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...
icon
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
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
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Market research methodology
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
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
Business in Action
Operations Management
ISBN:
9780135198100
Author:
BOVEE
Publisher:
PEARSON CO
Purchasing and Supply Chain Management
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…
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.