Questions from Auditing and Assurance

Q: What is the purpose of a planning memorandum?

What is the purpose of a planning memorandum?

Q: List some items normally documented in a planning memorandum.

List some items normally documented in a planning memorandum.

Q: What must external auditors do to use the work of internal auditors

What must external auditors do to use the work of internal auditors in the audit of an entity’s financial statements?

Q: Generally accepted auditing standards require auditors to be independent. Included within

Generally accepted auditing standards require auditors to be independent. Included within this standard are the concepts of independence in fact and independence in appearance. Required: a. Define in...

Q: What must external auditors do to use the work of audit specialists

What must external auditors do to use the work of audit specialists in the audit of an entity’s financial statements?

Q: What is meant by the information and communications component of an effective

What is meant by the information and communications component of an effective internal control system? How can an auditor evaluate whether a client’s internal control system is functioning properly fo...

Q: What are the three goals of an internal control system according to

What are the three goals of an internal control system according to the COSO report? Which of the three is most important to auditors?

Q: For a typical audit engagement, describe the people and skills that

For a typical audit engagement, describe the people and skills that are normally assigned to a full service audit team.

Q: As part of your regular year-end audit of a public

As part of your regular year-end audit of a public client, you must estimate the probability of success of its proposed new product line. The client has experienced financial difficulty during the las...

Q: Kelly Griffin, an audit manager, had begun preliminary analytical procedures

Kelly Griffin, an audit manager, had begun preliminary analytical procedures of selected statistics related to the Majestic Hotel. Her objective was to obtain an understanding of the hotelâ€...