Questions from General Auditing

Q: Explain the difference between the completeness and existence assertions

Explain the difference between the completeness and existence assertions

Q: Elise Lauzière is the partner in charge of the audit of Hartenstein

Elise Lauzière is the partner in charge of the audit of Hartenstein Ltd., a large listed public company. Elise took over the audit from Marjorie Szliske, who has recently retired from the audit firm....

Q: Explain how gathering physical evidence by inspecting a client’s tangible assets assists

Explain how gathering physical evidence by inspecting a client’s tangible assets assists in the audit of the completeness and existence assertions.

Q: Define what is meant by sufficient and appropriate evidence.

Define what is meant by sufficient and appropriate evidence.

Q: What external parties could an auditor send a confirmation to?

What external parties could an auditor send a confirmation to?

Q: What is the purpose of a management representation letter?

What is the purpose of a management representation letter?

Q: If an auditor does not have sufficient knowledge and skill in an

If an auditor does not have sufficient knowledge and skill in an area, the auditor can ask for the assistance of an expert. This creates a problem: how does an auditor know if the expert’s work is cor...

Q: Under what circumstances does an auditor use the work of a component

Under what circumstances does an auditor use the work of a component auditor? Why doesn’t the group engagement partner do all of the work?

Q: What is the difference between recalculation and re-performance? Explain

What is the difference between recalculation and re-performance? Explain using examples.

Q: Why do auditors use sampling? Explain the advantages and disadvantages of

Why do auditors use sampling? Explain the advantages and disadvantages of using sampling instead of testing every item in a population.