a. What information about a client is essential in audit planning? b. What procedures may be used
Question:
a. What information about a client is essential in audit planning?
b. What procedures may be used by the auditor to acquire the information?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
a Several key pieces of information about a client are essential in audit planning These include 1 Understanding the clients industry and business The auditor needs to gather information about the cli...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Hi there , I need help. for my work i need a relevant and well written introduction as well as conclusion to the following below. My work is complete i just need a introduction and conclusion please...
-
Job descriptions: In determining who will be responsible for what duties, you are to compile a Job description for the Assistant Front Office Manager, The Front Desk Agent, The Reservations Agent and...
-
Consider two farmers, A and B, produce farm products and sell in the same market. Assume that the supply of the two farmers products are the same but the demand for Farmer Bs product is relatively...
-
Show that for any u and v in a normed vector space ||u + v|| > | ||u|| - ||v|| |
-
Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford invested $40,000 cash in the company, as its sole...
-
Apex Accounting, Inc., has cash of \($2,000\), supplies costing \($800\), and stockholders equity of \($1,300\). Determine the liabilities of the business. Write the accounting equation for Apex...
-
Full Disclosure Principle Presented below are a number of facts related to Weller, Inc. Assume that no mention of these facts was made in the financial statements and the related notes. Instructions...
-
Hirams Lakeside is a restaurant that uses the job order costing system and applies overhead based on Direct Materials. The companys manufacturing costs for the year were DM $5,895,000. Direct Labor...
-
a. What specific information should an auditor seek to obtain from taking a tour of the client's operations? b. What is the purpose of having the auditor communicate with the audit committee in the...
-
a. State the first standard of field work. b. Identify the components of audit planning.
-
Gray Corporation (a calendar year corporation) reports the following information. Compute Gray's ACE adjustment for each year. 2012 2013 2014 Unadjusted...
-
Marlon Harris had come far since he started working at a subsidiary of Emper Corp., a manufacturer of automobile parts. He began as a line manager after graduating from college four years ago. His...
-
A pressure wave traveling through air is described by the following function p(x, t) in terms of position x and time t. p(x,t) = (1.0 atm) sin[(7.0 rad/m) x - (4.0 rad/s) t] 4 5 What is the pressure...
-
Use the following information (in random order) from a merchandising company and from a service company. McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory...
-
There are three primary organizational structures relevant to projects and project management: 1. Functional structure 2. Projectized structure 3. Matrix structure Out of the three which...
-
On January 1, 2017, a company began constructing a new asset. It borrowed $1,000,000 to finance the construction with an annual interest rate of 5%. Assume the following payments for construction...
-
A coil of 15 turns and radius 10.0 cm surrounds a long solenoid of radius 2.00 cm and 1.00 x 103 turns/meter (Fig P31.10) the current in the solenoid changes as I = (5.00 A) sin (120t). Find the...
-
Explain the buyers position in a typical negotiation for a business. Explain the sellers position. What tips would you offer a buyer about to begin negotiating the purchase of a business?
-
An RGB image with size 25 x 30 is flattened into a vector. What is the length of the vector? Assume you have a grayscale image I and a kernel K below: I = (0.0 0.0 0.5 0.7 1.0 0.0 0.0 0.6 0.6 0.3 0.2...
-
Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Company on January 1 for a cash cost of $1,600. When purchased, the patent...
-
1. Explain the pre-conditions under which collective bargaining can be practiced in Jamaica. Cite laws, regulations and conventions to support your answer. [10 marks] 2. The contract of employment is...
Study smarter with the SolutionInn App