ACC 521 Study Guide - Midterm Guide: Enquire, Debit Card, Accrual
Document Summary
General standard: technical training and proficiency ( mark) General standard: objective state of mind ( mark) Adequate planning and reducing audit risk using planning( mark) The ca assigned to the engagement had no experience in the pop industry who were inadequately supervised and therefore it is possible that there was inadequate competence or lack of proficiency in audit. ( 1/2 mark) Lack of independence as the auditors are concerned about their own interests ( budget and fee) at the expense of quality. These examples are a lack of due care ( 1/2 mark) There is limited evidence of planning in the file ( 1/2 mark). Staff simply followed the prior year"s audit approach. ( 1/2 mark) no mention of assessment of risk assessment-used last year"s moderate risk assessment despite new computerized inventory system ( 1/2 mark) Examination standard: understanding of entity, environment and internal control. Test of controls required if control assessment below maximum ( mark)