Chapter _4, Evidence - Standards of Fieldwork (PIE)...

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Standards of Fieldwork (“PIE”) The auditor must adequately plan the work and must properly supervise any assistants. Internal control The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to fraud or error, and to design the nature, timing, and extent of further audit procedures. Evidence The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit .
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OVERVIEW OF THE AUDIT PROCESS Substantive Tests Analytical Procedures Audit Perform “Tests of Planning Preliminary Control” and Auditor’s Activities Assessment Re-assessment of Report of Control Risk Control Risk Tests of Details (Ending Balances and/or Transactions)
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“Assurance Bucket” (See Textbook Pg #172) sometimes always usually usually
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Chapter _4, Evidence - Standards of Fieldwork (PIE)...

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