Questions from General Auditing

Q: Explain lapping. Describe appropriate audit procedures to perform where it is

Explain lapping. Describe appropriate audit procedures to perform where it is suspected.

Q: When inspecting securities on hand, what things should the auditor observe

When inspecting securities on hand, what things should the auditor observe?

Q: Explain the financial reporting principle underlying the audit verification of the existence

Explain the financial reporting principle underlying the audit verification of the existence and completeness assertions with respect to entities consolidated into group financial statements.

Q: List and describe the elements in the/the process/engagement

List and describe the elements in the/the process/engagement wrap-up process. Why is important?

Q: What matters does an auditor communicate at the end of an audit

What matters does an auditor communicate at the end of an audit to those charged with governance? Why are these matters important?

Q: What is the accounting assumption of “going concern”? Why is

What is the accounting assumption of “going concern”? Why is it of interest to auditors?

Q: What procedures must the auditor perform to search for contingent liabilities?

What procedures must the auditor perform to search for contingent liabilities?

Q: Explain the difference between the two types of subsequent events. Discuss

Explain the difference between the two types of subsequent events. Discuss the auditor’s responsibility for detecting subsequent events (a) prior to the completion of field work, (b) prior to signing th...

Q: What options does an auditor have when material errors are found?

What options does an auditor have when material errors are found? Do these options vary for current-year misstatements and prior-year misstatements?

Q: Why do audit reports contain paragraphs outlining (a) management’s

Why do audit reports contain paragraphs outlining (a) management’s responsibility for the financial statements and (b) the auditor’s responsibility for the financial statements? What is contained in the...