Identify the phase of the audit in which each activity occurs. Put parts 1 through 9 of the audit in the sequential order in which you would expect them to be performed in a typical audit. Identify those parts that will frequently be done before July 31
The following are parts of a typical audit for a company with a fiscal year end of July 31.
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Set acceptable audit risk and decide preliminary judgment about materiality and performance materiality.
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Understand internal control and assess control risk.
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Perform substantive analytical procedures for accounts payable.
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Confirm accounts payable.
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Perform tests of controls and substantive tests of transactions for the acquisition and payment and payroll and personnel cycles.
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Perform other tests of details of balances for accounts payable.
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Perform tests for review of subsequent events.
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Accept the client.
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Issue the audit report.
Required
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Identify the phase of the audit in which each activity occurs.
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Put parts 1 through 9 of the audit in the sequential order in which you would expect them to be performed in a typical audit.
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Identify those parts that will frequently be done before July 31.
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