Compare the ten generally accepted auditing standards currently used by the PCAOB with the AICPA’s “Principles Governing an Audit in Accordance with Generally Accepted Auditing Standards.”
Answer to relevant QuestionsWhat are the client responsibilities that are relevant to the auditor? How do those responsibilities affect the audit opinion formulation process?Exhibit lists types of audit procedures. Describe how you would you use those procedures to test the inventory account. For each procedure, indicate the purpose of the procedure—is it a risk assessment procedure, a test of ...Refer to the Auditing in Practice feature, "Risk Assessment Procedures and Tests of Operating Effectiveness of Controls." Can risk assessment procedures be used as tests of controls? Explain.Assume that you are planning to test a client's reconciliation. You could test by either inspecting documentation of the reconciliation or by reperforming the reconciliation. What factors would cause you to choose ...The auditor is evaluating the internal control of a new client. Management has prepared its assessment of internal control and has concluded that it has some deficiencies, but no significant deficiencies and no material ...
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