L9 Notes_Part_3 - supervisor gave you a copy of it after...

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Interviewee: Knowledge & experience Objectivity, motivations, attitude towards audit Reliability Interviewer: Knowledge & Experience Attitude, demeanor, Do’s Conduct of Interview Plan -> objective, time frame need for a notetaker Sensitivity to context intro, rapport, nonsensitive broad brush questions Stay on Topic! Neutral, no ego Observe nonverbal Documentation: Informal v. formal document,share, discuss Conclusion: Assertions =>corroborate If fraud risk is high? PCAOB?
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Inquiries of Management In the context of audit planning the auditor should make enquiries of management about their understanding or knowledge of: Fraud, suspected frauds, or material errors Fraud risk Internal controls to prevent and detect fraud
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© W.R. Knechel Inquiry in Practice The client’s inventory supervisor (who, the senior accountant says, has cooperated with us) came to you at 2:00PM today and asked for your “blessing” on a shortcut procedure developed for inventory pricing. The
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Unformatted text preview: supervisor gave you a copy of it after first telling you about it in the company cafeteria where you happened to sit next to each other at lunch. Because this is your first audit, you are unsure of what to say. Your response is, Well, really, I dont know what to say. The supervisor then walks away from you and appears offended. The junior on the J-P Inc., audit was told by the senior to ask the office manager for help or information when it is needed. But when this is done, the office manager puts the assistant accountant off (in a nice way). For example, the junior went to the office manager to ask for a year end listing of customer A/R. To get out confirmation request on time, the list is needed immediately; but it is still unprepared. With shrugged shoulders, the office manager said it probably could be ready in ten days to two weeks....
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L9 Notes_Part_3 - supervisor gave you a copy of it after...

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