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

Question

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Answer 1

Question

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

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.

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Answer 2

Question

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

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.

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Answer 3

Question

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

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.

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Answer 4

Question

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

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.

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Answer 5

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

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.

Answer 6

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

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.

Answer 7

Chapter 11, Problem 1RC

To determine

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

Answer 8

Expert Solution & Answer

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.