Acct 541 - Young Fashions (Inquiry)

10 terms by adamdeskus 

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Presentation Notes

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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