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Your answer is incorrect. StraightRoad external auditors are currently working on the audit of DryWall LLC , a national provider of building equipment and supplies
Your answer is incorrect.
StraightRoad external auditors are currently working on the audit of DryWall LLC a national provider of building
equipment and supplies to wholesalers and distributors through the eastern United States. Drywall LLC is a large
company with decentralized operations and locations in order to serve its clients who are typically regional building
firms throughout the country. The individual responsible for Drywall's internal audit function has recently apprised
StraightRoad auditors that a number of recent compliance and operational audits have uncovered problems with
accuracy and record keeping. Based on these factors, StraightRoad is most likely to adopt
procedures to test the client's system of internal control to ensure its operating effectiveness and provide
recommendations where necessary, along with vouching procedures where the auditor will select sample
documents and work forward to corroborate the transactions generated by these documents
a reliance strategy on the internal audit function, basing the audit findings in this area on the work of the
internal auditors, whom they will also request audit the client's system of internal control
risk assessment procedures in order to fully understand the client and the industry in which the client
operates due to its decentralized nature, along with substantive procedures to test the system of internal
control the client has in place
procedures whereby inspection of lease agreements, deeds, and titles are performed in order to gather
evidence for assets the external auditor is unable to view physically, and procedures to test the client's
system of internal control to assess its effectiveness and where applicable, provide recommendations to
correct
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