What are an auditors documentation requirements

Assignment Help Auditing
Reference no: EM13501403

(Assessing control risk) An auditor is required to obtain a sufficient understanding of each of the components of an entity's system of internal control to plan the audit of the entity's financial statementsand to assess control risk for the assertions embodied in the account balance, transaction class, and disclosure components of the financial statements.

Required

1. Explain the reasons an auditor may assess control risk at the maximum level for one or more assertions embodied in an account balance.

2. What must an auditor do to support assessing control risk at less than the maximum level when the auditor has determined that controls have been placed in operation?

3. What should an auditor consider when seeking a further reduction in the planned assessed level of control risk?

4. What are an auditor's documentation requirements concerning an entity's system of internal control and the assessed level of control risk?

Reference no: EM13501403

Questions Cloud

What is the minimum area of the top surface an ice slab : What is the minimum area (in square meters) of the top surface an ice slab 0.251 m thick floating on fresh water that will hold up a 1060 kg automobile
Explain the rate of reaction to be in seconds : When you are calculating absorbance, and you have Abs/Time, are there units in the final answer. Or would there be no units. We are assuming Absorbance has no units, but does it make sense for the final answer, the rate of reaction to be in second..
Explain the rock-salt or cscl structure type : Depending on temperature, RbCl can exist in either the rock-salt or CsCl structure type. Give the cation and anion coordination number for each structure type.
Construct a semi-global alignment : What changes are needed to construct a semi-global alignment. The global alignment works pretty well on sequences that are nearly the same length.
What are an auditors documentation requirements : What are an auditor's documentation requirements concerning an entity's system of internal control and the assessed level of control risk?
What was the original speed of the particle : A particle is moving with a certain speed. Its speed and momentum are being measured with respect to Earth. What was the original speed of the particle
Explain how many years would it take for the geothermal : how many years would it take for the geothermal system to pay for itself. assume that you need to replace an exiting system and that you can obtain the govt. grant to do so. please show all ur calculation
Calculate the linear density of the string : A piano string is under a tension of T = 778N. When struck the wave has a period of t = 0.6ms and a wavelength of 0.77m. What is the linear density of the string
Calculate the length of the string : A guitar string is under a tension of T = 198N. The string has a mass of m = 99g and length L. What is the length of the string in m

Reviews

Write a Review

Auditing Questions & Answers

  Public administration audit critique

Prepare a two-page audit critique, and include each of the following: Briefly describe the purpose of the audit (identify the type of audit). Briefly describe the method(s) used during the audit

  Financial market and economic outlook

Discuss the economy, financial markets and the means they currently use to attract direct foreign investment. Conduct an analysis of what they are doing right/wrong in their financial markets and whether you recommend investment there should conclu..

  An auditor is required to obtain a sufficient understanding

an auditor is required to obtain a sufficient understanding of each of the components of an entitys system of internal

  Would king and queen be liable to efl

Would King & Queen be liable to EFL and Would your answer change if EFL had written to King & Queen advising you that they intended to make a loan to Impulse and were relying on the 2012 audited financial report to assist them in making their decis..

  Adjusting entry-interest receivable

Adjusting Entries: Interest receivable at 1/1/06 was $5,000. During 2006 cash received from debtors for interest on outstanding notes receivable amounted to $6,000.

  Recognize the types of input validation techniques for the

recognize the types of input validation techniques for the subsequent inputs to the payroll system. describe the

  Accounting controls for managed rental properties

The manager in Lansing has been stealing from the company. To cover the theft, he understates the amount of the outstanding checks on the monthly bank reconciliation. As a result, each monthly bank reconciliation appears to balance.

  Who is the chairman of the audit committee

What are the standards or legislations that management and auditor complied with as according to directors' responsibility paragraph and auditor's responsibility paragraph in the audit report?

  Audited financial statements covered by an auditors report

Show a qualified opinion on the financial statements because of the client imposed scope limitation.

  Analysing role of auditing in companys annual report

Analysing role of auditing in company's annual report / public disclosure - select a public listed company with disclosures available from companys website

  You are the auditor of abc company and the audit process is

you are the auditor of abc company and the audit process is almost done. the audit report is due to be signed next

  Annual dividends-total dividends and common stock

Calculate the amount that would be received by an investor who has owned 170 shares of preferred stock and 260 shares of common stock since 2011 if a $0.35 per share dividend on the common stock is paid at the end of 2014.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd