Assignment 1-6 Audit Phases

Assignment 1-6 Audit Phases - Assignment 1-6 Audit Phases...

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Assignment 1-6 Audit Phases 1-27. John Josephs, an audit manager for Tip, Acanoe & Tylerto, and was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association suggested that he talk about various phases of the audit process. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the following: a.) List and describe the various phases of an audit. Various phases of an audit: First, client acceptance/continuance; establishing an understanding with the client, accounting firms create rules and regulations choosing whether to take on new clients and/or keep current clients. Additionally, conditions related to parties’ responsibilities, types of assistance, timing, and expected costs. Second, preliminary engagement activities; two preliminary engagements requirements are established; First, the requirements for the audit team are created. Second, independence for the audit team and firm are established. Third, plan the audit; preliminary planning related to the audit is conducted by the auditor(s).
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 470 taught by Professor Kwong during the Spring '11 term at Franklin.

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Assignment 1-6 Audit Phases - Assignment 1-6 Audit Phases...

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