Planning Flashcards
1
Q
Engagement Partner is responsible for
A
- Planning
- Supervising
- Compliance
2
Q
Knowledge of the Clients Business
A
- tour client facilities
- financial history
- inquires of personnel
3
Q
Audit Strategy
A
must be written and includes
- nature
- extent
- timing
4
Q
Factors that determine the focus of the Audit
A
preliminary evaluations of materiality, audit risk, and internal control
5
Q
A written audit plan is required!
A
A written audit plan is required!
6
Q
Substantive Procedures
A
- auditor tests account balances dollar value
- are used to detect material misstatements
- test of details and substantive analytical procedures.
- transaction classes, account balances, and disclosure
7
Q
Assertions
A
C - Completeness
O-Cutoff, correct (proper) accounting period
V-Valuation, Allocation, and Accuracy
E-Existence and Occurrence
R-Rights and Obligations= Account Balances & Disclosure
U-Understandability and Classification