According to ISA300 the purpose of planning is to enable the audit to be performed in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
According to ISA300 the purpose of planning is to enable the audit to be performed in an effective manner. The audit work planned should be reviewed and, if necessary, revised during the course of audit. Required: a) Explain the FOUR (4) purposes of planning under ISA300. marks) b) Discuss the FOUR (4) planning processes. marks) c) Discuss any TWO (2) purposes of permanent audit file and current audit file. (8 (12 (5 marks) According to ISA300 the purpose of planning is to enable the audit to be performed in an effective manner. The audit work planned should be reviewed and, if necessary, revised during the course of audit. Required: a) Explain the FOUR (4) purposes of planning under ISA300. marks) b) Discuss the FOUR (4) planning processes. marks) c) Discuss any TWO (2) purposes of permanent audit file and current audit file. (8 (12 (5 marks)
Expert Answer:
Answer rating: 100% (QA)
a The Four Purposes of Planning under ISA 300 1 Enhancing Audit Effectiveness The primary purpose of planning is to enable the audit to be performed in an effective manner This involves determining th... View the full answer
Related Book For
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
Posted Date:
Students also viewed these accounting questions
-
Orthogonally diagonalize the matrices in giving an orthogonal matrix P and a diagonal matrix D. To save you time, the eigenvalues in are the following: (17) 5, 5, 8; (18) 1, 2, 5; (19) 8, 1; (20) 3,...
-
Research various global financial services organizations (for example, UBS AG, E-Trade, Schwab, ING, Bank of America, HSBC, RBS) through their company websites and other publicly available...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year...
-
A gas is ionized in the immediate vicinity of the surface of plane electrode 1 (Fig. 3.58) separated from electrode 2 by a distance l. An alternating voltage varying with time t as V = Vo sin wt is...
-
Here are the estimated ROE distributions for Firms A, B, and C: a. Calculate the expected value and standard deviation for Firm Cs ROE. ROEA = 10.0%, =A = 5.5%; ROEB = 12.0%, = B = 7.7%. b. Discuss...
-
The following data were obtained from the year-end financial statements of The Arcadia Company: Required Compute the following ratios for The Arcadia Company: (1) Return on Sales, (2) Return on...
-
Brads BBQ reported sales of $ 735,000 and net income of $ 28,000 in its 2015 income statement. Brads also reported total assets of $ 496,000 in its 2015 balance sheet and $ 389,000 in its 2014...
-
What is the primary focus of microeconomics? A ) The behavior of individual markets and agents B ) The total economic performance of a country C ) International trade relations D ) The behavior of...
-
The comparative financial statements of Vision International, Inc., are as follows. The market price of Vision International, Inc., common stock was $20 on December 31, 2007. Instructions Determine...
-
Refer to the financial statements of The Home Depot in Appendix A at the end of this book. (Note: Fiscal 2019 for The Home Depot runs from February 4, 2019, to February 2, 2020. As with many retail...
-
A sole trader can take drawings from a business. How would someone who is a director and shareholder of a business be rewarded?
-
A sole trader's statement of financial position shows the amount of capital that the owner has invested in the business. What is the equivalent figure or figures for a company?
-
What are the implications for a company if some of its shareholders sell their shares at a profit? Will the share premium account be affected?
-
Does the statement of financial position include every significant asset from which the business benefits?
-
Will all businesses use the same depreciation methods and rates for similar assets?
-
The following formulas and constants may be useful: e(Ei-Ep)/kT; n=ne(F)/kT; p=ne(Ei-Fp T; po=nie Sn = Sp = gop*t; no* po = n p)/kT kT=26meV at 300K; ni -1.5x100 cm 1. How would you increase the hole...
-
9.Consider the reaction 3NO2(g)+H2O=2HNO3(aq)+NO(g) where Delta H=-137 kJ.How many kilojoules are released when 92.3g of NO2 reacts?
-
Refer to Exhibit and describe the relevant roles and the interaction between the parties involved in attestationengagements. Measurer/Evaluator le.g., an accountant at the organization Responsible...
-
Locate and read the article listed below and answer the following questions. Johnstone, K., M. Sutton, and T. Warfield. 2008. Antecedents and consequences of independence risk: Framework for...
-
The Auditing in Practice feature "Fraud in the Acquisition and Payment Cycle at WorldCom and Phar-Mor" introduced you to the basic facts underlying the WorldCom fraud. Use appropriate sources to...
-
Jason Edson and Peggy Karam agreed to liquidate their partnership on April 30 of the current year. On that date, after financial statements were prepared and closing entries were posted, the general...
-
Scott Badger and Maxine Giesen are partners in a business. On December 31 of the current year, the partners equities are Scott, \($60,000.00\) and Maxine, \($90,000.00.\) The net income for the year...
-
Jeffrey Lowe and Mona Ray are partners in a business. Statement paper, page 12 of a general journal, and a portion of the partnership's completed work sheet for the year ended December 31 of the...
Study smarter with the SolutionInn App