Quizlet auditing chapter 3

What is the reason behind audit?
The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date, for example: Are details of what is owned and what the organisation owes properly recorded in the balance sheet?.
Who hires the auditor quizlet?
The role of the Audit Committee of the Board of Directors is to simply hire and fire external auditors..
Question: Audits typically consist of three phases: Planning; Fieldwork; Reporting.

Rating 5.0 (2) a.
Being able to fine-tune the audit work for effectiveness and efficiency.
b.
Avoiding the problem of doing more work than necessary (overauditing).
c.
Being ,Rating 5.0 (2) a.
Substantiate the accuracy of data through self-checking digits and hash totals.
b.
Utilize the speed and accuracy of the computer.
c.
Verify the performance ,Rating 5.0 (2) b.
Reviewing accounting records for recurring transactions occurring near year-end.
c.
Inspecting communications with the client's legal counsel regarding ,Rating 5.0 (2) Preparing an audit plan.
c.
Preparing a comparison of current-year expenses with those from the previous year.
d.
Drafting a planning memorandum.,Rating 5.0 (2) When auditing Vandalay Jewelry, Costanza, CPA, was not familiar with the quality and cut of the company's precious jewel inventory.
To address this shortcoming,

What is a technique of auditing?

It may be conditional or unconditional

The auditor can draw conclusion and disclose the facts and figures about the business for general information

Techniques of auditing means the procedure and method which is adopted by the auditor in checking the accounts

Quizlet auditing chapter 3

What is the reason behind audit?

Who hires the auditor quizlet?

What is a technique of auditing?