Which of the following documentation is required for an audit in accordance with gaas. A list of alternative procedures that were considered but not used in the audit. International standards on auditing, but only if the audit is being conducted Study with Quizlet and memorize flashcards containing terms like 1. AU 500 Audit Evidence . Audit Procedures as a Basis for Concluding on the Sufficiency and Appropriateness of (c) Program-specific audit election. , One benefit of audit documentation is to Which of the following is a primary purpose of audit documentation? A. AU-C Study with Quizlet and memorize flashcards containing terms like The Public Company Accounting Oversight Board [PCAOB] derives its authority to set and enforce auditing standards for public company audits from A) The American Institute of Certified Public Accountants [AICPA]. Provide support for the conclusions reached by the auditor b. 2. 9230 : Consideration of Fraud in a Financial Statement Audit This section addresses the auditor’s responsibilities relating to fraud in an audit of financial statements. A financial reporting framework other than GAAP designed to meet the financial information needs of The auditor may conduct the audit in accordance with: A. . Documentation of logical step between findings and conclusion. Which of the following is required documentation in an audit in accordance with generally accepted auditing standards? a. Study with Quizlet and memorize flashcards containing terms like Which of the following is a true statement about the required documentation in an audit performed in accordance with generally accepted auditing standards? a. 505 External Confirmations . 09 For purposes of GAAS, the following terms have the meanings at- a. For example, in accordance with AS 4101, Responsibilities Regarding Filings Under Federal Securities Statutes, auditors are required to perform certain procedures up to the effective date of a registration statement. 01 This section explains what constitutes audit evidence in an audit of " Nature and Purposes of Audit Documentation. Documentation of Teams findings c. ) Premise - management is responsible for a. In such circumstances, when the auditor Study with Quizlet and memorize flashcards containing terms like Which of the following best describes what is meant by the term generally accepted auditing standards?, The phrase "U. 142. Yellow Book Revisions. D) A Presidential executive order. , Which of the following statements regarding auditor evaluation of the Which of the following is NOT one of the purposes of audit documentation? a. review the predecessor's audit documentation if the audit is to be in accordance with GAAS. Both GAAS and government auditing standards (GAGAS) B. When an auditee expends Federal awards under only one Federal program (excluding R&D) and the Federal program's statutes, regulations, or the terms and conditions of the Federal award do not require a financial statement audit of the auditee, the auditee may elect to have a program-specific audit conducted in accordance with § 200. A written audit plan setting forth the evidence gathering procedures necessary to accomplish the audit's objectives. Audit File : One or more folders or other storage media in physical or electronic form, containing the records that comprise of the audit documentation for a specific Audit Evidence 431 AU-CSection500 Audit Evidence (SupersedesSASNo. A planning memorandum or checklist. b. Which of the following documentation is required for an audit in accordance with generally accepted auditing standards? a) A flowchart or an internal control questionnaire that evaluates the effectiveness of the entity's controls. registered firms must provide a copy of the firms quality control policies and procedures to Definitions: Audit Documentation: The record of audit procedures performed, relevant audit evidence obtained and conclusions the auditor reached (working papers, work papers). Documents showing compliance with GAAS (in planning and conducting the audit) b. 3 The auditor must identify and document any additions to audit documentation as a result of these procedures consistent with the 3. For purposes of this standard, the term listed below is defined as follows: A2. Definitions. 02 Audit documentation that meets the requirements of this section and the specific documentation requirements of other relevant AU-C sections provides . D. d. A39) b. generally accepted accounting principles" is an accounting term that:, Which of the following accurately depicts the auditor's responsibility with respect to Statements on Auditing Standards? and more. For the preparation and fair presentation of the financial statements in accordance with the applicable financial reporting framework; 2. A2 Audit committee - A committee (or equivalent body) established by and among the board of directors of a company for the purpose of overseeing the accounting and financial reporting processes of the company and audits of the financial statements of the company; if no such committee Which of the following is required documentation in an audit in accordance with generally accepted auditing standards? a. Aug 22, 2023 · Recognize the important considerations in supervising an audit engagement; Recall minimum documentation requirements to demonstrate procedures performed, audit evidence obtained, and