Question: How is the audit plan affected if the entity has
How is the audit plan affected if the entity has a parent or subsidiary, or other entities that are related parties?
Answer to relevant QuestionsHow can planning for the audit be affected by the work of the client’s internal auditors? By whether the company outsources any of its processes?What user characteristics do the auditing standards assume users have when judging what is material to a company’s financial statements?What are client anti-fraud controls, and why are they important to the auditor?What do the auditing standards mean when they refer to the nature, timing, and extent of audit tests? How does nature, timing, and extent relate to materiality, management’s assertions and controls?How does the commitment to competence of the COSO IC control environment relate to the quality control concept of assignment of staff to certain tasks on an audit engagement?
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