1. Information concerning the legal and organizational structure of the entity.
2. Extracts of copies of important legal documents, agreements and minutes.
3. Information concerning the industry, economic environment and legislative environment within which the entity operates.
4. Evidence of the planning process including audit programmes and any changes thereto.
5. Evidence of auditor‘s understanding of the accounting and internal control system.
6. Evidence of inherent and control risk assessments and any revisions thereof.
7. Evidence of auditor‘s consideration of the work of internal auditing and conclusions reached.
8. Analyses of transactions and balances.
9. Analyses of significant ratios and trends.
10. A record of the nature, timing and extent of audit procedures performed and the results
of such procedures.
11. An indication as to who performed the audit procedures and when they were performed.
12. Letters of representation received from the entity.
13. Conclusions reached by the auditor concerning significant aspects of the audit.
14. Copies of the financial statements and auditor‘s report. Financial statements of previous years are also necessary.
15. Copies of bank mandates and specimen signatures
Wilfykil answered the question on February 22, 2019 at 10:56
- Provide audit trainees with guidelines on how they should prepare audit working papers.(Solved)
Provide audit trainees with guidelines on how they should prepare audit working papers.
Date posted: February 22, 2019. Answers (1)
- Explain the importance of audit working papers.(Solved)
Explain the importance of audit working papers.
Date posted: February 22, 2019. Answers (1)
- Identify and briefly explain the statutory and ethical matters you would consider before accepting appointment as an auditor of a company(Solved)
Identify and briefly explain the statutory and ethical matters you would consider before accepting appointment as an auditor of a company
Date posted: February 22, 2019. Answers (1)
- Identify and briefly explain any four inherent limitations of an internal control system(Solved)
Identify and briefly explain any four inherent limitations of an internal control system
Date posted: February 22, 2019. Answers (1)
- What purpose does an internal control system serve in an organization?(Solved)
What purpose does an internal control system serve in an organization?
Date posted: February 22, 2019. Answers (1)
- Identify and briefly explain the three key elements of a good internal control system.(Solved)
Identify and briefly explain the three key elements of a good internal control system.
Date posted: February 22, 2019. Answers (1)
- In the context of the Companies Act (Cap. 486), state the rights of an auditor(Solved)
In the context of the Companies Act (Cap. 486), state the rights of an auditor
Date posted: February 22, 2019. Answers (1)
- Outline the professional guidelines that would assist the external auditor in avoiding being unduly dependent on a single client(Solved)
Outline the professional guidelines that would assist the external auditor in avoiding being unduly dependent on a single client
Date posted: February 22, 2019. Answers (1)
- Identify any four circumstances under which an interim audit would be ideal.(Solved)
Identify any four circumstances under which an interim audit would be ideal.
Date posted: February 22, 2019. Answers (1)
- Explain how you would use a computer audit programme to verify the year-end debtors balances(Solved)
Explain how you would use a computer audit programme to verify the year-end debtors balances
Date posted: February 22, 2019. Answers (1)
- Explain the meaning of the following terms in relation to audit reports.
(i) Limitation in the scope of the audit.
(ii) Emphasis of matter(Solved)
Explain the meaning of the following terms in relation to audit reports.
(i) Limitation in the scope of the audit.
(ii) Emphasis of matter
Date posted: February 22, 2019. Answers (1)
- Identify and briefly explain four situations under which an auditor would consider qualification of his audit report(Solved)
Identify and briefly explain four situations under which an auditor would consider qualification of his audit report
Date posted: February 22, 2019. Answers (1)
- Identify four common problems that may hinder the proper implementation of an audit plan(Solved)
Identify four common problems that may hinder the proper implementation of an audit plan
Date posted: February 22, 2019. Answers (1)
- You have recently been appointed external auditor of ABC Ltd. What typical planning procedures would you undertake when planning the audit of ABC Ltd.?(Solved)
You have recently been appointed external auditor of ABC Ltd. What typical planning procedures would you undertake when planning the audit of ABC Ltd.?
Date posted: February 22, 2019. Answers (1)
- Briefly explain the ways in which the directors of a company discharge their duties with regard to the prevention and detection of errors and irregularities(Solved)
Briefly explain the ways in which the directors of a company discharge their duties with regard to the prevention and detection of errors and irregularities
Date posted: February 22, 2019. Answers (1)
- What are ?errors and irregularities in the contest of an external audit of a limited company?(Solved)
What are ―errors and irregularities in the contest of an external audit of a limited company?
Date posted: February 22, 2019. Answers (1)
- Outline the audit work you would undertake to obtain reasonable assurance that the following items appearing in the balance sheet of Ujuzi Ltd. are not...(Solved)
Outline the audit work you would undertake to obtain reasonable assurance that the following items appearing in the balance sheet of Ujuzi Ltd. are not materially misstated:
(i) Trade creditors
(ii) Specific provision for bad and doubtful debts.
Date posted: February 22, 2019. Answers (1)
- Explain the reliability of bank statements as audit evidence.(Solved)
Explain the reliability of bank statements as audit evidence.
Date posted: February 22, 2019. Answers (1)
- In the context of audit sampling, distinguish between the following terms:
(i) Sampling risk and non-sampling risk
(ii) Tolerable error and expected error
(iii) Audit risk...(Solved)
In the context of audit sampling, distinguish between the following terms:
(i) Sampling risk and non-sampling risk
(ii) Tolerable error and expected error
(iii) Audit risk and detection risk
Date posted: February 22, 2019. Answers (1)
- Identify and explain four factors that would influence the size of a sample selected by an external auditor to enable him carry out a compliance...(Solved)
Identify and explain four factors that would influence the size of a sample selected by an external auditor to enable him carry out a compliance test.
Date posted: February 22, 2019. Answers (1)