This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Improperly capitalizing the cost of putting an asset in use affects all F/Ss while the asset is owned. 4. Overstatements of Sales will show up in A/R. 5. Easier to audit, fewer transactions in ending balance 1. Confirm Account Payable 2. Do tests of controls and substantive tests of transaction for the Human Resource Business process 3. Do other tests of details of balances for A/P 4. Do tests for review of subsequent events 5. Accept the client 6. Issue the audit report 7. Understand internal control and assess control risk 8. Do analytical procedures for A/P 9. Set acceptable audit risk and decide preliminary judgment about materiality and tolerable misstatement Put parts 1-9 of the audit in the sequential order in which you would expect them to be performed in a typical audit. Which would be frequently by done before year end, July 31 st ? 5, 9, 7, 2, July 31 st 8, 1, 3, 4, 6...
View Full Document