question archive Parker is the incharge auditor with administrative responsibilities for the upcoming annual audit of FGH Company, a continuing audit client
Parker is the incharge auditor with administrative responsibilities for the upcoming annual audit of FGH Company, a continuing audit client
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Parker is the incharge auditor with administrative responsibilities for the upcoming annual audit of FGH Company, a continuing audit client. Parker will supervise two assistants on the engagement and will visit the client before the fieldwork begins. Parker has started the planning process by listing procedures to be performed prior to the beginning of fieldwork. The list includes
1. Reviewing correspondence and permanent files.
2. Reviewing prior years' audit documentation, financial statements, and auditor's reports.
3. Discussing matters that may affect the examination with the CPA firm personnel responsible for providing audit and non audit services to the client.
4. Discussing with management current business developments affecting the client.
Required:
Complete Parker's list of procedures to be performed before the beginning of fieldwork.
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Preliminary Engagement activity include:
- Understand the client and client's industry
- Determine the audit engagement team requirements
- Ensuring the Independence of audit team and audit firm
Planning activities involves:
Obtaining the Knowledge of business through identifying and assessing the risks of material misstatement through understanding the Entity and its Environment and internal controls.
Determine the overall audit strategy.
Determine the nature timing and extent to complete the audit.
Updation of overall audit Strategy and audit plan as necessary during the course of audit.
