CAST: Identification of Audit Tests
IDENTIFICATION OF AUDIT TESTS
FOR THE EXPENDITURE CYCLE
(ACQUISITIONS AND CASH
The Winery at Chateau Americana
After completing and discussing this case, you should be able to:
CAST: Completing the Audit Solution
1. ASC Topic 450, Contingences prescribes how companies must treat contingent liabilities in various circumstances. The likelihood that a
contingency will arise in any given situatio
1) The auditor's best defense when material misstatements are not uncovered is to have
conducted the audit:
A) in accordance with generally accepted auditing standards.
B) as effectively as reasonably possible.
C) in a timely manner.
D) only aft
In both a legal case and in an audit of financial statements, evidence is
used by an unbiased person to draw conclusions. In addition, the consequences
of an incorrect decision in both situations can be equall
Performing Audit Procedures in Response to Assessed Risks
AU Section 318
Performing Audit Procedures in Response to
Assessed Risks and Evaluating the Audit
(Supersedes SAS No. 55.)
Source: SAS No. 110.
Effective for audits of nancia
Chapter 12 Inventory
Understand the audit objectives addressed by the audit procedures related to Inventory.
Understand the observation of the taking of physical inventory.
Chapter 14 Accounts Payables
Understand the audit objectives addressed by
In evaluating whether there is a sufficiently low probability of material misstatement in the
financial statements, the auditors accumulate:
C. Known, projected and other estimated misstatements in the financial statements.
Which of the following is not a
Model Audit Practice
(Revised and Redrafted 2012)
THE INSTITUTE OF CHARTERED ACCOUNTANTS
PART I PRE-ENGAGEMENT .
Chapter 1 Prospective Client Acceptance / Existing Clients Continuation
Fundamentals Level Skills Module, Paper F8 (IRL)
Audit and Assurance (Irish)
December 2009 Answers
Audit planning is addressed by ISA 300 (UK and Ireland) Planning an audit of nancial statements. It is more detailed than
the audit strategy a
- Audit Sampling
- Whether statistical or non-statistical, is the process of
selecting and evaluating a sample of items from a population of
audit relevance such that the auditors expect the sample to be
representative of some characteristic of