Tute 06.docx - Tute 06 My Answers Question 1 Precautions for an audit Why is it important for an auditor to meet these requirements(ASA 210(6 1

Tute 06.docx - Tute 06 My Answers Question 1 Precautions...

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Tute 06 My Answers Question 1 Precautions for an audit: Why is it important for an auditor to meet these requirements (ASA 210(6))? 1. Preparation of financial report in accordance with applicable financial reporting framework 2. Management is acknowledging that it understands its responsibilities in: o Preparing financial reports; o And internal controls 3. Management is agreeing to provide: a. Information for the auditor b. Access for the auditor Question 2 Refer to ASA 220 A8 1. Integrity of principal owners: Are the owners’ integrity compromised by allowing a major customer to be a Board member? o Family-owned business; most of shares are owned by family (board members) 2. Engagement team’s competence: I would like to gain experience and be seen as an expert, however; o I need to assess my own technical competence to perform the audit – am I competent enough to perform the audit and do I possess the time, resources and knowledge to do it?
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