Preliminary evaluation of internal control, Auditing

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.

Posted Date: 3/16/2013 3:43:35 AM | Location : United States







Related Discussions:- Preliminary evaluation of internal control, Assignment Help, Ask Question on Preliminary evaluation of internal control, Get Answer, Expert's Help, Preliminary evaluation of internal control Discussions

Write discussion on Preliminary evaluation of internal control
Your posts are moderated
Related Questions
A. Board of Directors Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company.  The board counsels, advises and oversees management wi

list and explain four factors that influence the auditor''s judgement regarding the sufficiency if the evidence obtain

Organization - Work Related Health Problems There are various organizations both government and private which conduct researches on Biomedical and Ergonomics, Behavioral Scien

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

Sufficiency - Sources of evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements.  Sufficiency is a measure of evidence o

Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence

Non-Attendance at Stock Takes Whether the auditor is unable to attend a stock take, since he has numerous clients along with the same accounting date, or stock is situate at r

Recognize the Related Parties The auditor should review information provided through the management and directors recognize the names of all identified related parties and sho

Financial Statements Rely All Financial providers people must be sure that the financial statements can be relied upon. It should be noted that: 1. The auditor himself must be

As an auditor, how would you react to the following situation? The company produced photocopies of fixed deposit receipts as the original receipts were kept in the iron safe of the