Question
Hi I am doing a presentation for my auditing class and need to create a broad auditing plan for the company I am presenting (
Hi I am doing a presentation for my auditing class and need to create a broad auditing plan for the company I am presenting ( Telus ). I need to answer the following quesitons , can someone give me the answers?
Questions :
Audit Plan
Based on a detailed examination of the financial statements (including notes) and your knowledge of the company's business and its industry, prepare a broad audit plan. At a minimum, you should consider:
1.What material types of transactions and transaction cycles are involved?
2.What inherent risk factors are there for this industry? This company?
3.What are the high-risk areas from an audit perspective? Why?
4.What are the low-risk areas from an audit perspective? Why?
5.What specific audit procedures would you consider? What would their timing be?
6.What would you base your initial assessment of materiality on? What would your assessment be?
7.How will your audit effort be allocated among geographical areas? Among lines of business?
8.Will your audit require reliance on any experts? Which ones? What level of audit staff will be required for the audit?
9.What type of audit report was issued? Which GAAP and GAAS were used? Why?
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