Auditing chapter 5 quizlet

What are the 5 steps of an audit?
Internal audit conducts assurance audits through a five-phase process which includes selection, planning, conducting fieldwork, reporting results, and following up on corrective action plans..
What is auditing standard 5?
This standard establishes requirements and provides direction that applies when an auditor is engaged to perform an audit of management's assessment ¹^/ of the effectiveness of internal control over financial reporting ("the audit of internal control over financial reporting") that is integrated with an audit of the .
What is the 60 days to complete audit file?
Accordingly, 60 days from the date of the auditor's report (or even 45 days from the report release date) should be sufficient for the auditor to document audit evidence that has already been obtained, obtain original documents (e.g., original confirmations received by fax), perform routine file assembling procedures, .
Thus far we have considered six auditing techniques: checking, vouching, and analysis, which are used in the examination of internal evidence in the books and records; and counting, observation, and confirmation, which are used to obtain evidence outside the books and records.

Rating 5.0 (5) a.
Identify significant accounts, locations, and assertions.
b.
Conduct a walkthrough of the internal control process.
c.
Make inquiries of employees regarding ,Rating 5.0 (5) a.
Obtaining evidence about the financial statement assertions.
b.
Accomplishing control over the occurrence of recorded transactions.
c.
Applying analytical ,Rating 5.0 (5) a.
The cost of substantive procedures will exceed the cost of control evaluation work.
b.
Auditors will be able to reduce the cost of substantive procedures by ,basically for public companies the date is 7 years and for nonpublic it is 5 years.
audit plans, internal control questionnaires and flowcharts, engagement

What are the responsibilities of Auditors in auditing a public company?

The auditor's testing of controls for the audit of internal control on a public company

Misstatements detected during the financial statement audit

Any control deficiencies identified during the audit

,d,All of the above

What does an audit team do?

The audit team identifies significant accounts, locations, and assertions in the planning stage of an audit of internal controls

It is probable that an immaterial financial statement misstatement would not be detected on a timely basis

When should a balance sheet audit be considered?

Presumes that the auditor will perform the tests as of the balance sheet date

Should be especially considered when there are rapidly changing economic conditions

Potentially increases the risk that errors which exist at the balance sheet date will not be detected

Australian children's musical group

Hi-5 were an Australian children's musical group formed in 1998 in association with the children's television series of the same name.Helena Harris and Posie Graeme-Evans created the television series for the Nine Network

Which premiered in 1999.The group were made up of five performers who entertained and educated preschool children through music

Movement and play.Kellie Crawford

Kathleen de Leon Jones
Nathan Foley

Tim Harding and Charli Robinson were the founding members.By the end of 2008

All of the original line-up had left

And the group's membership changed several more times after that.They collectively starred in several television series

Released albums

And performed on worldwide tours.The television series features puppet characters Chatterbox and Jup Jup

Who were included in the group's live stage shows.

Auditing chapter 5 quizlet

What are the 5 steps of an audit?

What is auditing standard 5?

What is the 60 days to complete audit file?

What are the responsibilities of Auditors in auditing a public company?

What does an audit team do?

When should a balance sheet audit be considered?