Chapter 3 (Audit evidence) Flashcards
briefly describe how an auditor evaluates the sufficiency of audit evidence
Chap 3 LO:1
state any four factors which the auditor should consider to ensure reliability of audit evidence
Chap 3 LO:1
discuss the factors that influence the auditors judgment as to what constitutes sufficient appropriate audit evidence
Chap 3 LO:1 (both sufficiency and appropriateness)
define relevance in context of audit evidence
Chap 3 LO:1
briefly explain any six methods for collecting audit evidence
Chap 3 LO:2
define risk assessment procedures with examples
Chap 3 LO:3
define risk at financial statement level, and also give four examples, and how to response at this level
Chap 3 LO:3
define risk at assertion level, and also give four examples, and how to response at this level
chap 3 LO:3
define tests of controls
chap 3 LO:4 (Objectives)
list the two general types of substantive procedures
chap 3 LO:5 Analytical procedures and test of details
state types of misstatements that could occur in an area of financial statements
chap 3 LO:6 Assertions
define assertions of financial statements
chap 3 LO:6
list the purpose of audit working papers
chap 3 LO:7 both primary and additional
who is the owner of working papers? can working papers be a substitute to the accounting records of a company
chap 3 LO:7
list any six advantages of using computer based audit working papers
chap 3 LO:7
briefly describe various types of audit files ad state at least five contents of each type of audit file maintained by an audit firm (08)
chap 3 LO:8
identify the factors that the auditor should consider while determining the form, content and extent of audit working papers.
chap 3 LO:9
list the information that should be included on every working paper prepared in connection with the audit of the financial statements.
chap 3 LO:9
how an auditor should prepare sufficient audit documentation to enable an experienced auditor, having no previous connection with the audit, to conclude that audit documentation has been done in accordance with ISA-230, audit documentation
chap 3 LO:9
explain the requirements of ISA , audit documentation relating to assembly of the final audit file after the date of auditor’s report in respect of:
(1) time limit to compete the assembly of the final audit file
(2) nature of the procedures allowed during assembly of the final audit fie.
(3) examples of such procedures that can be performed during assembly of the final audit file.
chap 3 LO:10
if exceptional circumstances arise after auditor’s report what documents auditor shall include in audit file
chap 3 LO:10
