Understand I/c

Question 1

· Document the Understanding of Internal Control – “FIND”

Answer 1

Flow chart, internal control questionarire or checklists, narrative, documentation

Question 2

· Document the Understanding of Internal Control – “FIND”

Answer 2

Flow chart, internal control questionarire or checklists, narrative, documentation

Question 3

· “A, E, I, O, (U)”

Answer 3

auditor’s direct personal knowledge and observation, external evidence, internal evidence, oral evidence

Question 4

· “A, E, I, O, (U)”

Answer 4

auditor’s direct personal knowledge and observation, external evidence, internal evidence, oral evidence

Question 5

Five carrot wars

Answer 5

confirmation, footing, cross-footing, recall, inquiry, vouching, examination/insepction, cutoff, ap, reperformance, reconcialtion, observation, tracing walkthrough, auditing related accounts simultaneously, rep letter, subsequent event review

Question 6

Five carrot wars

Answer 6

confirmation, footing, cross-footing, recall, inquiry, vouching, examination/insepction, cutoff, ap, reperformance, reconcialtion, observation, tracing walkthrough, auditing related accounts simultaneously, rep letter, subsequent event review

Question 7

Admits (audit procedures)

Answer 7

ap, debt compliance, minutes, inquiry, third parties, subsequent events review.

Question 8

substantial doubt

Answer 8

financial difficulties, internal matters, negative trend, external matters

Question 9

Integrated audit procedures

Answer 9

cape corp-compliance isthmus all attestation standards relevant, acceptance and continuance, preconditions, engagement doc standards, acceptance of a change in the terms of engagement as reasonable, using the work of an other practitioner is allowed, responsibility for quality control, professional skepticism and professional judgement

Question 10

I am sure-agreed upon procedure,

Answer 10

Independence of practitioner, agreement of the parties, measurability and consistency, sufficiency of the procedures, use of the report is restricted to special parties, responsibility for subject matter, engagement to perform agreed upon procedures on prospective f/s

Question 11

staff

Answer 11

staff qualification, transaction type and frequency, accounting basis used to prepare the f/s, form of the accounting records, financial statements form and content,

Question 12

review of interim fs

Answer 12

undressing with the Client, learn and /or obtain an understanding of the entity and its environment, inquiries should be address to appropriate individuals, ap, review -other procedure should be performed, client rep letter,
professional judgment, addountat(Cpa) should commutice results.