Preliminary evaluation of internal control, Auditing

Assignment Help:

For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer.

(a) Materiality is used only at the planning stage of the audit.

(b) Auditor performs analytical work only at the end of the audit.

(c) In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client.

(d) In the preliminary evaluation of internal control, auditor documents internal control systems of the audit client. Auditor has only one method- narrative- for providing the overview of the internal control systems.

(e) As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud.


Related Discussions:- Preliminary evaluation of internal control

Accounting treatment prescribed by ias 38, Accounting Treatment Prescribed ...

Accounting Treatment Prescribed by IAS 38 IAS 38 prescribes the accounting treatment about to intangible assets, except: a) Intangible assets which are under the scope of a

Examples of liabilities, Examples of Liabilities Examples of those lia...

Examples of Liabilities Examples of those liabilities are: a) Claims by employees for injury at work such should be covered through workman's compensation; b) Claims thr

External financial statement, As per the standard audit engagement letter s...

As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud. Ans: No, the prim

Questionable payments, Questionable Payments In some countries, busines...

Questionable Payments In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business

Existence - audit process, Existence - Audit Process In the case of ta...

Existence - Audit Process In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition.  Thi

Audit Plan for small service company, only needs to be 2 - 3 pages and I ne...

only needs to be 2 - 3 pages and I need help with an audit plan is to look like

Fraud and error, Fraud and Error ISA 240: the Auditor’s duty to Conside...

Fraud and Error ISA 240: the Auditor’s duty to Consider Fraud and Error defines that whenever planning and performing audit procedures, computing and reporting outcomes thereby

Common stock valuation, Common stock valuation 1. Features of common st...

Common stock valuation 1. Features of common stock (You may review common stock learned from TCA 221) a. Residual claim on income and assets (after debt holders and preferre

Fraudulent financial reporting, Fraudulent financial reporting Involves...

Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f

Matters of audit process, Matters of Audit Process Another matter to b...

Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli

Write Your Message!

Captcha
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