Incorrect answers Flashcards
what should be included in the tender for audit
proposed fee
CV of proposed staff
summary of potential other services you could offer
what would cause you to decline an audit
outgoing auditors stating they have declined to seek reappointment
what should be included in engagement letter
scope of the audit
responsibility of management
what should not be included in engagement letter
fees
timetable for provision of accounting information
what should audit team do before accepting an audit
obtain references concerning auditors
how long do ISAs state the audit team needs to assemble files by after the audit report is signed
60 days
can minor further procedures be added to the files after 60 days
no
do files need to be locked away after 60 days
no, admin can be done to the files so this is not necessary
what should the auditors consider in determining the nature timing and extent of audit procedures regarding using an expert
risk of misstatement associated with the work
previous experience with the expert
whether the expert is subject to the audit teams quality control policies
what should the auditors not consider in determining the nature timing and extent of audit procedures regarding using an expert
the existence of any interest that may pose a threat , this is not relevant to the nature or timing
three assertions you can use for intangible
existence
classification
presentation
what is correct regarding audit responsibilities to do with employment compliance
to perform specific audit procedures to identify possible non compliance
