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

Tangible non current assets, Tangible Non Current Assets The verificat...

Tangible Non Current Assets The verification approach is fundamentally similar in each of these.  Extensive disclosure is utilized in most countries and IAS 16 Property Equipm

Related services to auditing, Related Services to Auditing Additionally...

Related Services to Auditing Additionally, audit services, auditors offer other services. These can be categorized as: Assurance engagements: •    Audits •    Reviews Non-a

Code of ethics for auditor, B. The following situations involve a possible ...

B. The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code ha

Ifrs 5 non-current assets, IFRS 5 Non-Current Assets IFRS 5 Non-Curren...

IFRS 5 Non-Current Assets IFRS 5 Non-Current Assets Held for Discontinued and Sale Operations The Discontinuing Operation is a component of an enterprise: (a)  Such the

Difference between internal audit and external audit, Explain The Differenc...

Explain The Difference Between Internal Audit And External Audit?        Ans) The internal audit is performed to help the management. The weakness of the management is disclosed

Cost and authorization - auditing process, Cost and Authorization - Auditin...

Cost and Authorization - Auditing Process The cost of building and land acquired while the year should be vouched to suitable documentation.These are contract of sale, surveyo

Audit evidence, why are the figures presented to an auditor not sufficient ...

why are the figures presented to an auditor not sufficient for absolute reliance

Private audit, main areas contained in a private audit

main areas contained in a private audit

Communication, strongest mediul of communication

strongest mediul of communication

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