aAnna Lukasik Acc 422-8909 Q 8-31 1. Not required during this stage – 2. Substantive testing 2. Should focus on enhancing the auditor’s understanding of the auditors understanding of the client’s business and the transactions and events that have occurred since the last audit date. – 1 Planning 3. Should focus on identifying areas that may represent specific risks relevant to the audit. – 1. Planning 4. Do not result in detection of misstatements. – 4 Statement is not correct concerning anatical procedures 5.
Designed to obtain evidential matter about particular assertions related to account balances or classed of transactions. – 2 Substantive testing 6. Generally use data aggregated at a lower level than the other stages. – 2 Substantive testing 7. Should include reading the financial statements and notes to consider the adequacy of evidence gathered – 3. Overall review 8. Involve reconciliation of confirmation replies with recorded book amounts – 4 Statement is not correct concerning analytical procedures 9. Use of preliminary or unadjusted working trial balance as a source of data – 1 Planning the audit 10.
Expected to result in reduced level of detection risk – 2 Substantive testing Q-30 a) The minutes of each meeting refer to the minutes of previous meeting. In addition the auditor should obtain the next year’s minutes, probably for February 2010, to make sure the previous minutes referred to were those from September 16, 2009. b) Information relevant to 2009 Audit Audit Action Required February 15 1. Approval for increased distribution During analytical procedures, an Costs of $500 000. ncrease of $500000 should be expected for distribution costs 2. Unresolved tax dispute. Evaluate resolution of dispute and adequacy of disclosure in FS 3. Computer equipment donated. Determine that old equipment was correctly treated in 2008 in the statements and that appropriate deduction was taken 4. Annual cash dividend. Calculate total dividends to determine that dividend was correctly recorded. 5. Officers’ bonuses. Determine were paid in 2009. Consider the tax implications of unpaid bonuses to officers.
September 16 1. 2009 Officers’ elected. Inform staff of possibility of related party transaction. 2. Officers’ salary information. Note information in audit files for 2010 audit. 3. Pension and profit sharing plan. Determine if the pension/profit sharing plan was approved. If so make sure all assets and liabilities have been correctly recorded. 4. Loan. Examine supporting documentation of loan and confirm loan information with bank. 5. Aquistation of new computers syst Determine of disposal of the 1 year old equipment and check the recording of the operations. 6. Auditor Selection
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