Auditing & Assurance Services (Auditing and Assurance Services)
Auditing & Assurance Services (Auditing and Assurance Services)
7th Edition
ISBN: 9781259573286
Author: Timothy J Louwers, Allen Blay, David Sinason Associate Professor, Jerry R Strawser, Jay C. Thibodeau Associate Professor
Publisher: McGraw-Hill Education
Question
Book Icon
Chapter 11, Problem 1RC
To determine

Examine four primary periods in an audit examination and the task and activities that occur in each.

Expert Solution & Answer
Check Mark

Explanation of Solution

Audit Examination: Audit examination is an organized and independent work to examine sufficient and appropriate information, and evidence from the books of accounts, statutory records, documents, and voucher of an organization.

Four primary periods in an audit examination are as follows:

  • Beginning of the year: An auditor checks the internal control of entity, test the effectiveness of a control, collect material information, and misstatements.
  • Year-End date: Auditors perform further procedures, gather sufficient, and appropriate evidence related to financial statements, and internal control; review all the documents related to audit; preparation to express an opinion on the financial statements, and internal control of entity.
  • Date of auditors’ report: From audit completion date to audit release date; it is very short, significant, and challenging time for auditors because time for collecting more evidence, and time to be alert is less.
  • Audit report release date: After the audit report release date, and issuance of the client’s financial statement, some issues and information come to the auditors’; auditors should be attentive for further proceed.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Chapter 11 Solutions

Auditing & Assurance Services (Auditing and Assurance Services)

Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education