Student_ACC_421_Chapter_7_outline

Student_ACC_421_Chapter_7_outline - b. Assess the entitys...

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ACC 421 Chapter Seven Outline I. Audit evidence A. Decisions 1. Audit procedures 2. Sample size 3. Items to select 4. Timing 5. Audit program B. Persuasiveness 1. Appropriateness a. Relevance b. Reliability i. Independence of provider ii. Effectiveness of client’s internal controls iii. Auditor’s direct knowledge iv. Qualifications of individuals providing the information v. Degree of objectivity vi. Timeliness 2. Sufficiency C. Types 1. Physical examination 2. Confirmation 3. Documentation a. Vouch b. Trace 4. Analytical procedures a. Understand the client’s industry and business
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Unformatted text preview: b. Assess the entitys ability to continue as a going concern c. Indicate the presence of possible misstatements in the financial statements d. Reduce detailed audit tests 5. Inquires of the client 6. Recalculation 7. Reperformance 8. Observation II. Audit documentation A. Purpose B. Ownership C. Confidentiality D. Requirements for retention= E. Contents and organization F. Permanent files ACC 421 Chapter Seven Outline G. Current files H. Preparation...
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This note was uploaded on 02/19/2012 for the course ACCOUNTING 320 taught by Professor Rich during the Fall '12 term at Columbia College.

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Student_ACC_421_Chapter_7_outline - b. Assess the entitys...

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