ACCT 497 Lecture Notes - Lecture 9: Financial Statement, Internal Control
22 Feb 2017
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Document Summary
Audit plan: it auditors, time budget. Materiality: a matter of professional judgement, materiality criteria. Qualitative criteria: using materiality on the audit. For making decisions about the audit report. Conduct substantive test: types of audit procedures. Inquiry: auditor needs to consider when evaluating a client"s computerized environment. Potential for errors, fraud and increased management supervision: auditor needs to consider when evaluating the effect of a clients computerized processing on an audit of financial statements. Audit program is a comprehensive list of specific audit procedures that auditors based their opinion on the financial statement. Auditor: person who writes and sends letter of indebtness to customers of the client. Engagement: this letter should be created when a new client is accepted or when an audit agreement continues from year to year. Materiality: an amount that would influence the decisions of users. Yearend: audit work that refers to procedures performed shortly before and after the balance sheet date.