conclusions reached; Identify integral objectives of a thorough review of audit workpapers, including the requirements of an engagement quality control review AICPA standards on documentation Purpose of audit documentation per AU-C section 230, Audit Documentation, is to provide: • evidence of the auditor's basis for a conclusion about the achievement of the overall objectives of the auditor, and • evidence that the audit was planned and performed in accordance with GAAS and applicable legal and Study with Quizlet and memorize flashcards containing terms like The permanent (continuing) file of audit documentation most likely would include copies of the:, T/F: Lead schedules would be included in the current audit documentation since they are applicable to the current year's audit only, T/F: Attorney's letters would not be included in the current audit documentation since they are Audit Documentation This section addresses the auditor’s responsibility to prepare audit documentation for an audit of financial statements. AU-C sec. An auditor who performs an audit in accordance with GAGAS prepares a report regarding his or her Appendix A - Definitions. A flowchart or narrative of the accounting system describing the recording and classification of transactions for financial reporting. 07 . Meeting the requirements of AU-C 230 and the specific documentation requirements of other relevant AU-C sections provides evidence of the auditor’s basis for his or her audit opinion as well as evidence that the audit was planned and performed in accordance with generally accepted auditing standards (GAAS) (AU-C 230 paragraph 02). B. Management is responsible for which of the following: a. . Audit quality involves which of the following? a. framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. Either GAAS as issued by the AICPA or PCAOB standards, but not both C. , One benefit of audit documentation is to provide b. A1 For purposes of this standard, the terms listed below are defined as follows:. Study with Quizlet and memorize flashcards containing terms like 1. See full list on investopedia. Either GAAS as issued by the The Yellow Book contains standards for financial audits, attestation engagements, and performance audits as well as specific requirements for individual auditors and audit organizations. C. com Objective. Feb 7, 2020 · This chapter concerns the audit documentation the auditor is expected to prepare. Who reviewed specific audit documentation and the date of such re-view. 500 Audit Evidence . evidence that the audit was planned and performed in accordance with GAAS and applicable legal and regulatory requirements. Integrated audit c. Facilitate the planning, performance, and supervision of the audit engagement d. , Which of Study with Quizlet and memorize flashcards containing terms like An audit firm's audit documentation DOES NOT:, Audit documentation should be sufficient to allow ______ to understand the audit work performed, the evidence obtained, and the significant conclusions reached, Audit documentation should identify all of the following except: -the dates client transactions and entries were made -the Study with Quizlet and memorize flashcards containing terms like Guidance on the quantity, type, and content of attest documentation for attestation engagements requires that attest documentation for attestation engagements indicate:, An auditor who performed analytical procedures that compared current-year financial information to the comparable prior period noted a significant increase in Dec 16, 2020 · The following is an example of the new ASB report where there is no other legal or regulatory requirements (which are sometimes required, usually in government audits), but with the inclusion of KAMs. The auditor may conduct the audit in accordance with: a. Aug 21, 2024 · What is a good audit documentation? A good audit working paper must have adequate information to allow an experienced auditor with no past connection with the engagement to comprehend the timing, results, extent, and nature of the audit procedures carried out, the evidence gathered, and the conclusions reached. (Ref: par . Provide evidence that the audit was carried out in accordance with GAAS c. C) Performance. The auditor's understanding of the entity's control activities that help ensure achievement of management's objectives. To maintain professional judgment. When conducting an audit of financial statements in accordance with the standards of the PCAOB and the audit is not within the jurisdiction of the PCAOB as defined by the Sarbanes-Oxley Act of 2002 (the Act), as amended, the auditor is required to also conduct the audit in accordance with GAAS. To assure that fraudulent financial reporting did not occur. 08 GAAS contain objectives, requirements, and application and other explanatory material that are designed to support the auditor in obtaining reasonable assurance. 501 Audit Evidence—Specific Considerations for Selected Items . 230. Both GAAS and government auditing standards (GAGAS). Study with Quizlet and memorize flashcards containing terms like Audit documentation is meant to provide support for conclusions drawn by the auditor, to provide evidence that the audit was performed in compliance with GAAS and facilitates the planning, performance, and supervision of the engagement as well as the review of the quality of work. Auditors of publicly traded companies are required to perform a(an) ___________ for their clients: a. The assessment of the risks of material misstatement at both the financial statement and relevant assertion levels. audit objectives and assertions c. seek the SEC's permission to accept the engagement if Blakeney is publicly owned. Internal control audit, 2. 