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
You have been appointed as an Internal Auditor in an organisation . As part of your duties, you are required to provide training to the staff in the internal audit division. Your f

Auditors Responsibilities with regard to related parties ISA 550 Related Parties states which the auditor should perform audit process designed to find sufficient suitable

The Tonka Manufacturing Company conducts its annual physical inventory at the end of the calendar year as a result of the auditor's assessment of non-operating internal controls in

Summary of IAS 2 Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of busin

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

Pending Litigation - Audit Process Since of the inherent uncertainty, in calculating the outcome of legal actions so this is an especially difficult area for the auditor. Seve

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

Work In Progress What such applies to goods for resale applies uniformly to work in progress even when the items present greater problems of valuation and ascertainment to the

Action if Management Refuses to provide Representations Whether management rejects to provide a representation which the auditor considers compulsory, this constitutes a scope

I need a 5 schedules like the sample on the attachment please follow the Instructions you will see in the instructions attachments 4 companies and you have to choose 5th one by yo