Audit Documentation and Audit Evidence Question 1.Define audit documentation. Also give some examples.OrWrite short note on: Audit working papers Answer:Audit documentation:SA 230 “Audit Documentation” defines the term as “Record of audit procedures performed, relevant audit evidence obtained and the conclusions the auditor reached”. Examples of audit documentation:Audit documentation may be recorded on paper or on electronic […]

Risk Assessment and Internal Control Question 1.The assessment of risks is a matter of professional judgment. Explain stating clearly what is not included in Audit Risk? Answer:Assessment of Audit Risk: Audit Risk is the risk that the auditor gives an inappropriate audit opinion when the financial statements are materially misstated. Thus, it is the risk that […]

Audit Strategy, Audit Planning and Audit Programme Question 1.“The auditor should plan his work to enable him to conduct an effective audit in an efficient and timely manner. Plans should be based on knowledge of the client’s business” Discuss stating clearly the broad points you would be covering in framing plan to conduct audit in […]