Chapter 2Tiffany WattAssignment: A2.1September 16, 2011AC 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 businesses3.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 effective4.Substantive procedures – (a) Vouching whether the amount at which a transaction is recorded agrees to the underlying document5.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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