The audit plan, the audit program, and the time budget are three important working papers prepared early in an audit. What functions do these working papers serve in the auditors’ compliance with generally accepted auditing standards? Discuss.
Answer to relevant QuestionsAuditing standards require the auditors to have a team meeting regarding the risk of fraud for the engagement. What is the purpose of this meeting? Assume that you have been assigned to the audit of Lockyer Manufacturing Company. You have completed the procedures for gathering information about the company and its environment, including internal control.a. Describe the ...In designing further audit procedures, the auditors should assess the risks of material misstatement of the financial statements.a. Describe the auditors’ general approach to such risk assessment.b. Identify potential ...You have been hired to perform the audit of Hanmei, Inc.’s financial statements. When planning such an audit, you often may need to access the profession’s auditing standards to perform research. For each of the ...An audit program is desirable when new staff members are assigned to an engagement, but an experienced auditor should be able to conduct an audit without reference to an audit program.” Do you agree? Discuss.
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