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auditing international approach

Questions and Answers of Auditing International Approach

Recognize that auditing takes place in a context that is shaped largely by the audit client's business. L0256
Understand the recent changes in the auditing profession. L0256
Part I. Lernout & Hauspie (L&H) was the world's leading provider of speech and language technology products, solutions, and services to busi- nesses and individuals worldwide. Both Microsoft and
Audit documentation is the auditor's record of work performed and con- clusions reached on an audit engagement. Required:a. What are the purposes of audit documentation?b. List and describe the
The confirmation process is defined as the process of obtaining and evalu- ating a direct communication from a third party in response to a request for information about a particular item affecting
Evidence comes in various types and has different degrees of reliability. Following are some statements that compare various types of evidence.a. A bank confirmation versus observation of the
a. The first generally accepted auditing standard of fieldwork requires, in part, that "the work is to be adequately planned." An effective tool that aids the auditor in adequately planning the work
For each of the audit procedures listed in Problem 4.23, identify the cate- gory (assertions about classes of transactions and events or assertions about account balances) and the primary assertion
For each of the following specific audit procedures, indicate the type of audit procedure it represents: (1) inspection of records or documents,(2) inspection of tangible assets, (3) observation, (4)
An audit document that reflects the major components of an amount reported in the financial statements is referred to as a(n) a Lead schedule, 5. Supporting schedule.c. Audit control account.d.
The permanens file section of the working papers that is kept for each audit client most likely containsa. Review notes pertaining to questions and comments regarding the audit work performed.b. A
The current file of the auditor's working papers should generally includea. A flowchart of the accounting system.b. Organization charts. CA copy of the financial statements. Copies of bond and note
Which of the following procedures would provide the most reliable audit evidence?a. Inquiries of the client's internal audit staff held in private.b. Inspection of prenumbered client purchase orders
Which of the following statements concerning audit evidence is correct?a. To be appropriate, audit evidence should be either persuasive or rele- vant but need not be both. The measure of the validity
In testing the existence assertion for an asset, an auditor ordinarily works from the 4a. Financial statements to the potentially unrecorded items.b. Potentially unrecorded items to the financial
Which of the following procedures would an auditor most likely rely on to verify management's assertion of completeness? Reviewing standard bank confirmations for indications of kiting. Observing the
Why are indexing and cross-referencing important to the documentation of audit working papers?. p-968
Discuss the relative reliability of the different types of audit procedures.. p-968
Why is it necessary to obtain corroborating evidence for inquiry and for observation?. p-968
In a situation that uses inspection of records and documents as a type of evidence, distinguish between vouching and tracing in terms of the direc- tion of testing and the assertions being tested..
List and define the audit procedures for obtaining audit evidence.. p-968
Explain why in most instances audit evidence is persuasive rather than convincing.. p-968
Define audit evidence. Provide an example of evidence from accounting records and other information.. p-968
List and define the assertions about account balances at the period end.. p-968
List and define the assertions about classes of transactions and events for the period under audit... p-968
How do management assertions relate to the financial statements?. p-968
Explain why the auditor divides the financial statements into components or segments in order to test management's assertions.. p-968
Develop an understanding of the content, types. organization, and ownership of audit documentation.. p-968
Understand the objectives of audit documentation.. p-968
Understand the reliability of the types of evidence.. p-968
Identify and define the audit procedures used for obtaining audit evidence.. p-968
Learn the basic concepts of audit evidence.. p-968
Define audit procedures and understand their relationship to assertions.. p-968
Know management assertions about classes of transactions and events for the period under audit, assertions about account balances at the period end, and assertions about presentation and
Understand the relationship between audit evidence and the auditor's report. p-968
Auditors are required to obtain and support an understanding of the entity and its environment in order to identify business risks. Much of the information needed to identify the risks can be
Cendant Corporation (Cendant). On December 17, 1997, CUC International merged with HFS Incorporated to form Cendant. Cendant operates primarily in three business segments—alliance marketing,
Merry-Go-Round (MGR). Refer to the information about MGR in Prob- lems 2-27 and 2-28. Assume that you are MGR's auditor for the year ended December 31, 1995. Consider who is likely to be using MGR's
Sandy Pitts is auditing Hofmeister Hardware Company, a fast-growing re- tail hardware chain in the Atlanta area. While Pitts has previously worked on this engagement, this is her first year as the
For each of the following situations, explain how risk of material misstate- ment should be assessed and what effect that assessment will have on detection risk.a. Johnson, Inc., is a fast-growing
The CPA firm of Petersen & Pauley uses a qualitative approach to imple- menting the audit risk model. Audit risk is categorized using three terms: very low, low, and moderate. The risk of material
The CPA firm of Koch & Tabbs uses a quantitative approach to imple- menting the audit risk model. Calculate detection risk for each of the following hypothetical clients. Client No Audit Risk Risk of
As lower acceptable levels of both audit risk and materiality are estab- lished, the auditor should plan more work on individual accounts to Find smaller errors.b. Find larger errors.c. Increase the
