What is important about analytical procedures and audit planning?
Answer to relevant QuestionsWhat user characteristics do the auditing standards assume users have when judging what is material to a company’s financial statements?Why is assessing the risk of fraud important for the planning stage? What do the audit standards require regarding fraud risk during planning?If an audit team needs an IT specialist to be involved in the audit, when might the IT specialist become involved? What tasks might the IT specialist perform at various stages of the audit?Access and read AICPA AU 322, “The Auditor’s Consideration of the Internal Audit Function in an Audit of Financial Statements.” Do you believe that the auditor will be able to determine whether and how to utilize the ...Natasha is a staff level auditor assigned to evaluate the ICFR for the XYZ corporation audit. Natasha follows her firm’s audit program to assess ICFR. Step 1.3 of the audit program says “the auditor should evaluate the ...
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