Reference no: EM132749490
Question: What are the standard audit completion procedures?
1. What is a provision? What is a contingent liability? A contingent asset?
2. Enumerate the procedures to test for contingencies and commitments.
3. What are subsequent events? Give at least two examples of subsequent events.
4. Enumerate the procedures to test for subsequent events in the context of an audit.
5. Give the three major time periods (subsequent to balance sheet date) of concern to the auditor.
6. Explain the going concern assumption. Who is responsible for assessing the reasonableness of the going concern assumption?
7. Give at least three examples of conditions and events which may cause the auditor to have doubt about the entity's ability to continue as a going concern.
8. What are related parties? What are related party transactions?
9. What is the main concern of the auditor regarding related parties?
10. Give examples of transactions which may alert the auditor regarding possible previously unidentified related party transactions.
11. What is a management representation letter? Give examples of the content of management representation letters.
12. How is the management representation letter dated?
13. What are the audit implications if management refuses to give a representation letter?
14. Identify other completion procedures which an auditor performs in an audit engagement.
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What are the standard audit completion procedures
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