question1 : You are in the planning phase of the fiscal year 2021 audit for your client, ABC company. What is an example of an ADA you could perform as part of planning and risk assessment? (List the procedure & explain why I would be effective for your purpose – I’m looking for ~ 3 or more sentences here. As this is a quite broad question, there is no one “right answer” – this will be graded on effort).

question 2: You are auditing the purchasing process and wish to perform an ADA in order to conduct a test of details over the process. What is an example of an ADA you could perform? (List the procedure and specify which assertion(s) the procedure would relate to and why the procedure would effectively address the assertion(s)– I’m looking for ~ 3 or more sentences here. As this is a quite broad question, there is no one “right answer” – this will be graded on effort).

question 3: You are auditing investment income for a manufacturing firm. You wish to perform a substantive analytical procedure over investment income to determine its reasonableness. What is an example of an ADA you could perform? (List the procedure and specify which assertion(s) the procedure would relate to and why the procedure would effectively address the assertion(s)– I’m looking for ~ 3 or more sentences here. As this is a quite broad question, there is no one “right answer” – this will be graded on effort).

Answer rating: 100% (QA)

Question 1 As part of planning and risk assessment for the fiscal year 2021 audit of ABC Company one example of an ADA Analytical Data Analysis that c... View the full answer