Audit & public sector

Question 1

Planning

Answer 1

1. Obtain understanding of information to be audirted
2. Enquire of mgmt how information is collected and recorded
3. Determine materiality level
4. Examine systems and controls for recording info
   5.

Question 2

Procedures

Answer 2

1. Inspection of supporting document
2. Enquiries of mgmt and staff
3. Perform analytical procedures
4. Recalculate figures to verify arithmetic accuracy.
5. Obtain written representations from mgmt regarding accuracy and completeness.

Question 3

Potentiall problems

Answer 3

Measuring info info in first instance
Subjectivity of definition.
Multiple frameworks/criteria’s being followed.