Refer to the Auditing in Practice feature, “Dual-Purpose Tests.” What is a dual-purpose test, and why might an auditor choose to perform dual purpose tests?
Answer to relevant QuestionsExplain how the factors in the first column affect the auditor’s decision about substantive testing.When testing internal controls, does the auditor test the same transactions that management and the internal auditors tested, or does the auditor test different transactions? Explain your rationale.Exhibit identifies the five management assertions contained in the PCAOB standards. Refer to the Appendix to this chapter. Identify the IAASB ISA that provides guidance on management assertions. List the management ...Two Auditing in Practice features in the chapter highlight audit deficiencies related to tests of controls and substantive procedures that were noted in PCAOB inspection reports. See “The Need for Performing and ...Discuss the relative reliability of internal and external documentation. Give two examples of each type of documentation.
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