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When should an audit engagement letter be issued to an audit client?
It should be issued during the planning stages of the audit
What is the purpose of an audit?
The purpose of an audit is to add credibility to the financial statements of a business organization.To give credence to the accounting records, accounting polices and financial statements of an audit client.
Which are the five audit implications of business risk?
Client viabilty Inherent risk: Tone at the top Audit risk of specific assertions Analyticals Information systems
What are the advantages of audit planning?
By planning the audit, u make a blue print of your desired action. You will be able to complete your work in time. Allocation of work will be better and reporting too. You yourself will be happy and your client too.
What are purpose of audit working paper?
Working papers are the evidence of work done by the auditor, he should prepare working papers in order to provide evidence that audit was properly performed according to ISA standards. Working papers support auditor, in-case he is being sued in court by the client, for negligence of audit work.
What is audit client screening and what are audit client screening procedures?
During an audit, a client may be screened before the actual audit to inform them of what will take place. This is a time to give them information on what to bring and answer questions.
How long will client machine audit logs be maintained for?
Client machine's audit logs will be maintained for at least:
How long will Client machine audit logs be maintained?
Client machine's audit logs will be maintained for at least:
When should an audit engagement letter be issued to an audit client?
It should be issued during the planning stages of the audit
What is remunerated?
The audit fee payed by client to the auditor.
What is auditors remuneration?
The audit fee payed by client to the auditor.
Will h and R block represent their client in case of an audit?
yes
What is the purpose of an audit?
The purpose of an audit is to add credibility to the financial statements of a business organization.To give credence to the accounting records, accounting polices and financial statements of an audit client.
An audit team's responsibility would not include?
Designing client's internal controls
How long Client machine s audit logs will be maintained?
90 days
List five recommendation that have been made recenlty to strengthen the independent audit function?
A public company auditor, in order to be independent, should not audit its own work (as it would if it provided internal audit outsourcing services, financial information systems design, appraisal or valuation services, actuarial services, or bookkeeping services to an audit client).A public company auditor should not function as part of management or as an employee of the audit client (as it would if it provided human resources services such as recruiting, hiring, and designing compensation packages for the officers, directors, and managers of an audit client).A public company auditor, to be independent, should not act as an advocate of its audit client (as it would if it provided legal and expert services to an audit client in judicial or regulatory proceedings).A public company auditor should not be a promoter of the company's stock or other financial interests (as it would be if it served as a broker-dealer, investment adviser, or investment banker for the company).
Which are the five audit implications of business risk?
Client viabilty Inherent risk: Tone at the top Audit risk of specific assertions Analyticals Information systems
