Question: What procedures are auditors required to perform related to the
What procedures are auditors required to perform related to the financial statement closing process? Why are these procedures required? What can they find? If the auditor assessed the risk of material misstatement to be low, why would these procedures still be required?
Answer to relevant QuestionsHow does the auditor’s control risk assessment affect the preliminary audit program? Why can some authorization procedures be performed by low-level managers? What kinds of authorizations need to come from the board of directors? What does the auditor need to understand about the flow of transactions in the auditee’s information systems? What are the implications for the audit program if tests of key controls indicate they are operating effectively for the whole period being audited? What are the implications if a key control is tested and a high degree of ...What three conclusions about control risk can be reached based on internal control evaluation? What are the implications of each on the audit approach selected?
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