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ACC546 - Week 1 - Individual Ass. - Begining the Audit Report

ACC546 - Week 1 - Individual Ass. - Begining the Audit Report

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Beginning the Audit Report 1 Beginning the Audit Report Carmen I. López Alicea ACC546 - Auditing Prof. Paul Vilaro Nelms University of Phoenix January 15, 2011 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16.
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Beginning the Audit Report 2 Audit Engagement Checklist Initial Date _____ ____ 1. Research the audit engagement and apply appropriate Auditors Standards and Code of Ethics _____ ____ 2. Determine appropriate laws/regulations that govern this area: a. state law b. federal law c. guidelines d. Other - wage/hour, etc. _____ ____ 3. Maintain an awareness of the potential for fraud, and when appropriate: a. Design audit steps to address significant risk of fraud b. Employ audit tests to detect fraud c. Determine if suspected fraud merits investigation _____ ____ 4. Determine if the audit should be conducted under the attorney client privilege _____ ____ 5. Establish the audit engagement's objective and scope _____ ____ 6. Collect data a. Policies and procedures b. Preliminary surveys c. Meeting summaries d. Other relevant and useful information _____ ____ 7. Evaluate the relevance, sufficiency and competence of data collected _____ ____ 8. Analyze and interpret data collected _____ ____ 9. Develop work papers _____ ____ 10. Review of work papers _____ ____ 11. Communicate interim progress with auditee _____ ____ 12. Draw conclusions _____ ____ 13. Report audit engagement results: a. Conduct exit conference b. Prepare draft report or other communication c. Approve draft report
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