Preliminary evaluation of internal control, Auditing

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 audit.

(b) Auditor performs analytical work only at the end of the audit.

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

(d) 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.

(e) As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud.

Posted Date: 3/16/2013 5:14:34 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
Plz assist me with these questions The auditors for Weston University are conducting their audit for the fiscal year ended December 31, 2011. Specifically, the audit firm is now

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

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.

Internal Control Systems ISA 400: “Internal control system” means all the policies and processes (i.e., internal controls) accepted by the management of an entity to assist in


Assessment Criteria Sheets Risk analysis report Subject Learning Outcome: To examine techniques used by auditors, including risk analysis, evidence collection and evaluation Below

impact on audit report of going concern

Required: Describe a complete audit program for collecting relevant evidence for the audit of the estimated warranty liability. Approach: Develop specific assertions related to

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

Definition of Auditing According to International Standard on Auditing (ISA) objective and common principles governing an audit of financial statements, the purpose of a financ