Aa, firms often use checklists throughout the audt process These checklists provide a biseh, of what needs to be performed ans-ided evidence needs to be obtained to properly sample, evaluate, question or statemment and document the results These checklists hep ensure that the requrements of guidance are considered -ippegrate-ea For e area For example, the checkist may specily the types of questions or what and met. Auditors will then complete bese checklists by answering each For each quesion or statement listed below, determine whether i would most Wkely be included or excluded from the audt strategy checkist Statement or Question Include or Exclude? 1. Wi he audit nvove 2 Has management agreed to the preliminary materiality amount? 3 Does specialists? If so, please Include the specialistis) that may be involved as well as the expected extent on involvement the entity utilize service organizations? so, please include the service organizations utilized by the enity Document the deadines for inberim and final reporting 5 Were non-responses to accounts receivable confirmations followed up with a 2nd conflemation request? 6 Did the inventory appear to be obsolete? r Document the preliminary evaluation of materiality 8 Will the audit utlize the clents internal audtor's for direct assistance? If so, to what extent? 9 Does the work performed on deferred credits support the conclusion about the audt area? 10 Document the areas where there is a higher risk of maserial misstatement 11 Was the management representation letter obtained? 12 Document, id any, additional regulatory reporting requirements that the entity must adhare to Aa, firms often use checklists throughout the audt process These checklists provide a biseh, of what needs to be performed ans-ided evidence needs to be obtained to properly sample, evaluate, question or statemment and document the results These checklists hep ensure that the requrements of guidance are considered -ippegrate-ea For e area For example, the checkist may specily the types of questions or what and met. Auditors will then complete bese checklists by answering each For each quesion or statement listed below, determine whether i would most Wkely be included or excluded from the audt strategy checkist Statement or Question Include or Exclude? 1. Wi he audit nvove 2 Has management agreed to the preliminary materiality amount? 3 Does specialists? If so, please Include the specialistis) that may be involved as well as the expected extent on involvement the entity utilize service organizations? so, please include the service organizations utilized by the enity Document the deadines for inberim and final reporting 5 Were non-responses to accounts receivable confirmations followed up with a 2nd conflemation request? 6 Did the inventory appear to be obsolete? r Document the preliminary evaluation of materiality 8 Will the audit utlize the clents internal audtor's for direct assistance? If so, to what extent? 9 Does the work performed on deferred credits support the conclusion about the audt area? 10 Document the areas where there is a higher risk of maserial misstatement 11 Was the management representation letter obtained? 12 Document, id any, additional regulatory reporting requirements that the entity must adhare to
