Which of the following is not a primary purpose of audit documentation

Which of the following is not a primary purpose of audit documentation. This includes confirming that: Work was properly performed and supervised. Which of the following is not a primary purpose of audit documentation? 1. They are a direct aid in the planning of the audit. It also includes any relevant audit evidence obtained and the conclusion that the auditor reaches. Yes No No D No Yes Yes, Assertions that have a meaningful bearing on whether an account balance, transaction class, or disclosure is fairly stated are referred to as: Appropriate assertions. Sufficiency. 4. Jan 4, 2024 · Audit documentation serves as the primary record detailing the audit procedures conducted, the evidence collected, and the conclusions drawn during the engagement. ) To ensure that the explanations included in the audit documentation are understandable D Which of the following is a primary purpose of audit documentation? A. Which of the following is the least persuasive type of evidence?, Which of the following presumptions is correct about the reliability of Question: 16. In public health, documentation audits look at the documentation related to the public health programs and services. To prevent legal liability related to the audit performed. ) To ensure that all appropriate steps in the audit plan were performed B. To coordinate the audit. C) Provide reasonable assurance that the audit was conducted in accordance with auditing standards. 3. Roll-forward work C. Auditor's report on the entity's financial statements C. Facilitate the planning, performance, and supervision of the audit engagement d. Audit documentation helps facilitate internal and Study with Quizlet and memorize flashcards containing terms like The permanent (continuing) file of audit documentation most likely would include copies of the:, T/F: Lead schedules would be included in the current audit documentation since they are applicable to the current year's audit only, T/F: Attorney's letters would not be included in the current audit documentation since they are Which of the following is NOT one of the purposes of audit documentation? a. Examination of individual transactions to certify their validity. The nature and extent of audit documentation for a particular audit, while required to meet professional standards and Office policy, are largely a matter of professional judgment, based on the unique circumstances of each audit. C) To support the financial statements. C) test of control and completion phases. impartial conservatism. date It is therefore not surprising that timely preparation of audit documentation (working papers) is a mandatory requirement of ISA 230. 07, . Classification. provide the rationale for the inherent risk assessment at the financial statement assertion level. To support the financial statements. To provide evidence of the audit work performed. Subsequent events D. Accuracy. Find step-by-step Accounting solutions and your answer to the following textbook question: Which of the following is not a primary purpose of audit documentation? a. objective judgment. The primary purpose of audit documentation is meticulously document the planning, execution The primary purpose for obtaining an understanding of internal control during the audit of a nonissuer is to: provide a basis for making constructive suggestions in a management letter. 5. To coordinate the examination. A sales invoice used by the client and supported by a delivery receipt from an outside trucker 2. Interim testing B. D. To maintain professional judgment. C. Furthermore, advances in internal audit software utilized by many internal audit departments allow the review of workpapers to occur remotely, such that a member of the audit team and the reviewer need not be in the same geo graphy The auditing standard ISA 230 sets out the documentation requirements for auditors on audit working papers and audit evidence. Definition: Audit documentation refers to the records or documentation of procedures that auditors performed, the audit evidence that they obtained and the conclusion that makes by them based on the evidence obtained. ) To ensure that referencing among audit documentation is clear C. There are no Which of the following best describes one of the primary objectives of audit documentation? A) Defend against claims of a deficient audit. (4)Effectiveness of internal control. An audit program is an example of audit documentation. A3) Should be prepared so that an experienced auditor, having no prior connection, can understand (. Preventive control - Detective control - Corrective control-, You are performing an audit of Western Electronics Corporation and evaluating various controls. A flowchart of the client's organization. d. B) To provide evidence of the audit work performed. Which of the following events occurring after the audit report release date most likely would cause auditors to make further inquiries about the previously-issued financial Study with Quizlet and memorize flashcards containing terms like Which of the following is a primary purpose of audit documentation?, Which of the following audit procedures probably would provide the most reliable evidence concerning the entity's assertion of rights and obligations related to inventories?, What is the most likely course of action that an auditor would take after determining Use of internal audit software may enhanc e consistency and efficiency. Which of the following is a primary purpose of audit documentation? A. Which of the following is not a primary purpose of audit documentation? \quad\quad (1) To coordinate the audit \quad\quad (2) To assist in preparation of the audit report \quad\quad (3) To support the financial statements AICPA standards on documentation Purpose of audit documentation per AU-C section 230, Audit Documentation, is to provide: • evidence of the auditor's basis for a conclusion about the achievement of the overall objectives of the auditor, and • evidence that the audit was planned and performed in accordance with GAAS and applicable legal and If sufficient appropriate audit evidence necessary to support the audit opinion was not appropriately documented, then the audit was not conducted in accordance with GAAS, and the auditor would not have a basis to render an opinion. To detect errors or irregularities. Which of the following is not a primary purpose of audit documentation? (1) To coordinate the audit (2) To assist in preparation of the audit report (3) To support the financial statements (4) To provide evidence of the audit work performed b. The only purpose of audit documentation is to provide evidence that the audit was planned and performed in accordance with auditing standards. independent integrity. all of the above, Which one of the following DOES NOT require Study with Quizlet and memorize flashcards containing terms like Which of the following statements relating to audit evidence is the most accurate statement? A. A check, issued by the company Nature and purpose of audit documentation. Purposes of Audit Documentation. Which of the following is not a primary purpose of audit documentation? Answer: Option 1 -To coordinate the audit. To maintain professional judgment Study with Quizlet and memorize flashcards containing terms like Which of the following is not a primary purpose of audit working papers? To coordinate the examination. 