Briefly answer auditing questions

Please answer the questions in the attached file. The answers must be correct and short.

Unformatted Attachment Preview

Don't use plagiarized sources. Get Your Custom Essay on
Briefly answer auditing questions
Just from $13/Page
Order Essay

Give 2 examples of substantives tests for each of the following: Inventory, A/R, A/P and cash.
What is an aged trial balance? How can it be used by an auditor?
What is net realizable value of A/R? How is the balance determined?
What are analytical procedures? When are they required to be used in an audit? What other times
can they be used during an audit? Give examples of analytical procedures.
What is audit evidence? Why is evidence obtained by auditors? How much evidence must the
auditor obtain?
Distinguish between internal and external audit evidence. Which one is more reliable? Why?
What is a material misstatement? What must be done if a material misstatement is discovered
during the audit?
What is the audit risk model? What are its components? How is it used by auditors?
Define the following: inherent risk, business risk, audit risk, control risk, planned detection risk,
and materiality.
What is sampling? When and why is it required in an audit?
What are the advantages and disadvantages of sampling?
What is the difference between statistical and non-statistical sampling?
List and describe 3 sampling techniques.
Describe Type 1 and Type 2 errors in sampling.
What is statistical risk? Confidence level? Tolerable and expected error?
Describe the process of applying attribute sampling to test of controls.
What is stratified sampling?
What type of audit procedures are performed by an auditor? Why are they performed?
Why are auditors required to retain audit documentation?
What are audit working papers? Who owns these documents?
Working papers must be kept confidential. Can they ever be released to other parties? How?
How long is the auditor required by the PCAOB to retain the audit working papers of public
companies? Of private companies?
What is meant by a tick mark? What is its purpose?
What is attestation? What is the most common type of attestation service that is provided by
Other than audits, what types of attestation services can be performed by an auditor?
What is the difference between an audit, a review and a compilation? What type of assurance
does the auditor provide for each?
What is the difference between an audit, a review and a compilation?
What is SSARS? What services are these standards applicable to?
What is negative assurance? Which report(s) may use negative assurance?
What are pro forma financial statements? What framework is required to be used in their
What is comfort letter? What is its purpose?
What are the 4 IIA Standards? Who do internal auditors report to? How do they interact with
external auditors?
What are subsequent events? Give 4 examples. What work is required to be performed by the
auditor on these events? Differentiate between Type 1 and Type 2 subsequent events? What work
is required for each type?
What two criteria must be met for the financial statements to be adjusted for a subsequent event?
List and describe 6 procedures that the auditor can use to search for loss contingencies and
unasserted claims?
What is a representation letter? Who signs it? Why is this report important? What is the date of
this letter?
What are gain contingencies? How can these claims be addressed in the financial statements?
38. What is the auditor’s responsibility after the end of field work but before the financial statements
have been issued?
39. What is dual dating of an audit report? Why would an auditor dual date the report?
40. What is the auditor’s responsibility if a material misstatement is discovered after the financial
statements have been issued?
41. What types of opinions are issued by the auditor for financial statements? For internal controls?
42. What are the components contained in the new standard unqualified audit report of a public
43. What are CAMs? Why are they important? When will CAMs required to be shown in the
Auditor’s report?
44. What reports are filed with the SEC by public companies? Under what circumstances are they

Purchase answer to see full

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.


Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.


Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.


Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.


Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

Order your essay today and save 15% with the discount code DISCOUNT15