Walkthroughs for auditor, Auditing

Assignment Help:

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.


Related Discussions:- Walkthroughs for auditor

Definition of audit evidence, Definition of Audit Evidence "Audit evid...

Definition of Audit Evidence "Audit evidence" which is all the information used through the auditor in arriving on the conclusions on such the audit opinion is support, and in

Preferred stock valuation, Preferred stock valuation 1. Features of pre...

Preferred stock valuation 1. Features of preferred stock (You may review what you've learned about preferred stock from TCA 221): a. Multiple classes in terms of convertibil

Transaction Class Narratives, Prepare a narrative describing the transactio...

Prepare a narrative describing the transaction cycle process for debt in a municipality.

Insurance companies, Insurance Companies Authoritative documents invol...

Insurance Companies Authoritative documents involved as: The Insurance Act The Companies Act IFRS 4 Insurance Contracts The major legislation governing insu

Specialized audit situations, Specialized Audit Situations Companies c...

Specialized Audit Situations Companies carry on thousands of different types of trade, business or professional activities.  It is not possible in a manual on general auditing

Simple trust, Simple Trust - This type of TRUST is essential to distribute ...

Simple Trust - This type of TRUST is essential to distribute all its income currently, whether or not the TRUSTEE actually does so and it has no provision in trust instrument for c

Information in the fixed assets register, Information in the Fixed Assets R...

Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip

Preliminary evaluation of internal control, For each of the following indep...

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

The internal audit differ from an external audit, Describe How does the int...

Describe How does the internal audit differ from an external audit? Ans) Internal audit nothing but the checking the product that you formed. External audit is checking you

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