Problem A (Typical Audit)-11 points The following are parts of a typical audit f

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Problem A (Typical Audit)-11 points The following are parts of a typical audit for a company with a calendar year-end of December 31. 1. Confirm accounts payable 2. Do tests of controls for the acquisition and payment and payroll and personnel cycles 3. Determine inherent risk 4. Do tests for review of subsequent events 5. Understand the client's business and industry 6. Issue the audit report 7. Gain an understanding of internal control and assess control risk 8. Do analytical procedures for accounts payable for substantive tests Perform preliminary analytical procedures to indicate possible misstatements Integrate the audit evidence gathered and evaluate the overall audit results (including combining individually immaterial misstatements to evaluate whether the combined amount is material) Determine planned detection risk 9. 10. 11. Required: Put parts 1 through 11 of the audit in the sequential order in which you would expect them to be performed in a typical audit (LIST ONLY THE NUMBERS).

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solution:

Sequential order(list of numbers) Typical audit process 5 Understand the client's business and industry 9 Perform preliminary analytical procedures to indicate possible misstatements. 7 Gain an understanding of internal control and assess control risk 2 Do tests of controls for the acquisition and payment and payroll and personnel cycles 8 Do analytical procedures for accounts payable for substantive tests 11 Determine planned detection risk 1 Confirm accounts payable 3 Determine inherent risk 4 Do tests for review of subsequent events 10 Integrate the audit evidence gathered and evaluate the overall audit results 6 Issue the audit report

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