How would the auditor be aware of such events

Reference no: EM131038768

Answer the following questions

1. 1- What are the concerns that lead the auditor to physically observe inventory? Do you think observing only a sample of inventory is sufficient? Why or why not?

2. 2- As a part of completing the audit, the auditor must obtain a letter from the client's attorney. Discuss the purpose of this letter and, most importantly, the limitations of such a letter. What problems does the auditor encounter in getting an accurate and informative letter? Why?

3. 3-These events take place after the end of field work. How would the auditor be aware of such events? What responsibility does he/she have if he/she is not aware of them. What if the auditor never learns about a fire that destroys the client's inventory after the end of field work, for example? Should he/she rely on the client for such information? Is there a better way to do it?

4. 4-What do you think about the procedures implemented by Auditing Standards in case an auditor discovers that he/she missed certain critical audit procedures after the audit report is issued? Do you think the procedures in place fully address this issue?

Reference no: EM131038768

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