Place the following audit steps in the order that the activity occurs, with each step, include a description of why the step is important in the overall audit plan and what it accomplishes.
Understand internal control and assess control risk.
Perform analytical procedures for accounts payable.
Confirm accounts payable.
Perform tests of controls and substantive tests of transactions for the acquisition and payment and payroll/personnel cycles.
Perform other tests of details of balances for accounts payable.
Perform tests for subsequent events.
Accept the client.
Issue the audit report.
Set acceptable risk and decide preliminary judgment about materiality and performance materiality.

Answer rating: 100% (QA)

STEPS IN AUDIT Step 1 outline Audit Objectives Prior to the audit AMAS conducts a preliminary coming up with and data gathering part The appointed auditor defines the audit objectives and certain scop... View the full answer