Question

In: Finance

audit procedure that the audit may use in providing assurance engagement

audit procedure that the audit may use in providing assurance engagement

Solutions

Expert Solution

The assurance engagement process is divided into four stages and at each stage audit procedure is used:

1) Preparing-In this stage of the assurance engagement process, the audit team leader completes acceptance or continuance procedures to assess the risks in accepting the engagement.The audit team leader also determines whether the assurance engagement will be possible based on the criteria and subject matter, and develops a plan to undertake an audit that is efficient, effective and in compliance with both the assurance engagement terms and the legislation governing

2)Planning-In this stage he analyzes risks that will affect the audit team leader’s ability to form a conclusion on the matter to be audited (assurance risks), and level at which an instance of non-compliance will affect the decisions people make.

3)Performance: During this stage, the auditor gathers evidence to support the assurance conclusions by undertaking the procedures developed during the planning stage.

4) Reporting-Before issuing the assurance engagement report, the audit team leader obtains written representations from management regarding the completeness and accuracy of the information provided to the audit team leader, and other matters including the audited body’s compliance with the legislation

jeff jeffy answered 1 month ago
Next > < Previous

Related Solutions

As part of the fieldwork of an audit engagement, the senior on the audit obtained and...
As part of the fieldwork of an audit engagement, the senior on the audit obtained and documented an understanding of the company's internal control relating to accounts receivable and assessed control risk related to accounts receivable at the maximum level. Alejandro, the staff person assigned to the engagement, requested and obtained from the company an aged accounts receivable schedule listing the total amount owed by each customer as of December 31, 2017, and sent positive confirmation requests to a sample...
As part of the fieldwork of an audit engagement, the senior on the audit obtained and...
As part of the fieldwork of an audit engagement, the senior on the audit obtained and documented an understanding of the company's internal control relating to accounts receivable and assessed control risk related to accounts receivable at the maximum level. Alejandro, the staff person assigned to the engagement, requested and obtained from the company an aged accounts receivable schedule listing the total amount owed by each customer as of December 31, 2017, and sent positive confirmation requests to a sample...
As part of the fieldwork of an audit engagement, the senior on the audit obtained and...
As part of the fieldwork of an audit engagement, the senior on the audit obtained and documented an understanding of the company's internal control relating to accounts receivable and assessed control risk related to accounts receivable at the maximum level. Alejandro, the staff person assigned to the engagement, requested and obtained from the company an aged accounts receivable schedule listing the total amount owed by each customer as of December 31, 2017, and sent positive confirmation requests to a sample...
As part of the fieldwork of an audit engagement, the senior on the audit obtained and...
As part of the fieldwork of an audit engagement, the senior on the audit obtained and documented an understanding of the company's internal control relating to accounts receivable and assessed control risk related to accounts receivable at the maximum level. Alejandro, the staff person assigned to the engagement, requested and obtained from the company an aged accounts receivable schedule listing the total amount owed by each customer as of December 31, 2017, and sent positive confirmation requests to a sample...
As part of the fieldwork of an audit engagement, the senior on the audit obtained and...
As part of the fieldwork of an audit engagement, the senior on the audit obtained and documented an understanding of the company's internal control relating to accounts receivable and assessed control risk related to accounts receivable at the maximum level. Alejandro, the staff person assigned to the engagement, requested and obtained from the company an aged accounts receivable schedule listing the total amount owed by each customer as of December 31, 2017, and sent positive confirmation requests to a sample...
Explain the procedures an assurance provider should undertake in providing assurance on prospective financial information and...
Explain the procedures an assurance provider should undertake in providing assurance on prospective financial information and the level of assurance that is usually provided on such information
In this scenario, the audit engagement allows for 1,000 hours of audit work on an attestation...
In this scenario, the audit engagement allows for 1,000 hours of audit work on an attestation engagement. You are the auditor assigned to the case. Your audit manager explains to you that you cannot exceed 1,000 hours of billable hours to the client. You are wondering what might happen if you found evidence of a fraud, whether that would affect the audit. You express your concern about the audit with your manager. Your manager tells you not to worry about...
describe  in detail Audit Engagement Letter with the references
describe  in detail Audit Engagement Letter with the references
EXPLAIN THE IMPORTANCE OF AUDIT ENGAGEMENT TO AUDITOR AND THE CLIENT
EXPLAIN THE IMPORTANCE OF AUDIT ENGAGEMENT TO AUDITOR AND THE CLIENT
Assurance engagements can be performed as either an attestation (or assertion based) engagement or a direct...
Assurance engagements can be performed as either an attestation (or assertion based) engagement or a direct reporting engagement. Distinguish between the two types
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT