c. Evidence to be gathered to provide a sufficient basis for the auditor’s opinion.d. Schedules and analyses to be prepared by the client’s staff.___38. Of the following procedures, which one isnot consideredpart of obtaining anunderstanding of the client’s environment? Show Get answer to your question and much more
___39. The element of the audit planning process most likely to be agreed upon with the clientbefore the implementation of the audit strategy is the determination of the Get answer to your question and much more ___40. Which of the following is not a financial statement assertion relating to account balances? Get answer to your question and much more 41.The risk that an auditor will conclude, based on sub-stantive tests, that a materialmisstatementdoes not existin an account balance when, in fact, such misstatement doesexist is referred to asa.Sampling risk.b.Detection risk.c.Nonsampling risk.d.Inherent risk. 42.As the acceptable level of detection risk decreases, the assurance directly provided from Get answer to your question and much more 43.Which of the following audit risk components may be assessed in nonquantitative terms? Get answer to your question and much more Home » Test Prep » CPA Test » The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the: The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the: a. The system contains an excess number of possible problems so that testing is required. Once a general understanding of internal control has been obtained, the auditor only needs to test specific controls if it is efficient to do so. If the general internal control system appears to be well designed, testing specific controls to verify their efficiency can lead to a reduction in the assessed level of control risk. Hopefully, the amount of substantive testing can then be reduced because the desired level of detection risk does not need to be so low. This decrease in substantive testing can lead, possibly, to an overall reduction in the time and cost of performing the audit. Conversely, if the internal control appears to be weak, no benefit is gained by testing those controls further. It is not likely that those weaknesses can be overcome. What are the elements of audit planning?The 5 Elements of an Effective Internal Audit Preparation and Planning Process. Research the Audit Area. ... . Maintain Open Communications Throughout the Planning Process. ... . Conduct Process Walk-Throughs. ... . Map Risks to the Organization, Process, or Function. ... . Obtain Data Prior to Fieldwork.. What are the main elements of an audit strategy?The audit strategy is based on the following considerations:. The scope of the engagement.. The characteristics of the engagement.. Reporting objectives.. Timing of the audit.. Nature of communications.. Significant factors in directing engagement team efforts.. The results of preliminary engagement activities.. What is the planning process of an audit?The Annual Audit Planning process involves: 1) Identifying potential audit projects; 2) Risk assessing potential projects by applying a pre-defined methodology; 3) Prioritizing potential projects by risk; 4) Calculating available resources; and 5) Preparing an annual audit plan for approval.
What are the 4 phases of an audit process?Although every audit process is unique, the audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report and Follow-up Review.
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Which is the element of the audit planning process that is most likely to be agreed upon with the client before implementation of the audit strategy?
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