Ch. 8

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University of Toronto Scarborough
Financial Accounting
Julie Mc Donald

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
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