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Explain the importance of audit planning.
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Describe eight benefits of audit documentation.
Date posted: May 14, 2019 . Answers (1)
In the context of International Standards on Auditing (ISA) 300 (Planning and Audit of FinancialStatements);a) Explain when audit planning takes placeb) List four items that should be included in audit planning memorandumc) i) Suggest four practical problems that could be encountered in implementing auditplan.ii) Explain four ways in which you would mitigate the effects of the problemsidentified in (c) (i) above
a) Identify five additional matters that an external auditor should take into considerationwhen preparing an audit plan for a new client.b) An auditor shall establish an overall audit strategy that guides the development of theaudit plan. With reference to the above statement, discuss five matters that the auditorshould consider when establishing the overall audit strategy.
Explain why an auditor should prepare a letter of engagement
Differentiate the role of an accountant from that of an auditor.
i) Outline two purposes of conducting interim audits.ii) Evaluate the drawbacks of conducting an interim audit in a business.
(a) Highlight -five weaknesses of an audit conducted at the end of the financial period.(b) Explain three fundamental differences between the work of internal auditors and externalauditors.
(a) It is essential that all members of an audit team fully understand the client's industry,business and organisation.With reference to the above statement, list the different ways that the knowledge impliedabove could be obtained.(b) Explain the meaning of the following terms with reference to auditing:(i) Due diligence.(ii) Forensic auditing.
Discuss the case for and against outsourcing the internal and it function of an entity.
(a) Section 162 of the Companies Act and related 7th Schedule to the Act deal with the auditor'sduties and rights.Required;List four duties of the auditor of a limited liability company that can be inferred FromSection 162 and 7th Schedule of the Companies Act.(b) Differentiate between a continuous audit and an interim audit.
a) State the reasons why an auditor might not be appointed.b) Identify the matters that a new auditor would discuss with the management of a client ontheir first meeting.
Identify any four areas in which the external auditor must seek co-operation from an internalauditor in an audit assignment.