Tolerable misstatement isa. Always the same for errors and fraud.b. Materiality for the balance sheet as a whole. Materiality for the income statement as a whole. Materiality allocated to a specific
Auditing standards require auditors to make certain inquiries of manage- ment regarding fraud. Which of the following inquiries is required?a. Whether management has ever intentionally violated the
Which of the following is a misappropriation of assets?a. Classifying inventory held for resale as supplies.b. Investing cash and earning a 3 percent rate of return as opposed to paying off a loan
When is a duty to disclose fraud to parties other than the client's senior management and its audit committee most likely to exist?a. When the amount is material.. K-9875
The existence of audit risk is recognized by the statement in the auditor's standard report that the auditora. Obtains reasonable assurance about whether the financial statements are free of material
Which of the following elements underlies the application of generally accepted auditing standards, particularly the standards of fieldwork and reporting? a Internal control.b. Corroborating
List four qualitative factors that the auditor should consider when evalu- ating the unadjusted misstatements detected during the audit.. K-9875
Give three examples of qualitative factors that might affect the planning materiality.. K-9875
While net income before taxes is frequently used for calculating planning materiality, discuss circumstances when total assets or revenues might be better bases for calculating planning materiality..
List and describe the three major steps in applying materiality to an audit.. K-9875
Why is it important for CPA firms to develop policies and procedures for establishing materiality?. K-9875
Distinguish between errors and fraud. Give three examples of each.. K-9875
Give three examples of conditions and events that may indicate the exis- tence of business risks.. K-9875
In understanding the entity and its environment, the auditor gathers knowledge about which categories of information?. K-9875
Distinguish between sampling and nonsampling risk.. K-9875
What are some limitations of the audit risk model?. K-9875
How do inherent risk and control risk differ from detection risk?. K-9875
Distinguish between audit risk and engagement risk.. K-9875
Apply the materiality steps to an example (EarthWear).. K-9875
Identify the steps to applying materiality in an audit.. K-9875
Understand the concept of materiality.. K-9875
Learn the auditor's communication requirements to management and the audit committee.. K-9875
Understand the documentation requirements for risk assessments and responses.. K-9875
Learn how to evaluate the results of the audit tests.. K-9875
Learn how to respond to the results of the risk assessments.. K-9875
Identify the factors that determine the auditor's assessment of the risk of material misstatement.. K-9875
Understand the auditor's risk assessment process.. K-9875
Learn the limitations of the audit risk model.. K-9875
Understand how to use the audit risk model.. K-9875
Learn the form and components of the audit risk model.. K-9875
Understand the concept of audit risk. K-9875
The following sets of questions are designed to encourage you to develop estimates. You may not know the exact value, but try to develop a range, thinking analogously to situations with which you
Explain the general framework for quality control in auditing.
Why are ethical and self-regulatory procedures regarding external auditor performance not sufficient to protect the parties interested in financial information?
What are the fundamental economic determinants of audit quality control systems?
Describe the features of international standards on quality control for audit and assurance services proposed by the IFAC.
In your opinion, what are the main factors in the effectiveness of audit quality control systems in the big financial markets?
How do you evaluate the role of government in overseeing quality control in auditing?
Discuss changes in quality control made in Europe.
What are the characteristics of the quality control system in the UK and the proposed changes in this area?
How do you evaluate the strengths and weaknesses of audit quality control in the current US financial market?
What are the differences between the US and the European approaches to governance of quality control in auditing?
What are the arguments put forth by the SEC in reducing the role of professional bodies in monitoring the external auditors of publicly listed companies?
What are the oversight functions of PCAOB in audit quality control?
To what extent can the involvement of the audit committee contribute to enhancing quality control?
What are the requirements of the US market regulators (SEC, NYSE and NASDAQ) with regard to audit quality control?
To what extent would the changes proposed by the US regulators satisfy users’ expectations of quality control?
Discuss the role of the quality control procedures in enhancing the auditors’ reputation in a capital market economy.
To what extent does the creation of an oversight board contribute to better protection of shareholders and other interested parties concerning audited financial statements? Discuss
Several changes have been made in audit quality control since the corporate financial failures at the beginning of the twenty-first century in developed capital markets. Discuss these changes.
Discuss the characteristics of audit quality control systems in the US before and after the Sarbanes-Oxley Act of 2002.
To what extent do the quality control mechanisms established by market regulators and the audit profession affect the communication process between management and outside users of a company’s
Describe joint and several liability and the arguments for and against it.
Discuss why an increasing number of accounting firms have willingly settled lawsuits out of court.
What are the arguments raised by the accounting profession with regard to proportionate liability among co-defendants?
Discuss mandatory insurance for corporate directors and its effect on auditor liability.
In your opinion, how can the audit profession respond positively to stakeholders’ expectations and reduce liability in auditing?

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