Performing Audit Procedures & Evaluating Evidence

Question 1

How do we perform audit procedures and evaluate evidence?

Answer 1

a

Question 2

How do we develop overall responses to risks?

Answer 2

a

Question 3

How do we develop overall responses to risks identified and use the risks of material misstatement to drive the nature, timing, and extent of further audit procedures?

Answer 3

a

Question 4

How do we document significant risks identified?

Answer 4

a

Question 5

How do we document related controls evaluated?

Answer 5

a

Question 6

How do we document overall responses to address assessed risks?

Answer 6

a

Question 7

How do we determine and document performance materiality?

Answer 7

a

Question 8

How do we determine and document levels of tolerable misstatement?

Answer 8

a

Question 9

How do we perform audit procedures responsive to risks of material misstatement?

Answer 9

a

Question 10

How do we obtain and document evidence to form a basis for conclusions?

Answer 10

a

Question 11

How do we design and perform audit procedures whose nature, timing, and extent are responsive to the assessed risk of material misstatement?

Answer 11

a

Question 12

How do we perform integrated audits: internal control over financial reporting and the financial statements?

Answer 12

a

Question 13

How do we design and perform testing of controls to accomplish the objectives of both audits simultaneously?

Answer 13

a

Question 14

How do we design, perform, and document tests of controls to evaluate design effectiveness?

Answer 14

a

Question 15

How do we design, perform, and document tests of controls to evaluate operating effectiveness?

Answer 15

a

Question 16

How do we perform substantive procedures?

Answer 16

a

Question 17

How do we perform audit sampling?

Answer 17

a

Question 18

How do we perform analytical procedures?

Answer 18

a

Question 19

How do we confirm balances and/or transactions with third parties?

Answer 19

a

Question 20

How do we examine inventories and other assets?

Answer 20

a

Question 21

How do we perform other tests of details, balances, and journal entries?

Answer 21

a

Question 22

How do we perform computer-assisted audit techniques (CAATs)?

Answer 22

a

Question 23

What is a data query?

Answer 23

a

Question 24

What is data extraction and analysis?

Answer 24

a

Question 25

How do we perform tests on unusual year-end transactions?

Answer 25

a

Question 26

How do we perform audits in accordance with international standards on auditing (ISAs) or auditing standards of another country?

Answer 26

a

Question 27

How do we determine if differences exist and whether additional audit procedures are required?

Answer 27

a

Question 28

How do we evaluate contingencies?

Answer 28

a

Question 29

What are contingencies?

Answer 29

a

Question 30

How do we obtain and evaluate lawyers’ letters?

Answer 30

a

Question 31

How do we review subsequent events?

Answer 31

a

Question 32

How do we obtain and place reliance on representations from management?

Answer 32

a

Question 33

How do we identify material weaknesses?

Answer 33

a

Question 34

How do we identify significant deficiencies?

Answer 34

a

Question 35

How do we identify other controls deficiencies?

Answer 35

a