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10 terms

Acct 541 - Young Fashions (Inquiry)

Presentation Notes
STUDY
PLAY
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