Question

Requirement a. Identify the phase of the audit in which each activity occurs. Phase of Audit Set acceptable audit risk and decide preliminary judgment about materiality 1. and performance materiality Understand internal control and assess 2. control risk. I. Plan and Design an Audit Approach Perform substantive analytical 3. procedures for accounts payable. II. Perform Tests of Controls and Substantive Tests of Transactions JII. Perform Substantive Analytical Procedures and Tests of Details of Balances 4. Confirm accounts payable. IV. Complete the Audit and Issue an Audit Report Perform tests of controls and substantive tests of transactions for the acquisition and payment and payroll and personnel 5. cycles. Perform other tests of details of balances 6. for accounts payable. Perform tests for review of subsequent 7. events. 8. Accept the client. 9. Issue the audit report

Answer 1

Requirement A

1. I

2. I

3. III

4. III

5. II

6. III

7. IV

8. I

9. IV

Requirement b.

order as per given statements

3

2

6

7

4

5

8

1

9

Requirement c

Point no. 5,6,8,9 will be done frequently because test of details and substantive analytical procedures are done throughout the audit to ultimately give an opinion on the financial statements. Other activities like accepting the client, assessing risk, issuing report etc are done only once or not much frequently.