Preliminary evaluation of internal control, Auditing

Assignment Help:

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

Ans: Yes I agree with the statement as:
Programming independence essentially protects the auditor's ability to select the most appropriate strategy when conducting an audit.

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.

Ans: Other procedures may also be performed where the information to be obtained there from may be helpful in identifying risks of material misstatement. Examples of such procedures include:

• Internal Control Questionnaire (ICQ), and:

• Accounting and control system flowcharts.


Related Discussions:- Preliminary evaluation of internal control

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

Current audit file, Current Audit File The current audit file might inc...

Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out

Intangible asserts, Suppose soyola cooking oil company takes over ZamGold c...

Suppose soyola cooking oil company takes over ZamGold cooking oil for an amount in excess of the value $500,000. A) What intangible assert will Soya create in its books which the a

Types of audits, Types of audits As far we have tended to think in sta...

Types of audits As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated

ACL Case 3, Sales are shipped FOB shipping point with credit terms n/45. Yo...

Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.

What does an internal audit charter contain, This charter defines the missi...

This charter defines the mission, independence and objectivity, scope and responsibilities, authority, accountability and standards of the Internal Audit function. A charter i

Describe a complete audit program, Develop a list of tasks the auditor shou...

Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Handbook section CAS 315 lists management assertions embod

Briefing paper on the issues facing established audit firms, Case Study: ...

Case Study: You have commenced work as a graduate auditor with a well established audit firm. The firm has a wide client base, which includes some of the largest companies in 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