The purpose and objective of an auditor is to form opinions on whether the operations of an entity are effective and efficient and if financial statements are reliable and do not contain any material misstatements. Once an audit is accepted by an auditor they will need to gather evidence that is sufficient and reliable which will support any opinions that are made by the auditor. The audit process is a logical and systematic process which is planned and implemented in accordance to the audit standards. Prior to the audit conducting an audit there are stages which need to be followed. What are these stages?

The purpose and objective of an auditor is to form opinions on whether the operations of an entity are effective and efficient and if financial statements are reliable and do not contain any material misstatements. Once an audit is accepted by an auditor they will need to gather evidence that is sufficient and reliable which will support any opinions that are made by the auditor. The audit process is a logical and systematic process which is planned and implemented in accordance to the audit standards. Prior to the audit conducting an audit there are stages which need to be followed. What are these stages?

Principles of Information Systems (MindTap Course List)

12th Edition

ISBN:9781285867168

Author:Ralph Stair, George Reynolds

Publisher:Ralph Stair, George Reynolds

Chapter10: Information And Decision Support Systems

Section: Chapter Questions

Problem 1WE

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The purpose and objective of an auditor is to form opinions on whether the operations of an entity are effective and efficient and if financial statements are reliable and do not contain any material misstatements. Once an audit is accepted by an auditor they will need to gather evidence that is sufficient and reliable which will support any opinions that are made by the auditor. The audit process is a logical and systematic process which is planned and implemented in accordance to the audit standards. The audit plan consists of a greater amount of details as compared to the audit strategy. Identify 2 items which should be documented in the audit plan.
Take a look at the detailed list of debt procedures and see how they relate to the overarching audit objective.Prioritizing the analysis of debt covenants and other contractual provisions.This process involves two steps: 1) obtaining and reviewing the original signed notes payable; and 2) calculating the exact amount of liability.Debt settlement.Find out what you may reasonably anticipate.5. Confirming the loan and its conditions. Disclosure and presentation of valuationsTrue Existence........ Wholeness
Write a memo based on this scenario, use FIPS 199 (FEDERAL INFORMATION PROCESSING STANDARDS PUBLICATION) available online, and research on the functionality of an accounting system, Your company is purchasing a new accounting system. Evaluate the system using FIPS 199 to determine if it is a low, moderate, or high impact system. You need to provide justification for each of the three areas of evaluation for the level you select for that area and a statement of what the final level for the system has been determined to be. The evaluation of each of the three areas must include a list or explanation of what you considered in that area as the basis for your evaluation. Need research for the functionality of a typical accounting system, Include what you find that such a system does as part of the justification of what level the system is in each of the categories.
Determine and connect the list of debt processes under audit to the primary audit goal.Analysis of debt covenants and agreements is necessary.examining the original notes of payment's signatures to ascertain the debt's full amountsettling debt.Establish what is reasonable and what is to be anticipated.Checking the terms and conditions of the loan, including the interest rates and payback schedules. Displaying and outlining monetary worthConsciousness.........
During the audit process, an IS auditor reviews the control framework, gathers evidence, evaluates the strengths and weaknesses of internal controls based on the evidence and prepares an audit report that presents weaknesses and recommendations for remediation in an objective manner to stakeholders. Explain with at least one example the three main phases of the audit process.
Preliminary investigation: Describe the procedures used and the final result produced
The question is whether or not it is acceptable to supply an audit client with copies of the auditor's earlier paperwork. Before providing the client's paperwork, should auditors be aware of any specific conditions? List at least three things.
Describe a set of thorough guidelines for completing all of the activities associated with each SDLC core procedure.
Explain what is meant by auditing around the computer, anddescribe what must be present for this approach to be effective in the audit of a client thatuses IT to process accounting information.
Mr. Art Pang is the Accounts Receivables manager. We have been assigned to gather the system requirements for a new billing system, and we need to solicit facts from his subordinates. Mr. Pang has expressed his concern that, although he wishes to support us in your fact-finding efforts, his people are extremely busy and must get their jobs done. 1. Describe a fact-finding strategy with rationale, that we could follow to maximize your fact-finding while minimizing the time required from his subordinates. 2. Once we have gathered the requirements, they must be recorded. What techniques would we use to capture the requirements for the new billing system? Explain your rationale.
Identify and relate the main audit objective to the list of debt processes that are being audited.Debt agreements and covenants should be analysed.Examining the signatures on the original notes of payment to determine the exact amount of the debtPaying off debt.Determine what is realistic and what should be expected.Verification of loan terms and conditions, such as interest rates and repayment schedules. Display and disclosure of monetary valueConsciousness.........
Analytical procedures should be laid out in detail.