6. To support that the audit was performed in accordance with GAAS. Determination of whether the client's financial statement assertions are fairly stated. copies of those client records examined by the auditor during the course of the engagement B. . Evaluation of the efficiency and competence of the audit staff assistants by the partner responsible for the audit C. The extent, nature, and substance of audit documentation are subject to the auditor’s professional discretion. Audit documentation refers to the supporting documents or written proof for the conclusions made by an auditor. Which of the following events or activities may occur following the audit report release date? A. determine the nature, timing, and extent of further audit tests to be performed. (AICPA ADAPTED) d 4. Detection of fraud. Cutoff. , 2) A benefit obtained from using industry averages is that it provides a(n) A We would like to show you a description here but the site won’t allow us. It should be clear from the audit documentation who reviewed specified Study with Quizlet and memorize flashcards containing terms like Because of the risk of material misstatement, an audit should be planned and performed with an attitude of 1. To verify the accuracy of account balances. Question: 5) Which of the following is not a primary purpose of audit documentation? A) To facilitate the coordination of the audit work. a. Auditors comments concerning the It also assists audit team members for the whole audit process, starting from the planning stage until the end of the audit engagement. Confirmation of an account payable balance mailed by and returned directly to the auditor 3. (1)Existence of recorded assets and liabilities. The following questions concern audit documentation. Summary of discussions with entity's key decision makers B. They record the audit evidence to provide support for the auditor's opinion. Study with Quizlet and memorize flashcards containing terms like Which of the following is a primary purpose of audit documentation?, Which of the following audit procedures probably would provide the most reliable evidence concerning the entity's assertion of rights and obligations related to inventories?, What is the most likely course of action that an auditor would take after determining Feb 28, 2022 · Question. Study with Quizlet and memorize flashcards containing terms like Which of the following types of documentary evidence should the auditor consider to be the most reliable?, Audit evidence can come in different forms with different degrees of persuasiveness. Documents showing compliance with GAAS (in planning and conducting the audit) b. Aug 21, 2024 · The following are the benefits of audit documentation: A few years later, the records show auditors how the auditor conducted the audit. Choose the best response. Documentation audits measure the quality of the documentation against Study with Quizlet and memorize flashcards containing terms like 1. 08): The nature, timing, and extent of audit procedures. See full list on pcaobus. Documentation of Teams findings c. , Which of the following business characteristics is not Which of the following is not a purpose of the review of audit documentation by a supervisor during fieldwork? To ensure that the overall scope of the audit was appropriate. SOX mandates that accountants create the business rules and documentation associated with a company's business processes. 123; SAS No. B. D) planning, test of control, and completion phases. Study with Quizlet and memorize flashcards containing terms like Which one of these process should have supporting documents for conclusions reached? a. Assurance of the consistent application of correct accounting procedures Study with Quizlet and memorize flashcards containing terms like The effectiveness of internal control is not a financial statement assertion made by management. Documenting the audit procedures, evidence, and conclusions can help train junior auditors. Audit evidence gathered by an auditor from outside an enterprise is reliable. org The following questions concern audit documentation. , The working papers should contain information on planning the audit work; the nature, timing and extent of the audit procedures performed; _____; and the conclusions drawn leading to an opinion. provide information for a Which of the following statements is a false statement regarding audit documentation? a. Annual Study with Quizlet and memorize flashcards containing terms like Which of the following types of documentary evidence should the auditor consider to be the most reliable? 1. Explanation:. Audit documentation isthe record of procedures performed,evidence obtained, and conclusions reached as part of an audit. 134; SAS . Jun 1, 2017 · The experts have found high levels of material nonconformity, and the most common cause has been noncompliance with AU-C Section 230, Audit Documentation. A written engagement letter formalizing the level of services to be provided. It includes working papers, checklists, and memos that support the evidence gathered and the auditor’s findings. Who reviewed specific audit documentation and the date of such re-view. c. b. professional skepticism 2. The primary purpose for obtaining an understanding of the entity's environment (including its internal control) in a financial statement audit is a. (3)Valuation of assets and liabilities. Find articles, books and online resources providing quick links to the standard, guidance and recent developments. What Does an Audit Document Include? Audit documents are typically used to show that certain standards in the have been observed and are being met. To assure that fraudulent financial reporting did not occur. 128; SAS No. To determine the nature, timing, and extent of substantive procedures to be performed. Difficulty: Medium. What level of documentation is required by the auditing standards? Which of the following is true relating to audit work paper documentation? A) It serves as the basis of review for audit supervisors to determine if sufficient, appropriate evidence has been gathered. 