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Use a firm of yourchoice, either real or of your own creation aand write...

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Accounting

Use a firm of yourchoice, either real or of your own creation aand write as from theperspective who has just been hired to conduct and audit of thefirm.

a) Using the firm youhave chosen, outline a thorough outline for the audit that includesdescriptions of particularly important issues to be dealt withalong the way.

b) Using the firm youare auditing, thoroughly outline the evidence you will gather.Explain the importance of each type and how you will gather andevaluate it.

c) Outline anddescribe how you will decide issues of materiality and how theseshall/should be reported, analyzed, and acted upon by the firmbeing audited.

Answer & Explanation Solved by verified expert
4.0 Ratings (755 Votes)
a Audit planning is one of the areas which causes disagreement among auditors Identification and assessment of risks Responses to assessed risks Determination of Materiality in planning and performing an audit Lower levels of materiality for specific items Involvement of audit engagement partner and key audit team members in planning Developments in the business Nature timing and extent of resources allocated b When we as auditors are testing internal controls or evaluating business processes we use evidence to support our assertions Below I will discuss the primary types of evidence auditors use to complete our work Audit Evidence After an auditor has determined the scope of their engagement its time to start testing controls and performing audit procedures The fundamental goal of audit procedures is to identify and gather audit evidence information used to establish and support audit findings recommendations and opinions Depending on the type and focus of the audit being performed there are various kinds of evidence that may be available and collected The auditor must use their professional    See Answer
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Transcribed Image Text

In: AccountingUse a firm of yourchoice, either real or of your own creation aand write as...Use a firm of yourchoice, either real or of your own creation aand write as from theperspective who has just been hired to conduct and audit of thefirm.a) Using the firm youhave chosen, outline a thorough outline for the audit that includesdescriptions of particularly important issues to be dealt withalong the way.b) Using the firm youare auditing, thoroughly outline the evidence you will gather.Explain the importance of each type and how you will gather andevaluate it.c) Outline anddescribe how you will decide issues of materiality and how theseshall/should be reported, analyzed, and acted upon by the firmbeing audited.

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