Expert answer:Briefly answer auditing questions

  

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Give 2 examples of substantives tests for each of the following: Inventory, A/R, A/P and cash.
What is an aged trial balance? How can it be used by an auditor?
What is net realizable value of A/R? How is the balance determined?
What are analytical procedures? When are they required to be used in an audit? What other times
can they be used during an audit? Give examples of analytical procedures.
What is audit evidence? Why is evidence obtained by auditors? How much evidence must the
auditor obtain?
Distinguish between internal and external audit evidence. Which one is more reliable? Why?
What is a material misstatement? What must be done if a material misstatement is discovered
during the audit?
What is the audit risk model? What are its components? How is it used by auditors?
Define the following: inherent risk, business risk, audit risk, control risk, planned detection risk,
and materiality.
What is sampling? When and why is it required in an audit?
What are the advantages and disadvantages of sampling?
What is the difference between statistical and non-statistical sampling?
List and describe 3 sampling techniques.
Describe Type 1 and Type 2 errors in sampling.
What is statistical risk? Confidence level? Tolerable and expected error?
Describe the process of applying attribute sampling to test of controls.
What is stratified sampling?
What type of audit procedures are performed by an auditor? Why are they performed?
Why are auditors required to retain audit documentation?
What are audit working papers? Who owns these documents?
Working papers must be kept confidential. Can they ever be released to other parties? How?
How long is the auditor required by the PCAOB to retain the audit working papers of public
companies? Of private companies?
What is meant by a tick mark? What is its purpose?
What is attestation? What is the most common type of attestation service that is provided by
auditors?
Other than audits, what types of attestation services can be performed by an auditor?
What is the difference between an audit, a review and a compilation? What type of assurance
does the auditor provide for each?
What is the difference between an audit, a review and a compilation?
What is SSARS? What services are these standards applicable to?
What is negative assurance? Which report(s) may use negative assurance?
What are pro forma financial statements? What framework is required to be used in their
preparation?
What is comfort letter? What is its purpose?
What are the 4 IIA Standards? Who do internal auditors report to? How do they interact with
external auditors?
What are subsequent events? Give 4 examples. What work is required to be performed by the
auditor on these events? Differentiate between Type 1 and Type 2 subsequent events? What work
is required for each type?
What two criteria must be met for the financial statements to be adjusted for a subsequent event?
List and describe 6 procedures that the auditor can use to search for loss contingencies and
unasserted claims?
What is a representation letter? Who signs it? Why is this report important? What is the date of
this letter?
What are gain contingencies? How can these claims be addressed in the financial statements?
38. What is the auditor’s responsibility after the end of field work but before the financial statements
have been issued?
39. What is dual dating of an audit report? Why would an auditor dual date the report?
40. What is the auditor’s responsibility if a material misstatement is discovered after the financial
statements have been issued?
41. What types of opinions are issued by the auditor for financial statements? For internal controls?
42. What are the components contained in the new standard unqualified audit report of a public
company?
43. What are CAMs? Why are they important? When will CAMs required to be shown in the
Auditor’s report?
44. What reports are filed with the SEC by public companies? Under what circumstances are they
filed?

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