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MGAD10H3 (9)
Lecture

Ch. 8

5 Pages
83 Views
Fall 2011

Department
Financial Accounting
Course Code
MGAD10H3
Professor
Julie Mc Donald

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Chapter 8 + asgt
Make some assessment
Decide whether or not to rely on controls or evaluate them
Some diagram on google for business function
Decide on evaluation whether going to rely on controls
Make up controls
Conclusion for controls dictate audit plan in future
If you say controls great, then conflicts with plan in future, does not make sense of
substantive tests all the way through
Assumption at the top, quick little blurb
Continuous process
Dont spend a lot of time making up scenario
Required on file most important
Int control questionnaire could be used, but need to filled up portion
Conclusion made must be carried forward
Use questionnaires or templates from firms or online
Dont give blank sheet not filled in
Cite where got it
Think it through in relation to company youre auditing
Step by step each audit
Some have inv, some dont
Some have obscelence issues
Only cash sales
Look at company and put in shoes of industry
Keep it easy, dont make up huge story
www.notesolution.com
Easy assumptions
Evaluate controls and perhaps rely on them, have control testing there
How can rely on controls if havent testing them
Conclusion, assessed design on control, worth testing or not
Management letter sent at the end of the audit
Purpose of letter about weaknesses of co-ntrols during the audit
Chapter 8
Put together plan and then execute test
Strategy nature, extent, timing
Document what doing
Continually checking to make sure dont have to replan
Memo to summarize whole audit strategy
Basis for rest of audit
Evaluate control, decide to test, great, final conclusion not going to take as much
substantive approach
Nature types of testing, timing (coming in June not as busy), sample size
2 types of testing going to do:
Testing either process or detailed balance (balance sheet vs. income statement)
Auditing detailed balance on A/R at specific test
Sales process happens entire year, inc statement occurs over throughout whole year
Detailed bal as at Dec 31, a lot done at end of year
Can only test process in June
Sample every month can be tested early in year, assume whole thing is right
A/R at Dec 31 balance
Income statement whole year
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Description
Chapter 8 + asgt Make some assessment Decide whether or not to rely on controls or evaluate them Some diagram on google for business function Decide on evaluation whether going to rely on controls Make up controls Conclusion for controls dictate audit plan in future If you say controls great, then conflicts with plan in future, does not make sense of substantive tests all the way through Assumption at the top, quick little blurb Continuous process Dont spend a lot of time making up scenario Required on file most important Int control questionnaire could be used, but need to filled up portion Conclusion made must be carried forward Use questionnaires or templates from firms or online Dont give blank sheet not filled in Cite where got it Think it through in relation to company youre auditing Step by step each audit Some have inv, some dont Some have obscelence issues Only cash sales Look at company and put in shoes of industry Keep it easy, dont make up huge story www.notesolution.com
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