The Audit Process questions and verified answers

The Audit Process questions and verified answers Plan the Audit - Correct Answer a Client Acceptance and Continuance b. Gain Understanding of the Client c. Gain Understanding of ICFR d. Identify Risks e. Develop Audit Plan Perform the Audit - Correct Answer a Perform Audit Procedures b. Gather and Evaluate Audit Evidence c. Document Work Complete the Audit and Report Results - Correct Answer a Completion Procedures b. Audit Report c. Management Letter d. Communication with Those Charged with Governance Audit Procedures - Correct Answer - test of account balances (substantive) - test of transactions (substantive) - analytical procedures(substantive) - test of controls - test of disclosures(substantive) - risk assessment procedures audit deliverables - Correct Answer 1. audit opinion 2. internal control/management letter 3. auditor communication with those charged with governance