Use a firm of your choice, either real or of your own creation aand write as fro

Question

Use a firm of your choice, either real or of your own creation aand write as from the perspective who has just been hired to conduct and audit of the firm. explain each part at least in 200 words.

a) Using the firm you have chosen, outline a thorough outline for the audit that includes descriptions of particularly important issues to be dealt with along the way.

b) Using the firm you are auditing, thoroughly outline the evidence you will gather. Explain the importance of each type and how you will gather and evaluate it.

c) Outline and describe how you will decide issues of materiality and how these shall/should be reported, analyzed, and acted upon by the firm being audited.

Explanation / Answer

Answer:-

a) . Using the firm you have chosen, outline a thorough outline for the audit that includes descriptions of particularly important issues to be dealt with along the way:-

b) .  Using the firm you are auditing, thoroughly outline the evidence you will gather. Explain the importance of each type and how you will gather and evaluate it :-

When we as evaluators are trying inner controls or assessing business forms, we utilize proof to help our declarations. Underneath I will talk about the essential kinds of proof inspectors use to finish our work.

Audit Evidence :-

Physical Examination :-

Confirmations:-

Documentation :-

Analytical Procedures :-

Inquiries of Client:-

C) . Outline and describe how you will decide issues of materiality and how these shall/should be reported, analyzed, and acted upon by the firm being audited:-

Materiality :-

Performance materiality :-

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