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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.
what is the role of a joint auditor
How do internal auditors add to the credibility of financial statements?
The core principles of financial internal control are explained here: accounting and financial operations can be separated and the main purpose is the handling of cash and the copy
Advantages and disadvantages
Communication: Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate
How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista
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an example of evidence that an auditor would use by illustrating the audit trail of stock purchases
Measures To Be Taken By the Individual Auditor Proper recruitment and training of all staff; Allocating staff to particular audits where they have the appropriate skills;
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
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