Reports on an Audit of the Revenue Cycle 2 (3) (1)

Numbers, 4,5,6,7,8,9,10 determining risks

Analytical procedures issued in the planning stage of an audit, generally_______ Select one:   a. All of the others b. Directs attention to potential risk areas c. Helps to determine the nature, timing and extent of other audit procedures. d. Indicates important aspects of business

Auditing and Assurance Services   Can you help me identify which of the performance principles of GAAS apply to each of these? I am not sure what I am missing.   Thanks!

a) ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways. Required: i) Identify and explain the five stages in audit process  ii) Discuss three importance of audit planning.

its components. The firm of Pack & Peck evaluates the risk of material isstate- -1,4-2, 4-3 4-27 When planning a financial statement audit, a CPA must understand au sk its components. The firm of Pack & Peck evaluates the risk of materiai ment (RMM) by disaggregating RMM into its two components: inherentisk and control risk. Required: For each illustration, select the component of audit risk that is most directly illus- trated. The components of audit risk may be used once, more than once, or not at all Components of Audit Risk: a. Control risk b. Detection risk c. Inherent risk Component of Audit Risk Illustration 1. A client fails to discover employee fraud on a timely basis because bank accounts are not reconciled monthly. 2. Cash is more susceptible to theft than an inventory of coal. 3. Confirmation of receivables by an auditor fails to detect a material misstatement. 4. Disbursements have occurred without proper approval. 5. There is inadequate segregation of duties. 6. A…

Audit standards require auditors to _______. conduct specific audit procedures to identify subsequent events that may occur up through the date of the auditor’s report conduct specific audit procedures to identify subsequent events that may occur after the date of the auditor’s report. apply optional use of analytical procedures to increase assurance levels related to subsequent events delegate auditing of subsequent events to the internal audit function   A compilation engagement is _______. an audit of the financial statements, whereby an auditor expresses an opinion on the financial statements an audit of the system of internal control, whereby an auditor expresses an opinion on the system of internal control when an accounting firm assists management in the presentation of financial statements but does not audit, review, nor provide assurance as to whether the financial statements are presented fairly. when an audit firm assists management in the presentation of financial…

FOR THE FOR THE FOLLOWING SPECIFIC TRANSACTION RELATED AUDIT OBJECTIVE IDENTIY THE APPROPRIATE MANAGEMENT ASSERTION FROM THE BELOW: SOME MAY BE USED MORE THAN ONCE OR NOT AT ALL(For reference see Power Point Table 6-3, 17 ed) 5 x 6 points =30 points MANGEMENT ASSERTION:1. OCCURENCE2. COJMPLETNESS3. ACCURACY4. CLASSIFICATION5. CUT OFF SPECIFIC TRANSACTION RELATED AUDIT OBJECTIVE 1. Recorded cash disbursements transactions are for the amount of goods and services received and are correctly recorded 2. Recorded cash disbursement transactions are for goods and services actually received. 3. Cash disbursement transactions are recorded on the correct dates 4. Existing cash disbursement transactions are recorded. 5. Cash disbursement transactions have been recorded in the proper accounts

The internal audit risk assessment process: [SELECT ALL THAT APPLY] a) Provides the Internal Audit function with an ability to prioritize risk areas based on objective and subjective evaluation criteria. b) Should be considered the foundation of the audit function. c) Leads to the creation of the annual audit plan and audit budget. d) Should leverage management's enterprise risk management assessment process, if appropriate.

Accounting & Finance - Auditing  Question 5: Discuss the audit expectation gap. Your answer should include the following: the main causes of the expectation gap; its main components; and procedures that can be taken to reduce the expectation gap.

Using your selected objective, create an audit plan of the organization's financial statements that address the following, with support each with appropriate auditing standards. 1. Business Risks 2. Management Assertions 3. Audit Risk 4. Internal control and effect on audit procedures