Last edited by Malakazahn
Saturday, July 25, 2020 | History

2 edition of Auditors" assessments of evidence from inquiry of management found in the catalog.

Auditors" assessments of evidence from inquiry of management

G. Marchant

Auditors" assessments of evidence from inquiry of management

by G. Marchant

  • 40 Want to read
  • 14 Currently reading

Published by INSEAD in Fontainebleau .
Written in English

    Subjects:
  • Auditing.,
  • Auditing, Analytical review.

  • Edition Notes

    Statementby Garry Marchant, Urton Anderson and Lisa Koonce.
    SeriesWorking papers / INSEAD -- no.92/62/AC
    ContributionsAnderson, Urton., Koonce, Lisa.
    The Physical Object
    Pagination30p. ;
    Number of Pages30
    ID Numbers
    Open LibraryOL19701025M

    Auditors will enter a much expanded arena of procedures to detect fraud as they implement SAS no. The new standard aims to have the auditor’s consideration of fraud seamlessly blended into the audit process and continually updated until the audit’s completion. SAS no. 99 describes a process in which. Using the Audit Criteria Evidence Guide The Audit Criteria Evidence Guide has been prepared to assist companies in their preparation for an audit to be conducted by the Office of the Federal Safety Commissioner (OFSC). Audits are arranged in consultation with companies and companies are asked to confirm that their OHSMS is in place on an.

    A letter of inquiry to a client’s legal counsel is the auditor’s primary means of corroborating information furnished by management about litigation, claims, and assessments. Evidence obtained from the client’s legal department may provide the needed corroboration, but it does not substitute for information that external legal counsel may.   IT Audit Techniques: Inquiry, Observation, Inspection, Re-performance Inquiry. Inquiry is the process of gathering information directly from an individual who is familiar with the subject matter or control being tested. Inquiry may be written (i.e. email) or oral (i.e. interview).

    Making appropriate inquiries of management and the chief audit executive to determine whether there are inappropriate scope or resource limitations. A1 – The internal audit activity must be free from interference in determining the scope of internal auditing, performing work, and communicating results.   6. audit techniques 1. Audit Techniques BY Atta-ur-Rahman Arif 2. INTRODUCTION Audit techniques are tools, methods or processes by means of which an auditor collects necessary evidence to support his opinion in respect of the propositions or assertions submitted by the client to him for his examination.


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Auditors" assessments of evidence from inquiry of management by G. Marchant Download PDF EPUB FB2

Audit inquiry is sometimes used by the auditor to obtain the audit evidence and sometimes is used to obtain an understanding of some nature of business or accounting transactions in order to gain enough knowledge to design and perform testing.

However, information from inquiry sometimes hard to be used as audit evidence. An auditor should obtain evidence relevant to all the following factors relevant to third-party litigation against a client except the.

Management provides the auditor with information regarding litigation, claims, and assessments. The appropriate date for the client to specify as the effective date in the audit inquiry to legal counsel is. 08 A letter of audit inquiry to the client's lawyer is the auditor's primary means of obtaining corroboration of the information furnished by management concerning litigation, claims, and assessments.5 Audit evidence obtained from the client's inside general counsel or legal department may provide the audi-tor with the necessary Size: 55KB.

ISA Audit Evidence is one of the International Standards on serves to guide the auditor on obtaining audit evidence through the application of an appropriate mix of tests of control systems and substantive tests of transaction and balances.

It requests the auditor to obtain 'sufficient' and 'appropriate' audit evidence in order to draw reasonable conclusions on which to base. While you work on your client’s audit, you gather sufficient appropriate evidence to come to a determination on whatever it is you’re auditing.

