Audit procedure performed at the end of engagement are:
These procedures also called as a review engagement procedure,
Analytical procedures:
Includes evaluation of both financial and nonfinancial data with
the financial statements.
These includes using of various ratios like (current ratio,
Earnings per share) to check effectiveness of the conclusions drawn
during the engagement.
Extent of this procedures depends upon the nature and scope of
client’s business.
Includes:
Classification testing: does all the transaction classified according to nature
Completeness testing: does all the transaction posted completely in the financial statements
Cut-off procedures: does transaction recording current year is
related to the current period or not
Basically, audit procedure which are performed at the end of the engagement is basically are conclusion n drown by the auditor is according with the financial statements are not.
Other procedure is;
Comparative analysis: it includes using of various finical ratios and financial tool to verify company performance with previous year performance
Comparative analysis also facilitates comparing company with other similar company in the market in terms of market share, profitability, losses etc
List at least two audit procedures which are intentionally delayed until the end of the engagement.
Which of the following procedures is not performed as a part of planning an audit engagement? Verifying cutoff procedures. Reviewing the working papers of the prior year. Designing an audit plan. Developing an overall audit strategy.
R14-2 Differentiate between the two types of subsequent events. List some audit procedures that may identify subsequent events? LO2 R14-3 Discuss the auditor's responsibility for detecting subsequent events prior to the completion of field work. LO2 R14-4 Explain the process of "engagement wrap-up?" Why is it important? LO3 R14-5 Provide an example of why an auditor would reevaluate control risk near the end of the audit. Provide a different example of why an auditor would reevaluate fraud risk near the...
Which of the following is least likely to be considered a "further audit procedure"? Tests of approval of sales transactions. Analytical procedures performed as substantive procedures relating to inventory. Accounts receivable confirmation. An engagement letter.
Which of the following statements is the “least” accurate about formal audit engagement communication: a. Provide an opportunity for the engagement client to respond b. Document the corrective actions by qppropriate management. c. Provide a formal means by which the external auditor assesses potential reliance on internal auditor’s work d. Should not include management’s responses to recommendations
Assume that you are the audit partner on the engagement. During the audit at A company, the client prevented you from being able to observe the counting of fixed asset. The fixed asset amount is material in the client's financial statements. But, you were able to perform alternative procedures to support the existence and valuation of fixed assets at the year end 1. Identify which of the condition requiring a deviation from a standard unmodified opinion audit report is applicable,...
QUESTION 4 Audit Planning and Analytical Procedures (15 marks) (A)Audit Planning Your audit firm, Samuel and Samuel, is the auditor of Greenfield Pty Ltd (Greenfield), a large proprietary company with a 30 June year end. The company has two subsidiaries: Range Pty Ltd (Range), which runs a sheep station in outback New South Wales, and Doggie Pty Ltd (Doggie) a mobile dog-grooming service for which it generally sells franchises (but which it sometimes operates directly). You have had an initial...
Audit Planning and Analytical Procedures (A)Audit Planning Two independent material situations are given below with regards to Manukau Super Timber Limited (S.T.) a large retail company. () Michelle White was the long-term CEO of S.T. until she died unexpectedly during the current financial year. Following her death, her son Ronald White became the new CEO of S.T. and embarked on a rigorous cost-cutting exercise, which included a reduction in key staff in the credit department. (ii) During the planning stage...
please check and give answer As with all audit procedures, auditors must pay little attention to the work of the prior auditor on a first-year engagement carefully plan the nature, timing, and extent of audit data analytics (ADA) to be used for each client always outsource at least some of the audit work to the internal audit function let the client's management choose the nature, timing, and extent of ADA to be used for each client
List and describe three main categories of audit procedures and describe their purpose.
Which of the following is a listing of details of the audit procedures to be used when testing controls and when conducting detailed substantive audit procedures? a. Audit program b. Audit data analytics c. Accounting records d. Analytical procedures