Steps of the audit Flashcards
1
Q
What falls under the Acceptance stage of an audit
A
The auditor analyses whether or not this audit can be completed in time
Analyze whether or not there is sufficient manpower to perform the audit
Whether they are independent or not
Analyze the integrity of management
2
Q
What does the auditor gather in the Acceptance stage of the audit
A
Agreements from management regarding their responsibility for
1 The preparations and fair representation of the FS
2 The design implementation and maintenance of internal controls
3 Provide the auditor with all information relevant to the FS
4 Engagement letter is aquired
