Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Question
Chapter 7, Problem 27QRA
a.
To determine
Explain the remaining stages of the auditor’s consideration.
b.
To determine
Provide an example of the audit procedure for each stage.
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Students have asked these similar questions
The audit process may be divided up into four phases. At which phase would the auditor normally evaluate the integrity of management and consider ethical requirements?
Select one:
a. Conduct the audit.
b. Plan the audit.
c. Pre-engagement
d. complete the audit
Explain the primary purpose of the Management letter.
Discuss the various components of internal control in the COSO internal control framework.
Explain the concept ‘review of subsequent events’ and their significance in the audit of a client.
Explain the concept ‘Contingent liabilities’ and their significance in the audit of a client.
When planning the audit of internal controls for an issuer, the audit team shoulda. Identify significant accounts, locations, and assertions.b. Conduct a walkthrough of the internal control process.c. Make inquiries of employees regarding the existence of control activities.d. Reperform control activities performed by client employees to determine theireffectiveness.
Chapter 7 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 7 - Prob. 1RQCh. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - Prob. 5RQCh. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Identify the four types of control activities and...Ch. 7 - One basic concept of internal control is that no...Ch. 7 - Prob. 10RQ
Ch. 7 - Prob. 11RQCh. 7 - Prob. 12RQCh. 7 - Prob. 13RQCh. 7 - Prob. 14RQCh. 7 - Prob. 15RQCh. 7 - Prob. 16RQCh. 7 - Prob. 17RQCh. 7 - Prob. 18RQCh. 7 - Prob. 19RQCh. 7 - Prob. 20RQCh. 7 - Prob. 21RQCh. 7 - Prob. 22RQCh. 7 - Prob. 23RQCh. 7 - Management is responsible for designing and...Ch. 7 - Prob. 25QRACh. 7 - Prob. 26QRACh. 7 - Prob. 27QRACh. 7 - Prob. 28QRACh. 7 - Prob. 29QRACh. 7 - Prob. 30QRACh. 7 - Prob. 31QRACh. 7 - During your first audit of a medium-size...Ch. 7 - Prob. 33QRACh. 7 - Prob. 34QRACh. 7 - Which of the following would be least likely to be...Ch. 7 - Prob. 35BOQCh. 7 - Prob. 35COQCh. 7 - Prob. 35DOQCh. 7 - Prob. 35EOQCh. 7 - Prob. 35FOQCh. 7 - Prob. 35GOQCh. 7 - Prob. 35HOQCh. 7 - Which of the following is not an advantage of...Ch. 7 - Prob. 35JOQCh. 7 - Prob. 35KOQCh. 7 - Prob. 35LOQCh. 7 - Prob. 36OQCh. 7 - Listed below are controls that have been developed...Ch. 7 - Prob. 38OQCh. 7 - For each term in the first column, find the...Ch. 7 - Prob. 40AOQCh. 7 - Prob. 40BOQCh. 7 - Prob. 40COQCh. 7 - Prob. 40DOQCh. 7 - Prob. 40EOQCh. 7 - Prob. 41PCh. 7 - Prob. 42PCh. 7 - Prob. 43PCh. 7 - Prob. 44PCh. 7 - Prob. 45ITC
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Similar questions
- Prior to the auditor conducting an audit there are stages which need to be followed. What are these stages?arrow_forwardWhich of the following is the major purpose of performing analytical procedures in internal audits? a. To perform additional audit procedures. b. To plan the audit engagement. c. To obtain audit evidence. d. To study relationships among elements of information.arrow_forwardThe auditor should summarize the overall audit strategy that contains the key decisions about the scope, timing, and conduct of a. Audit plan O b. Note. C ..Review working papers d. Audit memo bookarrow_forward
- Patrick Houghton was meeting with his manager to plan audit strategy in order to determine the amount of time to spend testing the client's internal controls and conducting detailed testing of transactions and account balances. Determining the audit strategy occurs during which phase of the audit? a. client acceptance stage b. planning stage c. performing stage d. reporting stagearrow_forwardIn which stage of audit the audit program will be created ? a. Fieldwork b. Reporting c. Planning d. Followuparrow_forwardWhich of the following audit phases would generally be conducted last in relation to the others? * Auditing business processes and related accounts. Preliminary assessment of materiality and audit risk. O Preliminary analytical procedures. Consideration of internal control systems.arrow_forward
- You have been asked by the audit manager to undertake preliminary analytical procedures. a) Identify the most important reasons for performing analytical procedures. b) Describe the broad purposes of analytical procedures.arrow_forwardInternal Control Audit Standards. Auditors are required to obtain a sufficient understanding of each component of a client’s internal control. This understanding is used toassess control risk and plan the audit of the client’s financial statements.Required:a. For what purposes should an auditors’ understanding of the internal control componentsbe used in planning an audit?b. What is required for an audit team to assess control risk below the maximum level?c. What should an audit team consider when seeking to reduce the planned assessed level ofcontrol risk below the maximum?d. What are the documentation requirements concerning a client’s internal control components and the assessed level of control risk?arrow_forwardIn gathering evidence to conduct an audit, it is important for the following information: identification of the name of the client, period covered, description of the contents, initial of the preparer, date of the preparation, and an index code. explain why it is important for these items to be included in the evidence gathering.arrow_forward
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