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Factors affecting sufficiency and appropriateness of audit evidence?
Source of evidenceIndependence of evidence sourceEffectiveness of internal controlsOriginality of documentationvailability and existence of documentation
Difference between audit plan and audit program?
an audit program may contain several audit plans
What is the process of preparing an audit?
The process of preparation for audit depends on the kind of audit to be performed, it's objective and scope. The scope of the audit is key to the planning process. The planning required or statutory audit is different from internal audit; it also differs from forensic audit?
What are the advantages in having an audit committee?
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
Difference between cost audit and financial audit?
Cost audit is done to audit the cost elements of unit costs while in financial audit, audit of financial statements is done to find out information provided is true and fair or not.
What documentation is not required for an audit in accordance with generally accepted auditing standards?
In an audit conducted in accordance with Generally Accepted Auditing Standards (GAAS), certain types of documentation are typically not required. While the specific requirements can vary based on the standards applied (e.g., U.S. GAAS, International Standards on Auditing (ISA)), some general categories of documentation that are usually not required include: **1. Personal Correspondence Explanation: Personal or informal communications between employees or management that are not related to the financial statements or audit evidence are generally not required. This includes non-business-related emails or personal notes that do not pertain to the financial reporting process. **2. Irrelevant or Excessive Documentation Explanation: Documentation that does not provide evidence related to the financial statements or audit procedures is not required. This includes excessive or irrelevant supporting documents that do not impact the audit conclusions. **3. Internal Management Reports Not Related to Audit Objectives Explanation: Internal management reports that do not directly relate to the financial statements or audit procedures are not typically required. For example, detailed internal performance reports that are unrelated to financial reporting may not be necessary for the audit. **4. Preliminary or Draft Versions of Documents Explanation: Preliminary or draft versions of financial statements, reports, or other documents that have been revised and finalized are generally not required. The auditor relies on the final, approved versions of documents. **5. Routine Operational Documentation Explanation: Routine operational documentation, such as internal memos or general administrative documents that do not impact the financial statements, is not required. The focus is on documents that provide direct evidence related to the audit objectives. **6. Documentation of Internal Controls Not Directly Impacting the Audit Explanation: While understanding internal controls is crucial, detailed documentation of controls not directly impacting the audit or those not significant to the audit risk assessment may not be required. The emphasis is on controls relevant to the financial reporting process. **7. Personal or Confidential Information Not Relevant to the Audit Explanation: Personal or confidential information that does not pertain to the financial statements or the audit evidence required for financial reporting is generally not required. This includes personal health records or unrelated confidential business information. **8. Historical or Non-Recurring Documentation Explanation: Documentation related to historical or non-recurring transactions that do not affect the current financial statements or audit scope may not be necessary. The auditor focuses on documentation relevant to the current period under audit. Audit Documentation Requirements GAAS Requirements: According to GAAS, auditors are required to document evidence that supports their audit conclusions, including evidence of the procedures performed, the results of those procedures, and the conclusions reached. Documentation should be sufficient to enable an experienced auditor to understand the work performed and the conclusions reached. Objective of Documentation: The primary goal of audit documentation is to support the auditor’s findings and conclusions, provide a basis for the audit report, and ensure compliance with auditing standards. Therefore, documentation must be relevant and related to the audit evidence needed. In summary, documentation that is irrelevant, excessive, or not directly related to the audit objectives is generally not required. The focus is on maintaining documentation that supports the auditor’s conclusions and provides a clear basis for the audit work performed.
What is an adequacy audit?
It is the review to verify the sufficiency of documentation for defining work and of records as evidence of satisfactory work completion.
Factors affecting sufficiency and appropriateness of audit evidence?
Source of evidenceIndependence of evidence sourceEffectiveness of internal controlsOriginality of documentationvailability and existence of documentation
What documentation do I have to have ready in case of a tax audit?
The letter you receive from the IRS will explain what claims are in dispute. You'll need to assemble any documentation relating to that dispute. Possible documentation needed could include pay stubs, invoices, receipts, bills for services, etc, etc.
What are field standards?
The field standards deal with planning; supervising staff; collecting evidence that is sufficient, competent, and relevant; and preparing adequate audit documentation
What is the importance of documentation in procurement?
Procurement documentation is a process which depends on the type of the contract that has been already selected. A procurement documentation contains following parameters: Invitation to tender letter, Instructions to bidders, Specification, Drawings, Bills of quantities and schedule of rates etc. Procurement documentation plays an important role because they serve as an audit trail of how the process was carried out.
Is the financial audit firm buchmuller and co pobox164 nl-3960bd wijk bij duurstede the netherlands involved in a scam concerning the prize documentation?
Yes
Why is documentation so improtant in criminology?
Documentation is crucial in criminology because it provides a detailed record of evidence, procedures, and findings, ensuring accuracy and transparency in investigations. It also helps to establish a clear chain of custody, enabling accountability and legality in handling and presenting evidence in court. Additionally, well-maintained documentation allows for better analysis, interpretation, and sharing of information among professionals in the field.
Differences between IS Audit nad Traditional Audit?
what is the differences between IS Audit and traditional Audit?
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
How does an audit manager write up a letter to the audit partner?
How do I write a audit letter about concerns on an audit
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
