Audit procedures 2100 audit planning and risk

  • No School
  • AA 1
  • 12

This preview shows page 7 - 10 out of 12 pages.

Audit Procedures 2100 Audit Planning and Risk Assessment: This basically comprises of three parts. AS 2101 talks about the audit planning. AS 2105 on the materiality consideration planning when performing an audit and AS 2110 on assessing and identifying risks of material misstatement. 2200 Auditing Internal Control over Financial Reporting: This comprises of only AS 2201 which touches on the Audit of internal control over financial reporting that is integrated with an audit of financial statements 2300 Audit Procedures in Response to Risks: This looks at the nature, timing and Extend of risks. AS 231, for example, looks at the auditor’s response to the risks of material misstatements. AS 2305 looks at the substantive analytical procedures, AS 2310 is on the confirmation process and AS 2315looks at the audit sampling. 2400 Audit procedures for specific Aspects of the Audit: This looks at very specific details in the audit procedures. AS 2401, for instance, looks at the consideration of fraud in a financial statement audit. AS 2405 discusses the illegal Acts by clients while AS 2410 provides a guide
Image of page 7

Subscribe to view the full document.

AUDITING STANDARDS 8 for the related parties. AS 2415 is one of the most important as it discusses the consideration of an entity’s ability to continue as a going concern. 2500 Audit Procedures For Certain Accounts or Disclosure: AS 2501 discusses the auditing accounting estimates AS 2502 discusses the audit fair value measurement and disclosures. AS 2503 generally talks of derivative instruments, hedging activities and investments in securities in regards to auditing. AS 2505 is in regards to an inquiry of a client’s lawyer concerning litigation, claims, and assessments. AS 2510 is on Auditing inventories. 2600 Special Topics: The special topics include the initial audits find on AS 2610, consideration of the internal audit function in AS 2605 and AS 2601 which touches on the consideration of an entity’s use of a service organization. 2700 Auditor’s Responsibilities Regarding Supplemental and other information: This includes AS 2701 the auditing supplemental information that accompanies the audited financial statements, AS 2705 on what exactly is this required supplementary information and AS 2710 which looks at other information in documents containing audited financial statements. 2800 Concluding Audit Procedures: This is the procedures that occur after the audit which include subsequent events (AS 2801), Management Representations (AS 2805), AS 2810 on evaluating audit results, AS 2815 on the meaning of conformity with generally accepted accounting principles and finally AS 2820 on evaluating the consistency of financial statements. 2900 Post-Audit matters: This consist of AS 2901 on the consideration of omitted procedures after the report date and AS 2905 on the subsequent discovery of facts existing at the date of the auditors report. Auditor Reporting
Image of page 8
AUDITING STANDARDS 9 3100 Reporting on Audits of Financial Statements: Consists of AS 3101 on the auditor’s report on the audit of financial statements when the auditor expresses an unqualified opinion, AS 305 on departures from unqualified options and other reporting circumstances and AS 3110 on the dating of an independent auditor’s report.
Image of page 9

Subscribe to view the full document.

Image of page 10
  • Fall '19
  • Financial audit, auditing standards, SAS No.

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes