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In: Accounting

A) In phase IV of the audit, complete the audit and issue an audit report, there...

A) In phase IV of the audit, complete the audit and issue an audit report, there are five activities required. List below the activities. B) In accumulating final evidence upon which to base an audit opinion, the auditor should perform four activities. List the activities below. C) Discuss the major activities and procedures performed by the auditor in the plan and design of the audit approach. D) What types of inquiry techniques might an auditor use when making inquiries of client personnel? What are the uses of each technique?

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Expert Solution

A)

AUDITING IS THE PROCESS WHICH INCLUDE SEVERAL PHASES AND AUDITING REPORTING IS THE 4TH STEP WHICH IS COUNTED AS THE ESSENTIAL STEP ON AUDITING

THERE HAVE FIVE ACTIVITES ON REPORTING

1. REQUESTING FINCACIAL DOCUMENTS : COLLECT BASIC FINANCIAL DOCUMENTS FROM DEFFERENT DEPARTMENTS LIKE BALANCESHEET PROFIT AND LOSS ACCOUNT AND STATEMENT OF CASHFLOW

2 .PREPARING AN AUDIT PLAN :THIS IS IMPORTANT BECOUSE IN THIS STEP AUDIT TEAM PLAN ALL ACTIVITIES TO FINISH AUDIT WITH IN TIME PERIOD

3 .SHEDULING AN OPEN MEETING : IN THIS MEETING AUDITORS CLARIFY AND MAKE A BIRDVIEW ABOUT THE AUDIT REPORT

4 CONDUCTING OUTSIDE FIELD WORK : IN THIS STEP AUDIT TEAM CONDUCTING A OUTSIDE FIELD WORK TO COLLECT REQUIRED DATAS AND REPORTS TO STUDY ABOUT THE COMPANY

5. DRAFTING A REPORT : THIS IS THE FINAL STEP. DRAFTING AN REPORT AND SETTINGUP MEETING WITH TOP LEVEL PANAL TO EVALUATE REPORT

B)AFTER THERE HAVE SOME STEPS

STEPS AFTER AUDIT REPORT

1.MANAGMENT RESPONCE

2.CLINT SURVAY

3.DISTRIBUTE REPORT

4.FOLLOW UP

C)ACTIVITES TO PLANING OF AUDIT

1.IDENTIFY AREAS OF RISK OF DATAS

2. ADDRESS THOSE RISK TO OBTAIN SUFFICIENT APPROPRIATE EVIDENCE

3.CALICULATION OF AUDIT COSTS

D) TECHNIQUES OF AUDITING

1.INSPECTION -CHECKING OF BOOK OF RECORDS

2.OBSERVATION

3.INQUERY AND OBSERVATION

4.COMPUTATION

5.ANALYTICAL PROCEDURES


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