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

Prepayments - audit process, Prepayments - Audit Process Prepayments s...

Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro

Procedures in computing the work of the expert, Procedures in computing the...

Procedures in computing the work of the expert The auditor must obtain reasonable assurance that the expert's work constitutes appropriate audit evidence in support of the fina

Verification of liabilities - audit process, Verification of Liabilities - ...

Verification of Liabilities - Audit Process Usually speaking, the auditor's duty along with regard to liabilities can be summarised follows as: 1. To confirm the existence of

Financial instruments - ias 32 and ias 39, Financial Instruments - IAS 32 a...

Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con

Basic elements of a management representation letter, Basic Elements of a M...

Basic Elements of a Management Representation Letter Whenever requesting a management representation letter, such the auditor would request which it be addressed to the audi

Procedures followed in conducting an audit, Procedures followed in Conducti...

Procedures followed in Conducting an Audit Procedures generally followed in conducting an audit by more than one firm of accountants and the division of work between them.

Audit of group accounts, Audit of Group Accounts The main problems can...

Audit of Group Accounts The main problems can be split into three sections in this area as: 1. The audit of the holding company confirming and obtaining information concern

Prepare a memo to the audit work of a firm, Case Study: Hide-It (HI), a...

Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has

Audit of partnerships, Audit of Partnerships The audit of a partnership...

Audit of Partnerships The audit of a partnership is not normally required by statute and so the auditor must agree with the client what his rights and duties are going to be. T

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