25 which of the following is a communication requirement with respect to registered audit firms? a. 05 The objective of the auditor is to prepare documentation that provides. Jun 1, 2017 · Signing off on an audit program is rarely sufficient to meet the requirements of the Audit Documentation standard. A40–A42). Compliance audit b. In accordance with paragraph . an auditor ordinarily uses a working TB resembling the FS without footnotes, but containing columns for: a. The 2018 Yellow Book is effective until implementation of the 2024 Yellow Book. Which of the following documentation is not required for an audit in accordance with generally accepted auditing standards? a. SAS 134 is effective for audit reports on financial statements for periods ending after December 15, 2019, with early adoption prohibited. A14) Which of the following documentation is required for an audit in accordance with PCAOB standards? A. all of the above, Which one of the following DOES NOT require . registered firms must provide to management a schedule of unadjusted audit differences c. Critical audit matter – Any matter arising from the audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved Study with Quizlet and memorize flashcards containing terms like Which of the following is not true regarding audit documentation for a specific audit?, The permanent (continuing) file of audit documentation most likely would include copies of the:, Audit documentation serves mainly to: and more. A written audit plan setting forth the procedures necessary to accomplish the audit objectives. registered firms must report to the audit committee the critical accounting policies and practices used b. Preparing financial statements in accordance with the appropriate auditing standards Which of the following documentation is required for an audit in accordance with generally accepted auditing standards? NO A. Performing an audit in accordance with GAAS to provide reasonable assurance that the audited financial statements and related disclosures are presented in accordance with GAAP and providing assurance that those financial statements are not materially misstated whether due to errors or fraud. To support that the audit was performed in accordance with GAAS. The difference between generally accepted auditing standards (GAAS) and generally accepted government auditing standards (GAGAS) is the additional requirements that the auditor must follow when performing an audit in accordance with GAGAS. ) Purpose - provide an opinion on whether the F/S prepared in accordance with applicable financial reporting framework 2. Preparation of F/S in accordance with standards & implementing prop Which of the following documentation is not required for an audit in accordance with generally accepted auditing standards? A. Effective for audits of financial statements for periods ending on or afterDecember15,2022. Introduction Scope of This Section. A1. c. APPENDIX A – Definition. Using third-party confirmations to provide support for management's representations. , In certain audit engagements, the auditor may be required to comply with auditing requirements in addition to GAAS. obtaining audit evidence about the accuracy and completeness of the information, as necessary (Ref: par. 08 of AU-C Section 230, the auditor should document: The nature, timing, and extent of the procedures performed; The results of the procedures and the evidence obtained; and Meeting the requirements of AU-C 230 provides evidence of the auditor’s basis for his or her audit opinion as well as evidence that the audit was planned and performed in accordance with generally accepted auditing standards (GAAS). A flowchart or narrative of the information system relevant to financial reporting describing the recording and classification of transactions for financial reporting. a. reject the engagement if the change in auditors resulted from a dispute with the predecessor. A documented audit plan describing the necessary procedures to be performed Study with Quizlet and memorize flashcards containing terms like Which one of these process should have supporting documents for conclusions reached? a. 7 purposes and (Ref: par. The auditor must prepare audit documentation, on a timely basis, in sufficient detail to provide evidence: a) About the conclusions reached; and b) that the audit was planned and performed in accordance with GAAS and relevant legal and regulatory requirements. A management representation letter. reconciliations and tick marks, 2. Answer: Explanation: d. S. A flowchart or an internal control questionnaire that evaluates the effectiveness of the entity's internal controls. (Ref: par. B) Reporting. reclassifications and adjustments d. 1. C) An Act of Congress. stand that they have the following responsibilities that are fundamental to the conduct of an audit in accordance with GAAS; that is, responsibility 1. The auditor must obtain sufficient appropriate1 audit evidence by per-forming audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit. 19 The requirement to document who reviewed the audit work performed does not imply a need for each specific working paper to include evidence of review. An internal control questionnaire. Aug 3, 2024 · Study with Quizlet and memorize flashcards containing terms like Audit documentation is meant to provide support for conclusions drawn by the auditor, to provide evidence that the audit was performed in compliance with GAAS, and facilitates the planning, performance, and supervision of the engagement as well as the review of the quality of work. Only GAAS or PCAOB, but not auditing standards of another jurisdiction of country D. 520 Analytical Procedures . perform the audit engagement in accordance with professional Documentation . An organization chart. 06 of section 326, Audit Evidence, for the definition of the term appropriate. A1 ) Special purpose framework. 07 For purposes of GAAS, the following terms have the meanings attributed as follows: Special purpose financial statements. 507. 530 Audit Sampling For purposes of generally accepted auditing standards (GAAS), the following terms have the meanings attributed as follows: Accounting estimate. The understanding of the entity's control activities is a necessary part of an audit in accordance with generally accepted auditing standards (GAAS). A flowchart depicting the segregation of duties and authorization of transactions is required. A client engagement letter that summarizes the timing and details of the auditor's planned fieldwork. D) Responsibilities. It should be clear from the audit documentation who reviewed specified Which principle of the Principles Underlying an Audit Conducted in Accordance with GAAS describes where auditors are required to plan the work and properly supervise any assistants? A) Purpose of an Audit and Premise upon which an Audit is Conducted. of Evidence Required 177 Using the Work of Others 177 Supervision 179 Evidence 179 Overall Assessment of Evidence 185 Findings 186 Audit Documentation 190 Availability of Individuals and Documentation 192 Chapter 9: Reporting Standards for Performance Audits 194 Reporting Auditors’ Compliance with GAGAS 194 Report Format 195 450 Evaluation of Misstatements Identified During the Audit . b) A client engagement letter that summarizes the timing and details of the auditor's planned fieldwork. Audit organizations seeking to enter into a contract to perform an audit in accordance with GAGAS should provide their most recent external quality control review to the entity contracting for the audit. A monetary amount for which the measurement, in accordance with the requirements of the applicable financial reporting framework, is subject to estimation uncertainty. 122section500) Source:SASNo. Which of the following best describes the general character of the three principles that are listed in the Performance section of the Principles Underlying an Audit Conducted in Accordance with GAAS? A) The purpose and value of a financial statement audit and lays out the responsibilities of management for an effective audit to be possible. which of the following documentation is required for an audit in accordance Audit Documentation 2033 b. The AlCPA’s GAAS established three standards for fieldwork to guide auditors in planning and performing the audit: Sep 4, 2024 · In an audit conducted in accordance with Generally Accepted Auditing Standards (GAAS), certain types of documentation are typically not required. a sufficient and appropriate record of the basis for the auditor's report; and. Internal audit d. B) The Securities and Exchange Commission [SEC]. cash flow increases and decreases b. When preparing for an audit exam, students need to be aware of the impact of information and computing technology (ICT) on the preparation of audit documentation. Financial statements prepared in accordance with a special purpose framework. Which of the following documentation is required for an audit in accordance with GAAS? -a flowchart or internal control questionnaire that evaluates the effectiveness of the entity's internal control. -a management representation letter that summarized the timing and details of the auditor's planned fieldwork. When auditing a governmental entity under the Single Audit Act, the auditor should perform the engagement both in accordance with GAAS and in accordance with Generally Accepted Government Auditing Standards that impose several additional audit requirements. To prevent legal liability related to the audit performed. While the specific requirements can vary based on As to the form of audit documentation, audit firms now rely on electronic and other forms of media to record their audit, in addition to traditional paper forms filled in manually. evidence of the auditor's basis for a conclusion about the achievement of the overall objectives of the auditor; and Study with Quizlet and memorize flashcards containing terms like Auditor recommendations for adjustments to the financial statements are considered to beAuditor recommendations for adjustments to the financial statements are considered to be _______ to indicate management's responsibility for the financial statements. 1 See paragraph . 510 Opening Balances—Initial Audit Engagements, Including Reaudit Engagements . uexma hxk jzbw tvaol fxk xrkg faam hoi peiiwqmw ogrrj