Study Guides (283,357)
CA (135,364)
UTSC (8,863)
MGA (160)
MGAD10H3 (4)

Planning Stage

3 Pages
140 Views
Fall 2011

Department
Financial Accounting
Course Code
MGAD10H3
Professor
Julie Mc Donald

This preview shows page 1. Sign up to view the full 3 pages of the document.
MGTD60 Plan Stage
StepsReason How
Make Pre-
engagement
arrangements
Auditors try to reduce risk by
carefully managing engagement
Having right staff with right
competency
Ensuring staff are independent
Timing of audit time budget
allows spread workload b/w
interim and yr-end periods
Comprise team of
engagement partner,
audit manager, 1+ senior
audit staff members,
staff assts, specialists,
tax partner, consulting
services partner, second
audit partner
Small firm 1 or 2 ppl
Propose plan for timing
of work based on prev
exp and KOB
Time reports of time
taken for audit
procedures to eval
efficiency of members,
billing client, planning
next audit of client
Obtain KOB Assess risk that F/S may contain
material misstatements
Establish overall audit strategy,
design audit plan and audit
programs
Understand business and
economic environment
such as national
economic policies,
geographic location, tax
and regulation, specific
industry characteristics
Apply preliminary
analytical
procedures on draft
F/S
Spot relationships in accounts as
indicators of problems and to
plan further audit work
Draft statements show
relationships that dont make
sense
Indicates problems areas where
misstatements may exist
Attention directing
Provide starting point,
familiarity of business, organized
approach
Identify relationships and chgs in
data
Horizontal analysis,
vertical analysis
Analyze cash flow
statements for
irregularities
www.notesolution.com

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
MGTD60 Plan Stage Steps Reason How Make Pre- Auditors try to reduce risk by Comprise team of engagement carefully managing engagement engagement partner, arrangements Having right staff with right audit manager, 1+ senior competency audit staff members, Ensuring staff are independent staff assts, specialists, Timing of audit time budget tax partner, consulting allows spread workload bw services partner, second interim and yr-end periods audit partner Small firm 1 or 2 ppl Propose plan for timing of work based on prev exp and KOB Time reports of time taken for audit procedures to eval efficiency of members, billing client, planning
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

You've reached the limit of 4 previews this month

Create an account for unlimited previews.

Already have an account?

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit