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What documentation does an auditor prepare if there is an unexpected change in account balances?
Wiki User
∙ 13y ago
the audit work papers will generally include a written description of material unexpected differences, an explanation for the difference, evidence that corroborates the explanation, and the judgment of the auditor as to the adequacy of the explanation.
Wiki User
∙ 13y ago
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What does an auditor consider when developing an explanation for an unexpected change in account balances?
When developing an explanation for an unexpected change in account balances, an auditor considers both error and nonerror explanations.
Why do Auditors use Substantive Procedures?
Substantive procedures performed by the auditor during the substantive testing stage of the audit that gather evidence as to the completeness, validity and/or accuracy of account balances and underlying classes of transactions.
Where requires statutory audit?
Statutory audits are required by governmental agencies or industry regulators. Banks, insurance companies and general firms provide audited statutory financial statements periodically. Statutory audit procedures are varied, and include understanding a business entity's operating environment and controls. An auditor performs tests of accounts and balances on a bank's, an insurance company's or a hedge fund's account balances to check that such balances and corporate financial statements are accurate and complete
Describe three factors which can affect the precision of the auditor's expectation concerning an account balance?
ON9
Is words auditor means internal auditor?
No. The word auditor doesn't only mean an internal auditor but also an external auditor. An auditor could be an internal or an external auditor. In most cases simply an auditor means an external auditor.
Why is accounts payable aging report needed for an audit?
I think you mean an aged Accounts RECEIVABLE report.If you are familiar with auditing, the auditor needs to perform a risk assessment and satisfy certain assertions with regard to accounts. One assertion for Accounts Receivable (A/R) is Valuation & Allocation, which basically asks the question, "Is the account valued correctly?"The auditor must perform tests and gather audit evidence to satisfy this assertion, one procedure includes examining a company's aged A/R report, which list the company's customers that owe money to the company. The report states which balances have been owing for different lengths of time, and normally an estimate is made to determine what values of A/R is uncollectible.If the company has not made an appropriate adjustment to account for these uncollectible amounts, normally the auditor will suggest that an entry is made to do so, or else the account is not valued correctly. If management refuses the entry, the auditor would have to decide how their audit opinion would be affected.
What kind of career opportunities does Aeroflex Incorporated offer?
There are multiple opportunities offered at Aeroflex Incorporated. Some examples are Staff Auditor, System Engineer, Engineering Manager, and Documentation Control Clerk.
What types of jobs will lead auditor training get me?
Lead auditor is a great way to develop a job as an auditor. This auditor training is a great way to become a auditor for energy that is being used by a company or individual.
What is a sentence using auditor?
The auditor came to inspect their books.
Who is the auditor for Facebook.?
Ernst and Young is the auditor of Facebook Inc.
What is a female auditor called?
An auditor - the term is not gender specific.
What is the personal qualities of an auditor?
Aristotelian toughs about personal qualities of auditor
