Chapter_Eight - Auditing Lecture NotesChapter Eight Audit...

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Auditing Lecture Notes- Chapter Eight Opening Vignette Discussion- An auditor who does not understand a client’s business takes a great risk!! There are so many complicated industries. This is why planning is so important! Enron Proper planning could have made a significant difference Auditor didn’t use professional judgment Managers made the company operations complex CPA firm didn’t understand what was going on AA should have stopped the audit, when they didn’t understand what was going on. Planning is so important to the ____Efficiency________ and ____Effectiveness_______ of an audit! 8 Phases in Planning an Audit- guaranteed essay on the CPA exam, 8 steps in planning an audit – list and describe. This chapter covers the first 4 phases. Chapter 9 is dedicated to the second four pages . Figure 8-1…pg. 181 1. Accept the client and perform internal audit planning 2. Understand the client and business and industry
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Chapter_Eight - Auditing Lecture NotesChapter Eight Audit...

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