Reference no: EM133129601

Questions -

1. List 4 of the 8 assertions auditors use to consider transactions, account balances, and presentation/disclosure when conducting an audit. Define each of the four you list, and give an example of the assertion as it relates to a given transaction, account balance, or presentation/disclosure issue.

2. Compare and contrast the concepts of sufficiency and appropriateness with respect to audit evidence. Describe the characteristics by which audit evidence is judged with respect to each.

3. Define internal control. Discuss the difference between entity level and transactional level controls in your definition.

4. Describe the process by which auditors gain an understanding of internal control. Discuss a few reasons why understanding a client's system of internal control is useful or even necessary when conducting an audit.

5. Describe the process associated with planning, performing, and evaluating an audit data analytic. Discuss the ways in which data analytics can be used in the different stages of an audit.

6. Explain the differences between an audit of internal controls as required by PCAOB AS 2201 and the testing of internal controls for the purposes of expressing an opinion on the financial statements as mandated by AU-C 315. Refer to the standards in your answer.