AUDITING SP 2008 CH 8 OUTLINE

Auditing and Assurance Services (12th Edition)

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Ch 8 AUDIT PLANNING & ANALYTICAL PROCEDURES PART OF PLANNING IS TO ACCESS: ACCEPTABLE AUDIT RISK – HOW WILLING THE AUDITOR IS TO ACCEPT THAT THE F/S MAY BE MATERIALLY MISSTATED AND AN UNQUALIFIED REPORT IS ISSUED. LOWER THE RISK THE MORE AUDIT WORK IS NEEDED. 0 RISK IS CERTAINTY. INHERENT RISK – THE RISK THAT THERE ARE MATERIAL MISSTATEMENTS IN AN ACCOUNT BEFORE CONSIDERING THE EFFECTIVENESS OF INTERNAL
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Unformatted text preview: CONTROLS. A HIGH LEVEL OF RISK = HIGH LIKELIHOOD OF MATERIAL MISSTATEMENT. FIGURE 8-1 PAGE 209 PLANNING & DESIGNING THE AUDIT – BETTER TABLE ON PAGE 222 ENGAGEMENT LETTER PAGE 212 (REQUIRED UNDER GAAS) ANALYTICAL PROCEDURES DURING PLANNING PROCESS PG 220 FIQURE 8-6 ON PAGE 224...
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