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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.
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how to calculate materiality given the acoountin period information
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State the FIVE threats contained within Auditor''s Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat.
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Fraud and Error ISA 240: the Auditor’s duty to Consider Fraud and Error defines that whenever planning and performing audit procedures, computing and reporting outcomes thereby
Assessment Criteria Sheets Risk analysis report Subject Learning Outcome: To examine techniques used by auditors, including risk analysis, evidence collection and evaluation Below
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