Essay Question #3 You have just gotten a new audit client that had been audited by...
Essay Question #3 You have just gotten a new audit client that had been audited by another firm for many years. In assessing how effective or ineffective the current internal controls are, what factors will you examine?
Homework Answers
Answer)
1)Inspection of books of accounts and getting informed on whether there is proper disclosures or not.
2)Observation of operation in the entity and assessing the internal controls efficiency.
3)Enquiry on certain issues for which the auditor need further clarification.
4) Recalculation of arthematical accuracy of numvlbers in accounts.
5)Reperformance of certain procedures that are disclosed to verify same results are obtained as obtained in client books.
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Essay Question #3 You have just gotten a new audit client that
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