1)Provide at least 10 good questions to ask about assertions in the Auditing pro

Question

1)Provide at least 10 good questions to ask about assertions in the Auditing process.
2)Provide at least 10 good questions to ask about materiality in the Auditing process.
3)Provide at least 10 good questions to ask about Auditing procedures in the Auditing process. 1)Provide at least 10 good questions to ask about assertions in the Auditing process.
2)Provide at least 10 good questions to ask about materiality in the Auditing process.
3)Provide at least 10 good questions to ask about Auditing procedures in the Auditing process.
2)Provide at least 10 good questions to ask about materiality in the Auditing process.
3)Provide at least 10 good questions to ask about Auditing procedures in the Auditing process.

Explanation / Answer

Questions on assertions:

1. A confirmation was sent to the client’s bank

2. Use CAATs to compare sales prices on a sample of sales invoices with the master price file

3. Attend and observe the client’s inventory stock take.

4. Re-perform the client’s ageing of accountsreceivables.

5. Enquire with the company’s solicitor about a possible law suit involving the audit client.

6. Inspect purchases invoices recorded after the year-end to establish proper cut-off.

Your audit manager has asked you to explain the PCAOB Assertionsby using an account on the balance sheet at your audit client. For the accounts receivable account, please define each of the PCAOB assertions, using the accounts receivable account as a way to illustrate each assertion.

Describe how management assertions is related to the study of acciunting information systems.

Questions on Materiality:

Questions on Auditing Procedures

Six different auditing procedures were compared in terms of total audit time. A sample of five accountants was selected randomly for each of the six auditing procedures.  

The following values were obtained by the ANOVA procedure:

SSTotal = 100;

SSA = 60;

Using a level of significance of 0.05, test to see whether there is any significant difference in the mean total audit time for the six auditing procedures. State the null and alternative hypotheses and the decision rule. Complete the ANOVA table

Should auditor use same audit procedure every year? Comment.

How can auditor introduce unpredictability in his audit procedure?

Auditing procedures generate evidence for the auditor. Compare and contrast the evidence generated by the following seven types of auditing procedures:

Inquiry

Observation

Examination of documentation

Confirmation

Physical examination

Reperformance

·Analytical procedure

Recalculation

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