Planning

Question 1

Engagement Partner is responsible for

Answer 1

• Planning
• Supervising
• Compliance

Question 2

Knowledge of the Clients Business

Answer 2

• tour client facilities
• financial history
• inquires of personnel

Question 3

Audit Strategy

Answer 3

must be written and includes

• nature
• extent
• timing

Question 4

Factors that determine the focus of the Audit

Answer 4

preliminary evaluations of materiality, audit risk, and internal control

Question 5

A written audit plan is required!

Answer 5

A written audit plan is required!

Question 6

Substantive Procedures

Answer 6

• 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

Question 7

Assertions

Answer 7

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