Audit evidence questions
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Audit evidence questions
- 2. AUDIT EVIDENCE QUESTIONS
- 3. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 4. AUDIT EVIDENCE QUESTIONS QUESTION 1 How much evidence should be collected? Richard Clarke Academy aCOWtancy.com
- 5. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 6. AUDIT EVIDENCE QUESTIONS ANSWER ‣ SUFFICIENT & APPROPRIATE ‣ to draw a reasonable conclusion ‣ on which to base an opinion Richard Clarke Academy aCOWtancy.com
- 7. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 8. AUDIT EVIDENCE QUESTIONS QUESTION 2 What will increase the reliability of evidence? Richard Clarke Academy aCOWtancy.com
- 9. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 10. AUDIT EVIDENCE QUESTIONS ANSWER ‣ EFFECTIVE CONTROLS ‣ External rather than internal Richard Clarke Academy aCOWtancy.com
- 11. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 12. AUDIT EVIDENCE QUESTIONS QUESTION 3 Specifically why gather evidence? Richard Clarke Academy aCOWtancy.com
- 13. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 14. AUDIT EVIDENCE QUESTIONS ANSWER ‣ UNDERSTAND THE ENTITY ‣ Assess controls ‣ Detect misstatements Richard Clarke Academy aCOWtancy.com
- 15. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 16. AUDIT EVIDENCE QUESTIONS QUESTION 4 What are the 7 ways of gathering evidence? Richard Clarke Academy aCOWtancy.com
- 17. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 18. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Inspection ‣ Observation ‣ External confirmation ‣ Re-calculation ‣ Re-performance ‣ Analytical Procedures ‣ Inquiry Richard Clarke Academy aCOWtancy.com
- 19. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 20. AUDIT EVIDENCE QUESTIONS QUESTION 5 What are analytical procedures? Richard Clarke Academy aCOWtancy.com
- 21. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 22. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Analysis of trends & expectations ‣ Expected ratios Richard Clarke Academy aCOWtancy.com
- 23. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 24. AUDIT EVIDENCE QUESTIONS QUESTION 6 Are analytical procedures enough on their own? Richard Clarke Academy aCOWtancy.com
- 25. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 26. AUDIT EVIDENCE QUESTIONS ANSWER ‣ No ‣ Must corroborate other evidence Richard Clarke Academy aCOWtancy.com
- 27. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 28. AUDIT EVIDENCE QUESTIONS QUESTION 7 When are analytical procedures compulsory? Richard Clarke Academy aCOWtancy.com
- 29. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 30. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Planning (risk assessment) ‣ Review Richard Clarke Academy aCOWtancy.com
- 31. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 32. AUDIT EVIDENCE QUESTIONS QUESTION 8 At the planning stage what limitations may there be with AP? Richard Clarke Academy aCOWtancy.com
- 33. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 34. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Prior to year end often ‣ Draft or projected figures Richard Clarke Academy aCOWtancy.com
- 35. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 36. AUDIT EVIDENCE QUESTIONS QUESTION 9 Do management representations offer high or low reliability? Richard Clarke Academy aCOWtancy.com
- 37. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 38. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Low ‣ Only use if no other evidence Richard Clarke Academy aCOWtancy.com
- 39. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 40. AUDIT EVIDENCE QUESTIONS QUESTION 10 What should we definitely get management representations on? Richard Clarke Academy aCOWtancy.com
- 41. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 42. AUDIT EVIDENCE QUESTIONS ANSWER ‣ They approve FS ‣ Controls are in place ‣ Misstatements are immaterial Richard Clarke Academy aCOWtancy.com
- 43. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 44. AUDIT EVIDENCE QUESTIONS QUESTION 11 When using experts who has responsibility for their work? Richard Clarke Academy aCOWtancy.com
- 45. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 46. AUDIT EVIDENCE QUESTIONS ANSWER ‣ External Auditor still Richard Clarke Academy aCOWtancy.com
- 47. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 48. AUDIT EVIDENCE QUESTIONS QUESTION 12 What must we consider when using the expert? Richard Clarke Academy aCOWtancy.com
- 49. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 50. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Competence ‣ Objectivity ‣ Scope ‣ Evidence Richard Clarke Academy aCOWtancy.com
- 51. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 52. AUDIT EVIDENCE QUESTIONS QUESTION 13 What must be agreed in writing before using the expert? Richard Clarke Academy aCOWtancy.com
- 53. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 54. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Objective ‣ Scope ‣ Responsibilities ‣ Communication ‣ Confidentiality Richard Clarke Academy aCOWtancy.com
- 55. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 56. AUDIT EVIDENCE QUESTIONS QUESTION 14 What must be considered when the experts work is given to us? Richard Clarke Academy aCOWtancy.com
- 57. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 58. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Consistency with other evidence ‣ Assumptions used ‣ Source data and methods used Richard Clarke Academy aCOWtancy.com
- 59. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 60. AUDIT EVIDENCE QUESTIONS QUESTION 15 Is there a reference to the expert’s work in the audit report? Richard Clarke Academy aCOWtancy.com
- 61. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 62. AUDIT EVIDENCE QUESTIONS ANSWER ‣ No Richard Clarke Academy aCOWtancy.com
- 63. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 64. AUDIT EVIDENCE QUESTIONS QUESTION 16 When considering using internal auditor’s work - what must you know about them? Richard Clarke Academy aCOWtancy.com
- 65. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 66. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Status in company ‣ Scope of their work ‣ Competence ‣ Due professional care Richard Clarke Academy aCOWtancy.com
- 67. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 68. AUDIT EVIDENCE QUESTIONS QUESTION 17 How can the internal audit and their work be reviewed? Richard Clarke Academy aCOWtancy.com
- 69. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 70. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Have they been trained? ‣ Have they been supervised? ‣ Sufficient, appropriate evidence? Richard Clarke Academy aCOWtancy.com
- 71. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 72. AUDIT EVIDENCE QUESTIONS QUESTION 18 Another auditor should be able to do what by looking at your working papers? Richard Clarke Academy aCOWtancy.com
- 73. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 74. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Re-perform the work Richard Clarke Academy aCOWtancy.com
- 75. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 76. AUDIT EVIDENCE QUESTIONS QUESTION 19 How can you check if all related parties have been identified? Richard Clarke Academy aCOWtancy.com
- 77. AUDIT EVIDENCE QUESTIONS Richard Clarke Academy aCOWtancy.com
- 78. AUDIT EVIDENCE QUESTIONS ANSWER ‣ Check management procedures ‣ Inquire of management ‣ Shareholder records ‣ Tax returns ‣ Minutes ‣ Ask other auditors Richard Clarke Academy aCOWtancy.com
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