What are the major types of audits and audit engagements
described in the Government Accountability Office’s Government
Auditing Standards or generally accepted government auditing
standards (GAGAS), and how do they differ?
for the following independent and material situations, assume
you are the audit partner on different engagements. For each
situation, analyse and explain how the situation would affect your
audit report.
1.A computer system outrage caused a loss of some accounting
records. The data was not backed up properly so the records cannot
be re-constructed.
2.The auditor believes the audit client has incorrectly
classified some short term investments as cash and cash equivalent.
The audit client refuses to change the classification....
1. Discuss how important is the risk assessment stage
in audit engagements? Explain what audit procedures auditor perform
in this stage and how the results of these procedures would affect
the other stage of the audit?
2. Explain what types of audit opinions auditors can
issue and what are the possible reasons for issuing these opinions?
Furthermore, discuss the circumstances that require auditors to
modify the standard report but not the audit opinion.
What are the different types of an audit report that an auditor
can issue? Choose a type of opinion, other than
unmodified/unqualified, and explain a condition that may lead to
that opinion.
1a. What are the different types of audit opinion? –Discuss
1b. What is auditing? Discuss. Can we state and discuss the
three types of audits and how auditing delivers values to business
and society?
15/5
Consider the truth or falsity of the following
statements relating to audit engagements and give explanation for
your decision!
a) The same standards of independence need not be applied in
assurance engagements as in the statuatory audit of financial
statements.
b) A review engagement results in a conclusion in the assurance
report that gives limited assurance.
c) An assurance engagement need only have two parties involved -
the practitioner and the responsible party.
d) If criteria is said to...
How can an external audit engagement be distinguished from the
following other engagements:
a) Review engagement;
b) Agreed-upon procedures; and
c) Compilation
a) Distinguish clearly the differences between an
audit and assurance.
b) Explain the different types of assurance engagements.
c) At the assertion level, a balance must be struck between tests
of control effectiveness and
substantive procedures, and between testing at the interim and
final stages. Clearly differentiate
between testing of control effectiveness and performing substantive
tests in an audit process.