Acct 541 - Young Fashions (Inquiry)
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Created by:
adamdeskus on May 11, 2011
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10 terms
Terms | Definitions |
|---|---|
 Intro | INTRO: Thank Julie SAS 106 - audit procedure that should be performed to gain understanding of entity and its environment (internal control) is INQUIRY |
| First Bullet | FIRST BULLET: Consists of seeking info of knowledgeable persons inquiries are generally made of mgmt board of directors internal auditors parties outside the entity (attorneys, valuation experts) |
| Second Bullet | SECOND BULLET: Not just used at beginning, but throughout the audit and w/ other audit procedures |
| Third Bullet | THIRD BULLET can range from formal written inquiries to informal discussion |
| Fourth Bullet | FOURTH BULLET responses might: provide info not previously known causes auditors to modify audit procedures or perform additionla audit procedures |
| Fifth Bullet | FIFTH BULLET inquiry should be combined w/ other audit procedures ordinarily not sufficient alone |
| 6 | Document the audit program, document inquiries that are made! CHANGE SLIDE! |
| 7 | Consider: knowledge objectivity experience responsibility qualifications of individual being questioned |
| 8 | Consider the reacions and responses and ask follow up questions |
| 9 | Point out reference at bottom of page turn it over to Senait |
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