You are an audit student who has been invited to attend an interview for a graduate training program in auditing. At the interview you are asked question relevant to audit procedures. You are required to briefly describe the seven types of audit procedures which can be used to obtain audit evidence
Q: List the three reasons why an experienced member of the audit firm must thoroughly review audit…
A: Audit documentation: It is the record and documentation of the performance of auditors and it is…
Q: List and describe the required preengagement activities that auditors undertake before beginning an…
A: Pre-engagement activities: The summary of risk assessment procedure that need to be performed before…
Q: You are an audit graduate working for an audit firm. A client has said to you that you seem to be…
A: An auditor is responsible for verifying the accuracy of the financial accounts prepared by the…
Q: Identify the most important reasons for performing analytical procedures. b) Describe the broad…
A: Analytical procedure is the procedure which is carried out by the auditors at the preliminary stage…
Q: What is the role of audit planning in an audit? In an audit, how do you convey your understanding of…
A: Auditing is defined as the examination of a company's books of accounts by an auditor to determine…
Q: When expertise in a field other than accounting or auditing is necessary to obtain sufficient…
A: Auditing is the verification of financial statements by the auditor who then provides judgmental…
Q: Instructions In not less than five sentences, choose ONE FS item and explain what kind of audit…
A: Assertions are claims made by the management of the company which are further verified by the…
Q: How would you describe the Auditing Process to someone with experience in Auditing firm?
A: Audit can be defined as the verification, examination, and evaluation of the financial information…
Q: Which refers to the record of audit procedures performed, relevant audit evidence obtained, and…
A: Audit documentation can be termed as keeping various records and procedures which was performed by…
Q: The auditor should summarize the overall audit strategy that contains the key decisions about the…
A:
Q: A tool used by auditors that serves as a cue to guiding audit planning around management’s…
A: Auditor is an individual approved to audit and confirm the exactness of monetary records and…
Q: After the financial statements are issued, auditors finish the substantive procedures. Identify the…
A: Introduction: Substantive processes must be carried out after the date of financial statements.
Q: Explain the purpose of an engagement letter which is signed immediately after the appointment with…
A: Engagement letter is an agreement letter drafted between the auditor and the organisation which…
Q: Describe the quality of following types of evidence giving two examples of each form of evidence…
A: 1. (i) The evidence obtained by the auditor is the evidence appearing before the auditor in the…
Q: n deciding whether to accept a new manufacturing client, the auditor arranges a tour of the…
A: Answer: Concept: While accepting and conducting any audit, auditor must do the walk through of the…
Q: The auditors' understanding established with a client should be established through a(an): Select…
A: Auditor is person who verifies the truthfulness of financial statements and its accuracy. Whose…
Q: For each of the procedures described in the table below, identify the audit procedure performed and…
A: Procedure Audit Procedure Audit Procedure Classification a. Requested responses directly from…
Q: You have been asked to prepare a presentation to new recruits in your audit firm on the use of…
A: An audit programme seems to be a checklist of the audit processes that an auditor should undertake…
Q: You are required to read the following statement carefully, and then, discuss the factors behind the…
A: The auditor needs to obtain a reasonable assurance that the financial statement is free from…
Q: Analytical procedures can be used in which of the following ways?a. As a means of overall review…
A:
Q: You have been asked by the audit manager to undertake preliminary analytical procedures. a)…
A: Analytical Procedures It is important for the Auditors include the analytical procedures in the…
Q: Where the auditor should summarize the overall audit strategy that contains the key decisions about…
A: Solution: - Where the auditor conduct an audit, At the time of conduct the audit auditor should…
Q: How does audit planning assist in the conduct of an audit? How do you explain the knowledge of the…
A: Audit is defined as examining the books of accounts by an auditor in order to check whether or not…
Q: ist the four types of information the auditor should obtain or review as a part of gaining…
A: After the audit engagement auditor starts planning its audit practice.
Q: The audit director in charge is available for consulting and he approves the audit engagement before…
A: An audit is assessing vouchers, books of accounts records to see that they are accurately and…
Q: -Collecting evidence by observation refers to:
A: As per accounting, evidence is defined under the audit procedure, were the auditor is held…
Q: An audit program is usually prepared after establishing the audit strategy and developing the audit…
A: An audit program refers to the audit plan which is the plan that is documented with the procedures…
Q: Reading BOD minutes of meeting by the internal auditors is an example of an audit procedures called:…
A: An auditor is a person appointed to check the accuracy of the financial statements of the company.
Q: Assume that you are an auditor of a company. Explain any THREE categories of assertions that you…
A: The name of the company is Amazon and it belongs to the e-commerce industry. Following are the three…
Q: Is it OK to give the client copies of the auditor's previous documents? If so, what should the…
A: Independent review of accounting and financial records is referred to as auditing. The purpose of…
Q: How will you explain the Auditing Process to someone who has experience in Auditing firm?
