Auditing ch13

The auditor should look at the possible causes for any material misstatements, as well as the risk that the filer made a material misstatement regarding transactions, account balances or disclosures.

Which of the following would not be considered further audit procedures

The test of controls examines the level of accounting the filer used to record transactions. These tests can include looking for calculation errors or false information in individual transactions, as well as testing the items contained in the account balances and disclosures within the financial statements. The auditor's determination of materiality is a matter of professional judgment and is affected by the auditor's perception of the financial information needs of users of financial statements. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Tests of Controls If the auditor sees a high risk of material misstatement in the bankruptcy claim, the next step involves testing the filer's financial controls. References 3. The higher the risk of material misstatement, the more compelling the audit evidence the auditor must obtain to call for an audit. The auditor should look at the possible causes for any material misstatements, as well as the risk that the filer made a material misstatement regarding transactions, account balances or disclosures. The chapter addresses the auditor's responsibilities relating to opening balances in an initial audit engagement, including a reaudit engagement.

These tests can include looking for calculation errors or false information in individual transactions, as well as testing the items contained in the account balances and disclosures within the financial statements. The auditor's determination of materiality is a matter of professional judgment and is affected by the auditor's perception of the financial information needs of users of financial statements.

Auditing ch13

While the other audit procedures give a general impression of the level of accounting controls the filer has employed, the test of details gets down to the most granular level to find out what circumstances led to the bankruptcy filing. The auditor's determination of materiality is a matter of professional judgment and is affected by the auditor's perception of the financial information needs of users of financial statements. References 3. Tests of Details A test of details examines specific entries into the financial statements. It may be useful for auditors with clients in gaming industry to obtain information about general business and economic risk factors that affect the industry. These controls include balance sheets, earnings reports, bank transaction records and other financial statements. These procedures examine the transactions the filer made, compares them to sound business practices and assesses the level of incompetence or malfeasance the filer may have committed. The chapter addresses the auditor's responsibilities relating to opening balances in an initial audit engagement, including a reaudit engagement. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. The assessment of risk is based on audit procedures to obtain information necessary for that purpose and evidence obtained throughout the audit. Material Misstatement One of the reasons behind a Chapter 13 audit is to determine if the filer made a material misstatement in the bankruptcy application. Substantive and Analytical Procedures While the test of controls determines the existence of financial statements, the substantive procedures examine their effectiveness and accuracy. Although some forms of bankruptcy call for the seizure of the filer's assets, Chapter 13 allows the filer to retain some of those assets. Reddit Summary This chapter provides guidance for performing audits of entities that undertake gaming and gaming related activities whose audits often involve unique and complex matters and includes guidance on the application of the auditor's overall objectives, including the risk assessment process and general auditing considerations. The test of controls examines the level of accounting the filer used to record transactions.

It also analyzes the filer's financial records to determine the existence of any built-in controls for risk assessment.

Tests of Controls If the auditor sees a high risk of material misstatement in the bankruptcy claim, the next step involves testing the filer's financial controls. In some cases, the bankruptcy court might require a financial audit for filers the government believes may have turned in false or inaccurate financial data.

The auditor will report any inaccuracies in calculation, discrepancies between internal statements, and differences between the filer's statements and bank records.

in the context of an audit of financial statements, substantive tests are audit procedures that:

Reddit Summary This chapter provides guidance for performing audits of entities that undertake gaming and gaming related activities whose audits often involve unique and complex matters and includes guidance on the application of the auditor's overall objectives, including the risk assessment process and general auditing considerations.

If the auditor uncovers numerous or serious discrepancies, that auditor may start with analytical procedures.

audit chapter 13 quizlet

Tests of Details A test of details examines specific entries into the financial statements. The test of controls examines the level of accounting the filer used to record transactions.

Which phase s of the audit uses inquiries of clients as a type of evidence

It may be useful for auditors with clients in gaming industry to obtain information about general business and economic risk factors that affect the industry. These controls include balance sheets, earnings reports, bank transaction records and other financial statements. The assessment of risk is based on audit procedures to obtain information necessary for that purpose and evidence obtained throughout the audit. The auditor will report any inaccuracies in calculation, discrepancies between internal statements, and differences between the filer's statements and bank records. Although some forms of bankruptcy call for the seizure of the filer's assets, Chapter 13 allows the filer to retain some of those assets. Bankruptcy Code allows those filing claims to keep making payments on a reorganized payment plan. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. These procedures examine the transactions the filer made, compares them to sound business practices and assesses the level of incompetence or malfeasance the filer may have committed. These tests can include looking for calculation errors or false information in individual transactions, as well as testing the items contained in the account balances and disclosures within the financial statements. Reddit Summary This chapter provides guidance for performing audits of entities that undertake gaming and gaming related activities whose audits often involve unique and complex matters and includes guidance on the application of the auditor's overall objectives, including the risk assessment process and general auditing considerations. Material Misstatement One of the reasons behind a Chapter 13 audit is to determine if the filer made a material misstatement in the bankruptcy application. In some cases, the bankruptcy court might require a financial audit for filers the government believes may have turned in false or inaccurate financial data. If the auditor uncovers numerous or serious discrepancies, that auditor may start with analytical procedures. Tests of Details A test of details examines specific entries into the financial statements. The higher the risk of material misstatement, the more compelling the audit evidence the auditor must obtain to call for an audit.

References 3. These controls include balance sheets, earnings reports, bank transaction records and other financial statements.

These procedures examine the transactions the filer made, compares them to sound business practices and assesses the level of incompetence or malfeasance the filer may have committed.

the document that details the specific audit procedures for each type of test is the
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General Auditing Considerations