Audit planning begins with determining the requirements for the engagement. Of particular interest to the auditor is
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Question:
Audit planning begins with determining the requirements for the engagement. Of particular interest to the auditor is the reliability of the client's internal controls. Substantive testing is much more expensive than compliance tests.
1) Describe in your own words the major steps in the audit process.
2) Describe in your own words the nature of the risk assessment procedures that auditors use to understand the internal and external environmental factors that affect your client.
3) Discuss how the auditors design further audit procedures in response to the assessed risks.
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: