Planning and Supervision-Blackboard PP2003

Planning and Supervision-Blackboard PP2003 - Control...

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Planning and Supervision SAS 108 (AU 311)
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Introduction 1 st  Standard of Fieldwork: “The auditor must  adequately plan the work and must properly  supervise any assistants.” Involves developing an overall strategy Plan the audit so it is responsive to the assessment  of RMM
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Appointment of the Independent Auditor Early appointment is preferable Follow SAS 84  Communications Between  Predecessor and Successor Auditors
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Establishing and Understanding With the Client Services to be performed Written communication (engagement letter) Objective of audit Management’s responsibilities Requirements of GAAS
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Preliminary Engagement Activities Continuance procedures Evaluate independence
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Overall Audit Strategy Determine scope Objectives Deadlines Key dates Factors for focus of efforts Materiality High risk areas Material locations and accounts
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Unformatted text preview: Control testing Recent developments Determine resources Detailed Audit Plan Nature timing and extent of risk assessment procedures Nature timing and extent of further audit procedures at the assertion level Other procedures required by GAAS Involvement of Spets Tax Valuation IT Communications With Those Charged With Governance and Management Charged with governance: Strategy and timing Limitations additional requirements Management Work of entity personnel Careful not to compromise audit Initial Engagements Client acceptance Previous auditor Matters discussed in initial selection Opening balances Assignment of personnel Supervision Instructing assistants Keeping informed Review Differences of opinion...
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Planning and Supervision-Blackboard PP2003 - Control...

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