Chap005 - Chapter 05 - Audit Planning and Types of Audit...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Chapter 05 - Audit Planning and Types of Audit Tests Chapter 5 Audit Planning and Types of Audit Tests Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases Internet Assignments/ ACL Problems/ EarthWear Mini-Cases (EWMC) LO 1 : Understand the auditors requirements for client acceptance and continuance. 1,2 16,22 29 EWMC LO 2: Know what is required to establish an understanding with the client. 3 30,31 LO 3: Know the types of information that are included in an engagement letter. 3 17 29,31 LO 4: Understand how the work of the internal auditors can assist in the performance of the audit. 4 18 39 LO 5: Know the responsibilities of the audit committee and how it relates to the external auditors. 5 21 32 LO 6: Understand the steps that are involved in the preliminary engagement activities. 6 19,20 30 LO 7: Know the steps that are performed in planning an audit engagement. 6,7,8 20,22,23 30,33 37 40 EWMC LO 8: Know the types of audit tests. 9 24 33 37 ACL LO 9: Learn the purposes and types of analytical procedures. 10,11,12 24,25,26 34,35,36 38 EWMC LO 10: Understand the audit testing hierarchy. 13,14 27,28 LO 11: Be familiar with financial ratios that are useful as analytical procedures. 15 36 5-1 Chapter 05 - Audit Planning and Types of Audit Tests END OF CHAPTER MATERIALS COMPARISION CHART Number in 7 th edition Compariso n Number in 6 th edition 5-1 Unchanged 5-1 5-2 Unchanged 5-2 5-3 Unchanged 5-3 5-4 Unchanged 5-4 5-5 Unchanged 5-5 5-6 Unchanged 5-6 5-7 Unchanged 5-7 5-8 Unchanged 5-8 5-9 Unchanged 5-9 5-10 Unchanged 5-10 5-11 Unchanged 5-11 5-12 Unchanged 5-12 5-13 Unchanged 5-13 5-14 Unchanged 5-14 5-15 Unchanged 5-15 5-16 Unchanged 5-16 5-17 Replaced 5-17 5-18 Revised 5-18 5-19 Unchanged 5-19 5-20 Unchanged 5-20 5-21 Unchanged 5-21 5-22 Unchanged 5-22 5-23 Unchanged 5-23 5-24 Unchanged 5-24 5-25 Unchanged 5-25 5-26 Unchanged 5-26 5-27 Revised 5-27 5-28 Revised 5-28 5-29 Replaced 5-29 Deleted 5-30 5-30 Revised 5-31 5-31 Unchanged 5-32 5-32 Unchanged 5-33 Deleted 5-34 5-33 Unchanged 5-35 5-34 Unchanged 5-36 5-35 Revised 5-37 5-36 Replaced 5-38 5-37 Unchanged 5-39 5-2 Chapter 05 - Audit Planning and Types of Audit Tests 5-38 Unchanged 5-40 5-39 Unchanged 5-41 5-40 Unchanged 5-42 The major focus of Chapter 5 is audit planning. It is critical to impress upon the students how good audit planning leads to an efficient and effective audit. The discussion covers the following phases of the audit that relate to audit planning (refer to Figure 5-1): Client acceptance and continuance. Establishing an understanding with the client. Preliminary engagement activities. Planning the audit. Use Figure 5-1 The chapter also covers the types of audit tests and provides coverage of analytical procedures....
View Full Document

Page1 / 8

Chap005 - Chapter 05 - Audit Planning and Types of Audit...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online