The following are parts of a typical audit for a company with a fiscal year-end of July 31. Click the icon to view the parts of the audit.) Requirements a. Identify the phase of the audit in which each activity occurs. b. Put parts 1 through 9 of the audit in the sequential order in which you will expect them to be performed in a typical audit. c. Identify those parts that will frequently be done before July 31. Requirement a. Identify the phase of the audit in which each activity occurs. Click the icon to view the four phases of the audit.) Phase of Audit 1 Understand internal control and assess control risk. 2. Perform substantive analytical procedures for accounts payable. 3. Confirm accounts payable. 4. Perform tests of controls and substantive tests of transactions for the acquisition and payment and payroll and personnel cycles. 5. Perform other tests of details of balances for accounts payable. 6. Perform tests for review of subsequent events. 7. Accept the client. Issue the audit report. Set acceptable audit risk and decide preliminary judgment about materiality and performance materiality Requirement b. Put parts 1 through 9 of the audit in the sequential order in which you will expect them to be performed in a typical audit. 8 9. Choose from any drop-down list and then continue to the next question 1, 2, and 3 are frequently done before July 31. it rder in which you will expect them to be performed 1,4,7, and 9 are frequently done before July 31. 1,4,7, 8, and 9 are frequently done before July 31, 1,5, 7, 8, and 9 are frequently done before July 31. 3,4,7, and 8 are frequently done before July 31. All of the procedures are frequently done before July 31. None of the procedures are frequently done before July 31. End e July 31 hey Choose from any drop-down list and then continue to the next question. 5. 6. Perform tests of controls and substantive tests of transactions for the acquisition and payment and payroll and personnel cycles. Perform other tests of details of balances for accounts payable. Perform tests for review of subsequent events. Accept the client. Issue the audit report Set acceptable audit risk and decide preliminary judgment about materiality and performance materiality 7. 8. 9. Requirement b. Put parts 1 through 9 of the audit in the sequential order in which you will expect them to be performed in a typica Sequence of a typical audit July 31 Audit Report Date Start End Requirement c. Identify those parts that will frequently be done before July 31. Choose from any drop-down list and then continue to the next question. ase of the audit in which each activih coure our phases of the audit.) Phases of the Audit i rol and assess control risk. lytical procedures for accounts paya le. s and substantive tests of transaction nt and payroll and personnel cycles. details of balances for accounts payal w of subsequent events. 1. Plan and Design an Audit Approach II. Perform Tests of Controls and Substantive Tests of Transactions III. Perform Substantive Analytical Procedures and Tests of Details of Balances IV. Complete the Audit and Issue an Audit Report Print Done risk and decide preliminary judgment about mance materiality. 1 through 9 of the audit in the sequential order in which you will expect them to be performed in a typical audit. The following are parts of a typical audit for a company with a fiscal year-end of July 31. Click the icon to view the parts of the audit.) Requirements a. Identify the phase of the audit in which each activity occurs. b. Put parts 1 through 9 of the audit in the sequential order in which you will expect them to be performed in a typical audit. c. Identify those parts that will frequently be done before July 31. Requirement a. Identify the phase of the audit in which each activity occurs. Click the icon to view the four phases of the audit.) Phase of Audit 1 Understand internal control and assess control risk. 2. Perform substantive analytical procedures for accounts payable. 3. Confirm accounts payable. 4. Perform tests of controls and substantive tests of transactions for the acquisition and payment and payroll and personnel cycles. 5. Perform other tests of details of balances for accounts payable. 6. Perform tests for review of subsequent events. 7. Accept the client. Issue the audit report. Set acceptable audit risk and decide preliminary judgment about materiality and performance materiality Requirement b. Put parts 1 through 9 of the audit in the sequential order in which you will expect them to be performed in a typical audit. 8 9. Choose from any drop-down list and then continue to the next question 1, 2, and 3 are frequently done before July 31. it rder in which you will expect them to be performed 1,4,7, and 9 are frequently done before July 31. 1,4,7, 8, and 9 are frequently done before July 31, 1,5, 7, 8, and 9 are frequently done before July 31. 3,4,7, and 8 are frequently done before July 31. All of the procedures are frequently done before July 31. None of the procedures are frequently done before July 31. End e July 31 hey Choose from any drop-down list and then continue to the next question. 5. 6. Perform tests of controls and substantive tests of transactions for the acquisition and payment and payroll and personnel cycles. Perform other tests of details of balances for accounts payable. Perform tests for review of subsequent events. Accept the client. Issue the audit report Set acceptable audit risk and decide preliminary judgment about materiality and performance materiality 7. 8. 9. Requirement b. Put parts 1 through 9 of the audit in the sequential order in which you will expect them to be performed in a typica Sequence of a typical audit July 31 Audit Report Date Start End Requirement c. Identify those parts that will frequently be done before July 31. Choose from any drop-down list and then continue to the next question. ase of the audit in which each activih coure our phases of the audit.) Phases of the Audit i rol and assess control risk. lytical procedures for accounts paya le. s and substantive tests of transaction nt and payroll and personnel cycles. details of balances for accounts payal w of subsequent events. 1. Plan and Design an Audit Approach II. Perform Tests of Controls and Substantive Tests of Transactions III. Perform Substantive Analytical Procedures and Tests of Details of Balances IV. Complete the Audit and Issue an Audit Report Print Done risk and decide preliminary judgment about mance materiality. 1 through 9 of the audit in the sequential order in which you will expect them to be performed in a typical audit