RSM323H1 Chapter Notes - Chapter 8: Financial Audit, Audit Evidence, Audit Risk

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6 Apr 2017
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Inspection: inspection consists of examining records and documents or looking at assets with physical substance, through examining, perusing, reading, reviewing, scanning, scrutinizing, tracing, and vouching. Information sources: financial account info for comparable prior period(s), company budgets and forecasts, financial relationships among accounts in current period, industry statistics, and non financial info. Inquiry: inquiry generally involves collecting oral evidence from independent parties, auditee officials, and employees, use inquiry procedures early in the audit when they have an information-gathering meeting with the client management and tour the offices and operating facilities. Inquiries, interviews, and other oral evidence are significant within the profession because management"s explanations are an important part of obtaining an understanding of the business environment and risk, and the nature of specific transactions. Steps of the audit process and auditor"s objectives. Assessing the risk of material misstatement (inherent and control risks) Obtain indirect assurance regarding risk of material misstatements of monetary amounts in fss assess control risk.

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