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Day_4_web - AFM 451 1 What is your conclusion? What tests...

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Unformatted text preview: AFM 451 1 What is your conclusion? What tests will you conduct? W h a t i s y o u r c o n c l u s i o n ? W h a t t e s t s w i l l y o u c o n d u c t ? W h a t i s y o u r p l a n ? Who is your client? Client & their Financial Statements P ro fe s s io n a l J u d g m e n t P r o f e s s i o n a l J u d g m e n t Professional Judgment P r o f e s s i o n a l J u d g m e n t P ro fe s s io n a l J u d g m e n t P r o f e s s i o n a l J u d g m e n t P r o f e s s i o n a l J u d g m e n t P r o f e s s i o n a l J u d g m e n t W h a t a u d i t r e p o r t w i l l y o u i s s u e ? I n t e r n a l c o n t r o l s & B a l a n c e s N a t u r e , T i m i n g , E x t e n t AFM 451 2 The four phases of an audit The four phases of an audit III. Perform analyt- ical procedures and tests of details of balances. IV. Complete the audit and issue an audit report I. Plan and design an audit approach. II. Perform tests of controls. AFM 451 3 Examination Standard #1 Examination Standard #1 HB 5100 HB 5100 The auditor should plan and performed the audit to reduce audit risk to an acceptably low level that is consistent with the objective of an audit. The auditor should plan the nature, timing and extent of direction and supervision of engagement team members and review of their work. AFM 451 4 Planning the audit Planning the audit Planning is the development of a general strategy and a detailed approach for the expected nature, extent, and timing of the audit what are you going to do, why and how Three distinct steps: 1. Preplan 2. Develop client risk profile 3. Assess control risk and design testing plans AFM 451...
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This note was uploaded on 11/23/2009 for the course AFM 480 taught by Professor Gb during the Spring '09 term at Waterloo.

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Day_4_web - AFM 451 1 What is your conclusion? What tests...

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