Walter Wolf was pleased. He had been with the firm of Riding, Hood & Co. less than
Question:
Walter thought back to some of the advice his seniors had given him. Two comments in particular stood out as key steps to a successful audit:
• Careful attention to planning the audit pays dividends. Time spent on audit planning is never wasted.
• Avoid being a mechanical auditor. Focus on the assertions embodied in the financial statements and the related audit objectives when planning audit tests.
Required:
a. Develop a list of tasks Walter should perform in planning this audit engagement, before any audit testing begins.
b. CAS 315 lists management assertions embodied in financial statements. List and briefly describe the audit objectives that relate to these assertions. Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Related Book For
Auditing An International Approach
ISBN: 978-0071051415
6th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
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