A: Audit can be defined as the verification and evaluation of the financial statements that includes…
Q: An Auditor must perform audit procedures in order to obtain sufficient appropriate audit evidence…
A: An Auditor must perform audit procedures in order to obtain sufficient appropriate audit evidence…
Q: Assume that you are a senior on an audit engagement and need to explain to your intern/trainee what…
A: Answer: Concept: Audit engagement is the agreement between the auditor and the business to perform…
Q: The audit report dates are: a. Closing date of client's book b. The date on which the letter of…
A: Audit report is the auditor’s opinion expressed by an internal or external auditor upon examining…
Q: escribe the four phases of an audit and discuss the key factors that would help you determine how to…
A: Audit is a systematic Checking of books of accounts, Subsidiary books and vouchers of a corporation…
Q: Which of the following is ordinarily performed last in the audit examination?a. Securing a signed…
A: Definition: Audit examination: Audit examination is an organized and independent work to examine…
Q: Salim is an auditor planning with engagement team members how to obtain an audit evidence. In this…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : I S…
Q: Permanent files serve as handy reference source for new staff members in acquainting themselves with…
A: Correct answer is True
Q: What do you understand by verbal evidence
A: Audit evidence : Audit evidence is the information collected by auditor which can be used by the…
Q: Briefly describe the key requirements included in professional auditing standards regarding the…
A: Auditing means the inspection of financial accounts of the company to determine if the records are…
Q: You are a trainee in audit firm and you have been assigned to verify the follow balances for IJK…
A: The question is based on the concept of verification of assets and liabilities in auditing.
Q: which element of the quality control does this procedure affect and what is the purpose of the…
A: Auditing: Auditing is the thorough verification of the books of accounts of an organization to…
Q: Explain all the five steps involved in the information system based audits in your own words. How…
A: Auditing Auditing is an important process in the accounting work in an organisation. The purpose of…
You are an audit student who has been invited to attend an interview for a graduate training program in auditing.
At the interview you are asked question relevant to
types of audit procedures which can be used to obtain audit evidence
Step by step
Solved in 2 steps
- You are the training manager at Guava & Co., Chartered Accountants. Some trainees in the firm have requested you to clarify the following issues: a) Can the auditor discard any audit document, forming part of his opinion, after the issuance of the auditor’s report? b) The changes that can be incorporated during the final the assembly process citing three such examples. c) The circumstances under which it becomes necessary to modify the existing audit documents or add new audit documents after the issuance of the auditor’s report and the matters that should be documented in such a situation. Required: Offer appropriate explanations for each of the above issues.The auditor is required to prepare audit documentation sufficient to enable an experienced auditor, having no previous connection with the audit, to understand the _________________ in reaching conclusions on significant matters arising during the audit. Select one: a. Confirmation letters b. The interviews conducted with employees and management c. The total evidence gathered d. Significant professional judgements made1. Johnson & Johnson CPAs, is considering accepting an engagement to perform an audit for a new client, whose prior period financial statements had been audited by another CPA. Johnson & Johnson would like to make certain that they understand the auditor's objective in conducting an initial audit engagement. Which title of Professional Standards addresses this issue , and, will be helpful in understanding the auditor's objectives in conducting an initial audit engagement? Enter the exact section and paragraph with helpful information.
- The preparation of audit documentation is an integral part of an auditor’s examination of financial statements. On a recurring engagement, auditors review the audit plans and audit documentation from the prior audit while planning the current audit to determine their usefulness for the current-year work.Required:a. (1) What are the purposes or functions of audit documentation? (2) What records may be included in audit documentation?b. What factors affect the auditors’ judgment of the type and content of the audit documentation for a particular engagement?c. What should be included in audit documentation to support auditors’ compliance with generally accepted auditing standards?d. How can auditors make the most effective use of the prior-year audit plans in a recurring audit?An audit engagement letter should normally include which of the following matters of agreement between the auditor and the client?a. Schedules and analyses to be prepared by the client’s employees. b. Methods of statistical sampling the auditor will use. c. Specification of litigation in progress against the client. d. Client representations about availability of all minutes of meetings of the board of directors.During an audit engagement, pertinent data are compiled and included in the auditfiles. The audit files primarily are considered to be(1) a client-owned record of conclusions reached by the auditors who performedthe engagement.(2) evidence supporting financial statements.(3) support for the auditor’s representations as to compliance with auditing standards.(4) a record to be used as a basis for the following year’s engagement
- List the three reasons why an experienced member of the audit firm must thoroughly review audit documentation at the completion of the auditThe external auditor should fulfill several performance responsibilities in order to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement . Among these responsibilities is Select one : a. providing an opinion on the financial statements . b. exercising professional judgment. verifying that all audit work is performed by the auditor with a minimum of three years ' experience . d. Accumulating sufficient , appropriate audit evidence.You have been asked to prepare a presentation to new recruits in your audit firm on the use of working papers. You have also been asked to include in your presentation a distinction between files held in permanent and current files, the design and use of audit programmes and the purpose of an audit trail with respect to the conduct of the audit. Required a) State four matters you would expect to find recorded in working papers in the permanent audit file and explain their purpose. b) Explain the design and use of audit programmes. c) Explain the importance of recording details of the actual evidence examined in the course of the audit on which the conclusions are drawn. d) Post your response to the discussion forum and engage two of your peers in a critically constructive dialogue about their responses.
- Any person any person being considered for employment by the firm must have completed a basic auditing course and have been interviewed and approved by an audit partner of the audit staff " which element of the quality control does this procedure affect and what is the purpose of the requirements?You are a trainee in audit firm and you have been assigned to verify the follow balances for IJK Limited; Account payables VehiclesWhich refers to the record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached. Audit documentation Audit File Audit Note Book Completion Memorandum
