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You are undertaking an audit programme. Discuss teh roles and responsibilites that the lead auditor would undertake when managing the audit program. according to ISO19011:2018
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- Provide the objectives for a successful audit program according to ISO9001:2015International Standards on Auditing (ISAs) are issued by the International Auditingand Assurance Standards Board (IAASB). Use the IAASB Web site (http://www.ifac.org/IAASB/) to learn more about the IAASB and its standard-setting activities.a. What is the objective of the IAASB? Who uses International Standards on Auditing?b. Summarize the due process followed by the IAASB in setting standards.c. How is the IAASB committed to transparency in the standard-setting process?Audit working papers are an integral part of an examination in accordance with international standards on auditing. These documents are very important and need to be well taken care of in the auditing process. Upon completing an audit process, the auditors should issue an opinion on the client’s financial statements. REQUIRED: Describe THREE (3) functions of the audit working papers. Distinguish between the permanent working paper file and the current working paper file. State ONE (1) example for each of the file. Explain TWO (2) conditions for the issuance of unqualified opinion on the financial statements. Describe THREE (3) situations that require the auditor to modify their standard report and still issue an unqualified opinion. Explain the purpose of key audit matters in the auditor’s report and how it should be described.
- Audit working papers are an integral part of an examination in accordance with international standards on auditing. These documents are very important and need to be well taken care of in the auditing process. Upon completing an audit process, the auditors should issue an opinion on the client’s financial statements. REQUIRED: Describe THREE (3) situations that require the auditor to modify their standard report and still issue an unqualified opinion. Explain the purpose of key audit matters in the auditor’s report and how it should be described.Identify the drivers of audit quality as specified by the Financial Reporting Council's Audit Quality Framework. Please use the illustration below to help you answer the question.AU-C 500 Audit Evidence, in the AICPA auditing standards refers to information produced by the entity. What must the auditor do to evaluate whether information provided by the client is sufficiently reliable?
- Choose the preliminary engagement activity of an auditor. O a. Establishing an understanding of the term overall audit strategy O b. Assist the management in identifying and evaluating events O c Establishing an understanding of the terms of the engagement O d. Establishing an understanding of the term of audit planningBriefly describe the key requirements included in professional auditing standards regarding the preparation and retention of audit workpapers. Which party "owns" audit workpapers: the client or the audit firm?Audit working papers are an integral part of an examination in accordance with international standards on auditing. These documents are very important and need to be well taken care of in the auditing process. Upon completing an audit process, the auditors should issue an opinion on the client’s financial statements. REQUIRED: Explain TWO (2) conditions for the issuance of unqualified opinion on the financial statements. Describe THREE (3) situations that require the auditor to modify their standard report and still issue an unqualified opinion. Explain the purpose of key audit matters in the auditor’s report and how it should be described.
- Under AICPA rules, which of the following services would generally be permitted to be provided to an audit client provided the general requirements are met? Firm accepting responsibility for monitoring client's IT controls (e.g., through automated tool) Providing advice and recommendations related to the application of an accounting standard Staff augmentation services Leading or supervising the audit client's accounting standards implementation teamWhy do we use the Accounting Standards Codification (ASC)? (RAB 9) To summarize key pronouncements of the AICPA To provide access to current GAAP To organize rules from the SEC To prioritize the key information tested on the CPA examDiscuss the responsibilities of and auditor’s expert
