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Flashcards in Incorrect answers Deck (12)
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1
Q

what should be included in the tender for audit

A

proposed fee
CV of proposed staff
summary of potential other services you could offer

2
Q

what would cause you to decline an audit

A

outgoing auditors stating they have declined to seek reappointment

3
Q

what should be included in engagement letter

A

scope of the audit

responsibility of management

4
Q

what should not be included in engagement letter

A

fees

timetable for provision of accounting information

5
Q

what should audit team do before accepting an audit

A

obtain references concerning auditors

6
Q

how long do ISAs state the audit team needs to assemble files by after the audit report is signed

A

60 days

7
Q

can minor further procedures be added to the files after 60 days

A

no

8
Q

do files need to be locked away after 60 days

A

no, admin can be done to the files so this is not necessary

9
Q

what should the auditors consider in determining the nature timing and extent of audit procedures regarding using an expert

A

risk of misstatement associated with the work
previous experience with the expert
whether the expert is subject to the audit teams quality control policies

10
Q

what should the auditors not consider in determining the nature timing and extent of audit procedures regarding using an expert

A

the existence of any interest that may pose a threat , this is not relevant to the nature or timing

11
Q

three assertions you can use for intangible

A

existence
classification
presentation

12
Q

what is correct regarding audit responsibilities to do with employment compliance

A

to perform specific audit procedures to identify possible non compliance