19 The requirement to document who reviewed the audit work performed does not imply a need for each specific working paper to include evidence of review. B) Provide a basis for reviewing the work of subordinates. Provide evidence that the audit was carried out in accordance with GAAS c. Audit documentation may be in the form of paper, electronic files, or other media. Yes Yes No C. Internal control documents that auditor prepare in Ms words, Ms excel or […] Audit Documentation: An audit is an in-depth examination carried out in an institution to establish compliance with various policies and laws. Although the quality, type, and content of audit documentation will vary with the circumstances, audit documentation generally will include the: A. Study with Quizlet and memorize flashcards containing terms like 1) Analytical procedures are so important that they are required during the A) planning and test of control phases. To comply with generally accepted accounting principles. To gather corroborative evidence. Which of the following is not a primary purpose of audit documentation? (1) To coordinate the audit (2) To assist in preparation of the audit report (3) To support the financial statements (4) To provide evidence of the audit work performed Which of the following is not a primary purpose of audit documentation? (1) to coordinate an audit (2) to assist in the preparation of an audit report (3) to support the financial statements (4) to provide evidence of the audit work performed a. Study with Quizlet and memorize flashcards containing terms like Use your cursor to match each example to the type of control it describes. Provide support for the conclusions reached by the auditor b. B) planning and completion phases. As to audit documentation in general, it seems that many students do not fully appreciate the extent to which audit documentation should be prepared, and its form and content. </p><p>Internal documents generated and processed in the absence of adequate internal controls may not be trustworthy evidence What Is Audit Documentation? Audit documentation is a detailed account of procedures, evidence, and conclusions collected during an audit. To assist in preparation of the audit report. beginning of the year under audit; audit report release date B. B) It should not include copies of any client-generated documents. Serves as the basis for review of the work Study with Quizlet and memorize flashcards containing terms like Which of the following is the essential purpose of the audit function? A. Documentation of logical step between findings and conclusion. Subsequently discovered facts, 2. Nature and Purpose: Audit Documentation provides evidence as to whether the overall objective of the auditor was achieved as well as whether it was planned and performed in accordance with Standards of Auditing as also applicable legal and regulatory Must be done on a timely basis - not at the end of the audit! (. Interim testing normally occurs between the ____ and the ____. , Which of the following statements describes why a properly designed and executed audit may not detect a material Which of the following is not a primary purpose of audit documentation? a. (2)Completeness of recorded assets and liabilities. C) It is generally examined and utilized by the client after the audit is What is a Documentation Audit? A documentation audit checks the compliance of documentation to specified requirements and standards. Which of the following is not a primary purpose of audit working papers or audit documentation? a. <p>Some external papers, such as land titles, insurance policies, indenture agreements, and contracts, have a high level of trustworthiness since they are nearly always created with great care and are frequently examined by attorneys or other competent professionals. Audit documentation is sometimes called audit working paper or working paper. Sufficient audit documentation refer to the record of audit procedures that auditors perform. Which of the following is not an assertion relating to classes of transactions? A. A. Classify the following controls as being primarily preventive, detective, or corrective. During an audit engagement, pertinent data are compiled and included in the audit files. Accounting data developed under satisfactory conditions of internal control are more relevant than data developed under unsatisfactory internal control Audit Documentation 2033 b. To support that the audit was performed in accordance with GAAS D. Which of the following best describes the primary purpose of audit procedures? a. None of the points mentioned c. , Which of the following is not a financial statement assertion relating to account balances Which of the following is not a purpose of the review of audit documentation by a supervisor during fieldwork? A. Which of the following is a primary purpose of audit documentation? To prevent legal liability related to the audit performed. 06 For purposes of GAAS, the following Study with Quizlet and memorize flashcards containing terms like The components of the risk of misstatement are: Inherent Risk Control Risk Detection Risk A. D) To assist in the preparation of the audit report. In fact, one out of every four engagements subject to these enhanced oversights by the Peer Review Program was materially nonconforming due to a lack of adequate audit documentation. 122; SAS No. Agreements with management regarding the scope or changes in scope of services D. Because audit documentation is the written record that provides the support for the representations in the auditor's report, it should: Demonstrate that the engagement complied with the standards of the PCAOB, Specific documentation requirements of other Standards on auditing do not limit its scope. Which of the following is not an example of audit documentation? A. Thus, it is a part of the auditors' audit files and is always in written form. Yes Yes Yes B. Which of the following statements is true regarding the use of Audit Data Analytics (ADA)? A) The standard of documentation sufficiency for an ADA is less than that of other audit procedures B) The auditor must exercise professional judgment during the ADA, but does not need to act with professional skepticism C) All misstatements discovered, regardless of materiality, should be included in Feb 14, 2020 · c 3. 2. Audit Documentation 143 AU-CSection230 Audit Documentation Source: SAS No. Which of the following is required documentation in an audit? A. Audit documentation can serve many purposes to auditors including being as evidence of their work and conclusion, helping team members in performing audit work including Which of the following best describes why the Sarbanes-Oxley Act of 2002 (SOX) made documentation of business processes essential for businesses? a. wpi coj drfd jvbl gqwyqzy lgnaba gcwfg wxo wwldev adi