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Q. Walkthroughs for auditor?
Walkthroughs provide the auditor with evidence to:
1. Confirm auditor's understanding of the process flow of transactions.
2. Confirm auditor's understanding of the design of controls identified for all five components of internal control over financial reporting, including those related to detection or prevention of fraud.
3. Confirm that auditor's understanding of the process is complete by determining whether all points in the process at that misstatements related to every relevant financial statement assertion that could occur have been identified.
4. Evaluate effectiveness of design of controls.
5. Confirm whether controls have been placed in operation.
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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
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? Decide what areas of the company will be audited and the frequency of the audits. Prepare a yearly audit schedule and distribute. ? Make an audit plan. Decide what other audit r
B. For the one activity/process you ranked the most significant, identify and evaluate four risks. a. Two of the risk should be high to medium significance, and at least one shoul
What techniques used during an audit? Ans) ? Be professional at all times. Avoid being judgmental. ? Follow safety procedures, clean room procedures, and all other needed pr
Current Audit File The current audit file may involve inter alia: a) A copy of the audited financial statements and other report prepared such as a conclusion of audit work
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what is confirmation letter?
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