a Framework for Obtaining Audit Evidence
Chapters 5 and 6
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Practical Management Science](https://www.bartleby.com/isbn_cover_images/9781337406659/9781337406659_smallCoverImage.gif)
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
![Operations Management](https://www.bartleby.com/isbn_cover_images/9781259667473/9781259667473_smallCoverImage.gif)
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
![Operations and Supply Chain Management (Mcgraw-hi…](https://www.bartleby.com/isbn_cover_images/9781259666100/9781259666100_smallCoverImage.gif)
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
![Practical Management Science](https://www.bartleby.com/isbn_cover_images/9781337406659/9781337406659_smallCoverImage.gif)
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
![Operations Management](https://www.bartleby.com/isbn_cover_images/9781259667473/9781259667473_smallCoverImage.gif)
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
![Operations and Supply Chain Management (Mcgraw-hi…](https://www.bartleby.com/isbn_cover_images/9781259666100/9781259666100_smallCoverImage.gif)
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
![Business in Action](https://www.bartleby.com/isbn_cover_images/9780135198100/9780135198100_smallCoverImage.gif)
![Purchasing and Supply Chain Management](https://www.bartleby.com/isbn_cover_images/9781285869681/9781285869681_smallCoverImage.gif)
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
![Production and Operations Analysis, Seventh Editi…](https://www.bartleby.com/isbn_cover_images/9781478623069/9781478623069_smallCoverImage.gif)
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.