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

Assinment, what is the nature and scope of forensic auditing?

what is the nature and scope of forensic auditing?

Reserves - audit process, Reserves - Audit Process Movements in reserv...

Reserves - Audit Process Movements in reserves need disclosure in the balance sheet, the loss and profit account, the director's reports or in the notices to the accounts. The

Need of assertions in obtaining audit evidence, Need of Assertions in Obtai...

Need of Assertions in Obtaining Audit Evidence Management is responsible for the fair presentation of financial statements which reflect the nature and operations of the entit

Organization - work related health problems, Organization - Work Related He...

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

Subsequent events - audit process, Subsequent Events - Audit Process I...

Subsequent Events - Audit Process IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date. Events th

Who is wal-mart''s external auditor?, Wal-Mart Locate the 2009 Form 10-K fo...

Wal-Mart Locate the 2009 Form 10-K for Wal-Mart in Appendix A and consider the following questions: 1. With respect to the report of the external auditors to "the Board of Directo

Demonstrate knowledge of the current tax and auditing , A municipal village...

A municipal village or a nonprofit organization solicits bids for the annual audit from local audit firms, and the firm with the lowest bid is selected. Answer the following que

Explain audit-financial records, What is an audit, what financial records a...

What is an audit, what financial records are available and what is their individual function in completing your audit? Audit is an independent examination of financial informat

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