Q1: The following are various activities an auditor does during audit planning. 1. Determine the...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Q1: The following are various activities an auditor does during audit planning.
1. Determine the likely users of the financial statements.
2. Tour the clients plant and offices.
3. Compare key ratios for the company to those for industry competitors.
4. Review managements risk management controls and procedures.
5. Review accounting principles unique to the clients industry.
For each procedure, indicate which of the first four parts of audit planning the procedure primarily relates to: (a) accept client and perform initial audit planning; (b) understand the clients business and industry; (c) assess client business risk; (d) perform preliminary analytical procedures.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
