REVIEW QUESTIONS
Discuss the similarities and differences between evidence in a legal case and evidence in an audit of financial statements.
List the four major evidence decisions that must be made on every audit.
Describe what is meant by an audit procedure. Why is it important for audit procedures to be carefully worded?
Describe what is meant by an audit program for accounts receivable.
What four things should be included in an audit program?
Explain why the auditor can be persuaded only with a reasonable level of assurance, rather than convinced, that the financial statements are correct.
Identify the two factors that determine the persuasiveness of evidence.
How are these two factors related to audit procedures, sample size, items to select, and timing?
What are the characteristics of a confirmation? Distinguish between a confirmation and external documentation.
Distinguish between internal documentation and external documentation as audit evidence and give three examples of each.
Identify the most important reasons for performing analytical procedures.
What is the primary purpose of analytical procedures performed during the completion phase of the audit?
Distinguish between attention-directing analytical procedures and those intended to eliminate or reduce detailed substantive procedures.
Why is it important that an auditor develop an expectation of the account balance when performing substantive analytical procedures about the reasonableness of an account balance? What are the audit documentation requirements when
performing a substantive analytical procedure?
At the completion of every audit, Roger Morris, CPA, calculates a large number of ratios and trends for comparison with industry averages and prior-year calculations. He believes the calculations are worth the relatively small cost of doing them because they provide him with an excellent overview of the client’s operations. If the ratios are out of line, Morris discusses the reasons with the client and often makes suggestions on how to bring the ratio back in line in the future. In some cases, these discussions with management have been the basis for management consulting engagements. Discuss the major strengths and shortcomings in Morris’s use of ratio and trend analysis.
Describe how the use of audit data analytics might increase both the effectiveness and efficiency of the audit.
Explain why liquidity activity ratios ratios are useful to auditors.
Who owns the audit files? When can they be used by other people?
For how long does the Sarbanes–Oxley Act require auditors of public companies to retain audit documentation?
Define what is meant by a permanent file, and list several types of in- formation typically included. Why does the auditor not include the contents of the permanent file with the current year’s audit file?
Distinguish among the following types of current-period supporting schedules and state the purpose of each: analysis, trial balance, and substantive analytical procedures.
Why is it essential that the auditor not leave questions or exceptions in the audit documentation without an adequate explanation?
Define what is meant by a tick mark. What is its purpose?
Explain the benefits of using audit engagement management software.
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