Audit quiz chapter 1

  • How many times must the audit committee meet?

    Provided that occasionally the audit committee may meet without the presence of any executives of the listed entity. a) The audit committee shall meet at least four times in a year and not more than one hundred and twenty days shall elapse between two meetings..

  • How much is an audit?

    Audit costs: $5-60k
    The bigger your company, the more you're likely to pay.
    Of course, the CPA firm you hire will influence the price as well.
    For example, SOC 2 auditors with more experience will likely charge more, but their SOC 2 reports may carry more weight..

  • What is audit 1?

    Definition: Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions.
    It is done to ascertain the accuracy of financial statements provided by the organisation..

  • What is the schedule of the audit?

    An Audit Schedule is used to record which areas of the organisation should be audited and when, a pro-forma like that shown in Annex C. 1 could be used for this purpose.
    The areas to be audited should be recorded in the first column, and the audit frequency should be entered in the second column..

  • In general, an audit report is issued to those in a position to see that corrective actions are taken and those with a need to know.
  • The first stage is the planning stage.
    In this stage, a corporation engages with the auditing firm to establish details, such as the level of engagement, procedures, and objectives.
    The second stage is the internal controls stage.
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How should an auditor conduct an audit?

,b

The auditor should conduct an audit in accordance with PSAs

,c

The auditor should plan and perform an audit with an attitude of professional skepticism misstated

,d

The auditor would ordinarily expect to find evidence to support management representations 24

It refers to the audit procedures deemed necessary in the circumstances to achieve the

What are the three steps of an audit?

An audit is usually conducted in three steps: (1) A pre-examination or opening meeting with the auditee marks the beginning of the process

(2) involves a suitability audit of the documented procedures against the selected reference standard

(3) the auditor examines in depth the implementation of the quality system 6

What is audit planning?

In this phase, the auditor establishes an overall audit strategy that sets the scope, timing, and direction of the audit and guides the development of the audit plan

Audit planning This process involves obtaining an understanding of the entity’s internal control system and assessing the level of control risk

Consideration of internal control


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