Chap004 - Chapter 04 - Audit Evidence and Audit...

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Chapter 04 - Audit Evidence and Audit Documentation Chapter 4 Audit Evidence and Audit Documentation Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases Internet Assignments/ ACL Problems/ EarthWear Mini-Cases (EWMC) LO 1: Understand the relationship between audit evidence and the auditor’s report. 1,2 26 LO 2: Know management assertions about classes of transactions and events for the period under audit, assertions about account balances at the period end, and assertions about presentation and disclosure. 3,4 12,13 22,23,25 LO 3: Know why audit procedures are performed 12 ACL LO 4: Learn the concepts of audit evidence. 5,6 14 26 31,32 33 EWMC LO 5: Know the audit procedures used for obtaining audit evidence. 7,8,9 13,14,15, 16,17,18 24,25,26, 27,28,29 31,32 33 LO 6: Understand the reliability of the types of evidence. 8,9,10 13,15,16, 17,18 27,28,29 31,32 33 LO 7: Understand the objectives of audit documentation. 26,30 LO 8: Develop an understanding of the content, types, organization, and ownership of audit documentation. 11 19,20,21 30 4-1
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Chapter 04 - Audit Evidence and Audit Documentation END OF CHAPTER MATERIALS COMPARISION CHART Number in 7 th edition Compariso n Number in 6 th edition 4-1 Unchanged 4-1 4-2 Unchanged 4-2 4-3 Unchanged 4-3 4-4 Unchanged 4-4 4-5 Unchanged 4-5 4-6 Unchanged 4-6 4-7 Unchanged 4-7 4-8 Unchanged 4-8 4-9 Unchanged 4-9 4-10 Unchanged 4-10 4-11 Unchanged 4-11 4-12 Unchanged 4-12 4-13 Unchanged 4-13 4-14 Revised 4-14 4-15 Unchanged 4-15 4-16 Revised 4-16 4-17 Revised 4-17 4-18 Revised 4-18 4-19 Unchanged 4-19 4-20 Unchanged 4-20 4-21 Unchanged 4-21 4-22 Revised 4-22 4-23 New 4-24 Unchanged 4-23 4-25 Unchanged 4-24 4-26 Unchanged 4-25 4-27 Revised 4-26 4-28 Unchanged 4-27 4-29 Revised 4-28 4-30 Unchanged 4-29 4-31 Unchanged 4-30 4-32 Unchanged 4-31 4-33 Unchanged 4-32 Chapter 4 covers the third important concept underlying the audit process: audit evidence. We usually start this topic by reintroducing the third standard of fieldwork and the definition of evidential matter. We point out to the students that most of the work on a typical audit involves obtaining and evaluating evidence. 4-2
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Chapter 04 - Audit Evidence and Audit Documentation [LO 1] The Relationship of Audit Evidence to the Audit Report Figure 4-1 can be used to provide an overview of how the auditor gathers evidence to support the audit report on the financial statements. We tell the students that the financial statements contain management's assertions about financial statement components (give them an example). We then tell them that the auditor develops audit procedures based on those assertions to gather evidence to test the assertions. Based on the evidence, the auditor decides which audit report to issue. Use Figure 4-1
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This note was uploaded on 04/05/2011 for the course ACC 311 taught by Professor Hogwarts during the Spring '11 term at Michigan State University.

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Chap004 - Chapter 04 - Audit Evidence and Audit...

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