Explain the relationships among audit services, at

Explain the relationships among audit services, attestation services, and assurance services, and give an example of each.What are the purposes of the scope paragraph in the auditor’s report?

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Auditing discussion questions

INSTRUCTIONS:

 Explain the relationships among audit services, attestation services, and assurance services, and give an example of each.What are the purposes of the scope paragraph in the auditor’s report? Identify the most important information included in the scope paragraph.  Explain the importance.

Distinguish between the terms errors and fraud. Explain why auditors need an understanding of the client’s industry.

 What are the purposes of preliminary analytical procedures? What types of comparisons are useful when performing preliminary analytical procedures

 Explain why the auditor can be persuaded only with a reasonable level of assurance, rather than convinced, that the financial statements are correct

 Management must identify the framework used to evaluate the effectiveness of internal control over financial reporting. What framework is used by most U.S. public companies?

 Explain the importance of proper credit approval for sales. What effect do adequate controls in the credit function have on the auditor’s evidence accumulation?

 BestSellers.com sells fiction and nonfiction books to customers through the company’s Web site.  Customers place orders for books via the Web site by providing their name, address, credit card number, and expiration date. What internal controls could BestSellers.com implement to ensure that shipments of books occur only for customers who have the ability to pay for those books? At what point would BestSellers.com be able to record the sale as revenue?

 Explain why most auditors consider the receipt of goods and services the most important point in the acquisition and payment cycle. 

CONTENT:
Auditing discussion questionsNameCourseInstructorDate Provide an example of a substantive test or a controls test (identify if it’s a test of controls or substantive test) that an auditor may want to perform to test the sales cycle (be specific). If the test involves multiple steps make sure to list all of them. Substantive tests ought to be carried out on the accounts receivable, cash, allowance for doubtful accounts and bad debt expense.Auditor should obtain understanding from client on revenue recognition approaches.Evaluate whether there is adequate documentation on the sales cycleDetermine the internal control on sales.Use of appropriate substantive tests taking into account timing, sample size and audit procedures. Obtain sufficient appropriate evidence for sales collection cycle.Provide an example of a substantive test or a controls test (identify if it’s a test of controls or substantive test) that an auditor may want to perform to test the cash collection cycle (be specific). If the test involves multiple steps make sure to list all of them. Test of control first involves understand the internal controls in place.Identify the measures to ensure that receipt of cash is adequately recorded, including the safes where cash is deposited.Assess control risk to ensure that cash received is recorded and there is proof of receipts at the time transactions took place.Ensure that cash transactions are summarized.Provide an example of a substantive test or a controls test (identify if it’s a test of controls or substantive test) that an auditor may want to perform to test the payroll cycle (be specific). If the test involves multiple steps make sure to list all of them.Analytical procedures are part of substantive tests to ensure that there is no overstatement.Ensure that employees and deductions exist through verifying documentation that payroll is complete.Deductions should be recomputed to ensure there is accuracy of the reported amounts.Ensure that documentation adequately covers all the relevant benefits deductions and classification.Test of detail to ensure that deductions have supporting documents and that there are all calculations and deductions as well as agreement on net pay to bank.Calculate the payroll costs versus the reported costs to ensure that there are no abnormal changes on the payroll. Provide an example of a substantive test or a controls test (identify if it’s a test of controls or substantive test) that an auditor may want to perform to test the inventory cycle (be specific). If the test involves multiple steps make sure to list all of them. Substantive tests on the inventory cycle:Review of financial statements to ensure that there has been disclosure on valuation of inventory.Performing analytical procedures and verifying inventory valuation use...
 
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