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A2.1 Twatt - Chapter 2 Tiffany Watt Assignment A2.1 AC 405...

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Chapter 2 Tiffany Watt Assignment: A2.1 September 16, 2011 AC 405 – E01 2-36. Given the following stages of an audit, identify in which stage the following audit activities occur. 1.Preliminary engagement activities – (b) Identify who should work on the audit engagement; (c) Determining whether the audit firm is independent of an audit client 2.Planning and risk assessment – (g) Determining the complexity of the different kinds of transactions that are handled at each of a company’s places of doing businesses 3.ICFR controls testing – (e) Checking to see whether the cashier’s office reconciles the bank account properly once a month; (f) Coming to a final decision on whether the ICFR is effective 4.Substantive procedures – (a) Vouching whether the amount at which a transaction is recorded agrees to the underlying document 5. Completion, wrap up and reporting – (d) communicating with the client’s outside attorney 2-39. (a) List the audit activities that may be iterative. An iterative process is a process for arriving at a decision or a desired result by repeating rounds of
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