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business
auditing

Questions and Answers of Auditing

What is the purpose of the SEC’s Interpretive Release on management’s assessment and reporting on ICFR? Does it impose requirements for management reporting?
How many opinions does the independent auditor issue as a result of the annual engagement?
In what way does the auditor’s report on ICFR relate to management’s ICFR assessment?
To what time period does management’s report on the effectiveness of ICFR relate?
Would the auditor be likely to test and attempt to rely on ICFR for the financial statement audit if ICFR changed during the year? Why?
Even if ICFR is expected to have been effective for the entire fiscal year, why might the auditor choose to NOT test effectiveness during the year?
What are the important steps of obtaining an understanding of the client’s ICFR?
What is a walkthrough?
What is audit documentation?
When completed, the set of audit work papers documents what information?
What does AS 3 state in terms of sufficiency required of audit documentation and evidence it must provide?
Describe how extensive audit documentation must be. What purposes must it be able to serve?
How are conflicting conclusions that are arrived at during the course of the audit handled in the audit documentation?
How can management’s documentation of its system and ICFR be useful to the auditor?
If management does not prepare specific documentation when it assesses the effectiveness of ICFR, what does it use for evidence?
What do entity-level controls impact?
What is the impact of ineffective oversight by the audit committee?
What is “tone at the top,” and how does it relate to fraud?
What does SOX require regarding whistleblower reports?
When are period-end reporting processes conducted? How does this relate to the date of management’s report?
Describe why a company’s IT processing is important to the design effectiveness of ICFR?
What is a significant account?
What is a relevant assertion?
Why should the auditor care about different classes of transactions for an account?
How do controls link to likely sources of misstatement?
How is IT important to likely sources of misstatement?
How does the auditor gather evidence on the effectiveness of ITGC?
What are some of the IT areas for which policies are needed?
What duties of the IT function should be performed by different people, or located in separate departments? Why?
What areas of computer operations should company policies specifically address?
What are different sources of service interruptions, and what types of contingency plans are appropriate for each?
What are some of the threats software and interface controls are intended to protect against? Which controls protect against different threats?
What is a control objective?
What procedures can be accomplished using automated audit software and CAATS?
How can the use of CAATS prevent an auditor from having to rely on sampling?
What affects the risks associated with a control?
What types of characteristics of transactions can be easily checked with CAATS?
What impact does the client’s retention policy for electronic and paper documentation have on the auditor’s plan for testing ICFR?
What is the roll-forward period? What audit procedures occur related to the roll-forward period?
How does the complexity of a control and judgments required to apply it affect the extent of testing?
Why does the period-end reporting process require extensive controls testing?
What kinds of illegal acts does the auditor address during testing?
What is sampling?
What is sampling risk? Discuss.
What is the next step when an auditor concludes based on a sample that a control is not operating as designed?
What does it mean to stratify a population, and why would the auditor do this?
What is the advantage of using statistical methods in sampling and evaluating the results of audit tests?
When using statistical methods, why does the auditor set or estimate the tolerable deviation rate and expected population deviation rate?
Do the components of risk have to be set quantitatively?
Give examples of accounts and classes of transactions that have greater inherent risk for specific assertions. Why is their inherent risk greater?
After the auditor determines detection risk, what is it used for?
What does it mean that the auditor must consider not only whether a material misstatement has already occurred from a control deficiency, but also whether a material misstatement could have occurred?
What makes a location or business unit important enough for the auditor to consider it in planning the ICFR audit tests?
What are the primary control concerns regarding equity transactions?
What information can an auditor obtain about equity accounts and transactions from substantive analytical procedures?
In what situation might an auditor need to test only entity-level controls to conclude on operating effectiveness?
What causes an auditor to need to consider outsourced services in an ICFR audit?
How can an auditor obtain evidence about the operating effectiveness of controls at an outside service provider?
Why might an auditor decide not to test certain application controls at specific business units or locations?
What types of input validation controls might an auditor test using test data? Explain what the input validation controls do.
What type of software is often used to perform parallel simulation, and why is this good?
For what non-testing purposes can audit software be used?
What is the advantage of extracting a client’s complete general ledger and transactions files using audit software?
How does the auditor confirm the data integrity of the new audit work file that is created based on data extracted from the client’s records?
What types of transactions will the auditor look for when scanning the client’s files for unusual items?
What steps of audit procedures associated with the confirmation process can be completed using audit software?
What audit steps can be assisted using expert systems audit software?
What are examples of analytical procedures that can be performed using audit software?
What are tests of details of balances?
What types of human errors can occur in an audit, and how does the auditor reduce the likelihood that these human errors will go undetected?
What is sampling error?
What does the auditor do when misstatements are identified that are not material? Why would these nonmaterial misstatements be reevaluated?
What does an auditor have to know about management’s estimation process? About the underlying assumptions management uses to make estimates?
What management assertions are primarily affected by an improper cutoff?
What types of transactions are included in the sales and collections cycle?
What is a third-party payer? What are the most common entities that fall into the category of third-party payer?
What is a co-payment?
Why is it important for a health-care provider to verify the insurance of patients?
What does it mean when a health-care provider has a fee-for-service contract with a third-party payer?
What transaction is captured by the Unbilled Services account?
What is a trade credit account?
What must occur before revenue can be recognized?
Why is proper revenue recognition more difficult when an entity has long-term contracts?
Who approves credit when a bank-issued credit card is used?
At what point in a sales transaction should credit be approved by the seller? Why?
What is the benefit of monitoring an unfilled order report?
How is an aged accounts receivable trial balance prepared, and what is it used for?
How does the customer fill a control function when a receipt is issued for cash sales?
Why is it not completely accurate to describe the steps of an audit in a chronological fashion?
Why does it make sense to address controls and substantive audit procedures together for an integrated audit?
How does the auditor obtain an understanding of ICFR?
What is the effect of poor design of ICFR on the auditor’s test of ICFR operating effectiveness?
Who uses tests of controls?
What are the purposes of dual purpose tests?
Why is the evidence auditors can collect on controls that have no documents limited in what it tells the auditor?
How does the timing of different types of tests impact audit efficiency?
What are the purposes of tests of controls for the ICFR and financial statement components of an integrated audit?
Why would an auditor perform more substantive testing for one part of the fiscal year and less substantive testing for another part of the year?
What are the three types of audit procedures that fall within the category of substantive tests?
When a sample is to be used for both the ICFR and financial statement components of an integrated audit, what must the auditor consider in determining the sample size?

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