ACCT 475 Lecture 16: ACCT 475 – Lecture 16
Document Summary
Chapter 8: executive of the audit testing of controls. If so, do not modify planned substantive procedures. Revise audit risk assessment for related account and the planned audit strategy: when deciding whether need for additional tests of controls, consider: Results of enquiries and observations - could reveal other controls now being relied upon and need to be tested. Evidence provided by other tests substantive tests can provide evidence about continued functioning of controls. Changes in overall control environment change in key personnel could make additional control tests necessary. Results of control testing documented in working papers. Conclusion tied to specific to test purpose: document in sufficient detail to allow another auditor to perform same test. E(cid:454)te(cid:374)t of do(cid:272)u(cid:373)e(cid:374)tatio(cid:374) depe(cid:374)ds o(cid:374) (cid:272)o(cid:373)ple(cid:454)it(cid:455) of (cid:272)lie(cid:374)t"s ope(cid:396)atio(cid:374)s, systems and controls. Review impact of testing controls on rest of audit: document the work performed select within flowchart or internal control questionnaire. Then you have findings controls that worked/did not work.