The methods you use to gather audit evidence aren’t one-size-fits-all. Part of your obligation to exercise due professional care is to select the most appropriate method(s) for the type of client and [ ]. The auditor considers following factors in ascertaining what is sufficient and appropriate audit evidence: (a) Assessment of inherent and control risk (b) Materiality (c) Previous experience In the case of inquiry about management intent, the information available to support the management intent may be limited.

auditor should be alert. Audit Evidence AU Section Audit Evidence (Supersedes SAS No. ) Source: SAS No. information obtained by the auditor from such audit procedures as inquiry, ob-servation, and inspection; and other information developed by or available to The Use of Assertions in Obtaining Audit Evidence Management is responsible for the.

A) Auditor will obtain sufficient appropriate audit evidence. B) Management representation letter. C) Access to all books, accounts and vouchers required for audit purpose.

D) Co-operation from other auditors Answer: C. An auditor who accepts an audit but does not posses the industry expertise of the business entity should _____.

To be appropriate, audit evidence must be both relevant and reliable in providing support for the conclusions on which the auditor's opinion is based. Relevance and Reliability. Relevance. The relevance of audit evidence refers to its relationship to the assertion or.

If abuse was detected, did the audit team gather evidence to determine the effect on the program under audit within the context of the audit objectives.

(GAS, ) Based on the risk assessment, did the auditors adequately test compliance with laws, regulations, or other compliance requirements that were identified as having a. The auditors must determine whether the results of their tests affect their assessment.

Provides guidance regarding the auditor's communications about fraud to management, the audit committee, and others. The standard requires that any evidence that fraud may exist must be communicated to management and others. This study uses working paper data from 60 clients of a U.S.

Big 4 auditing firm to directly examine the influence of auditor-assessed management integrity on auditor's assessments of risk of. Sufficiency: The sufficiency of evidence refers to the amount of evidence that is adequate and convincing to support the conclusions drawn by management and auditors.

For example, a control may word “All payment checks over $10, must obtain dual signatures by project managers based on the delegation of authorities.

Cumulative audit evidence includes audit evidence obtained from audit procedures performed during the audit and may include. Inspection; The inspection involves examining records or documents, whether internal or external, in paper form, electronic form, or other media, or a physical examination of an asset.

undertake to provide evidence to support your assessment. Report your conclusion on risk maturity to management and to the audit committee. This stage will provide a first, high level, assurance on the risk management processes, the management of key risks and on the recording and reporting of risks.

These methods include (listed in order of complexity from lowest to highest): inquiry, observation, examination or inspection of evidence, re-performance, and computer assisted audit technique (CAAT). Inquiry: Simply, the auditor asks appropriate management and staff about the controls in place at the service organization to determine some.

While an external quality assessment must be performed within five years of a new department's existence, the conformance statement can be used after at least one year's internal assessments indicate sufficient evidence exists that the audit function is indeed compliant with the Standards.

Request that client management send a letter of audit inquiry to those lawyers with whom management consulted concerning litigation, claims, and assessments.

Request that client lawyers provide a legal opinion concerning the policies and procedures adopted by management to identify, evaluate, and account for litigation, claims, and assessments.

(e) Sufficiency (of audit evidence) – The measure of the quantity of audit evidence. The quantity of the audit evidence needed is affected by the auditor’s assessment of the risks of material misstatement and also by the quality of such audit evidence.

Requirements Sufficient Appropriate Audit Evidence 6. financial audits, attestation engagements, and reviews of financial statements for periods ending on or after Jand for performance audits beginning on or after July 1, Early implementation is not permitted. The revision of Government Auditing Standards supersedes the.

If an auditor performs a procedure that provides audit evidence that is necessary to support the audit opinion, and the auditor's documentation of that evidence does not meet the requirements of AU-C Sectionthe auditor has not complied with GAAS, and no amount of .In some situations, AU-C section allows the auditor to rely on audit evidence obtained in prior periods.

In those situations, the auditor is required to perform audit procedures to establish the continued relevance of the audit evidence obtained in prior periods (for example, by .part of obtaining audit evidence.

b. To plan the audit engagement. Incorrect. Planning the audit engagement is part of obtaining audit evidence. c. To obtain audit evidence. Correct. Analytical procedures often provide the internal auditor with an efficient and effective means of obtaining audit evidence.

The assess.