Basic Concepts Of Auditing

Question 1

Types of reporting framework?

Answer 1

General purpose framework
Special purpose framework
Fair presentation
Complaince

Question 2

Responsibilities of Management /TCWG

Answer 2

-PrepareFinancial statements
-internal control systems
-to provide information to auditor
-unrestricted access

Question 3

Evidence must be?

Answer 3

Sufficient and appropriate

Question 4

Evidence to be appropriate must be?

Answer 4

Relevant and reliable

Question 5

Types of audit procedures to obtain Evidence

Answer 5

7 types of procedures to be performed
1 inquiry
2 observation
3 inspection
4 external confirmation
5 recalculation
6 reperformance
7 analytical proceduress