hey guys, i am a little vague with the whole Auditing Process…
1) Pre acceptance phase: auditor consider firm independent, ability, client integrity
2) precondition of audit: fin reporting framework acceptable? mgt accept its responsibility
3) engagement letter (written or oral)
4a) if initial Audit: talk with old cpa (client perm req)
4b) recurring audit: check significant change
5) Planning the audit:
develop audit strategy
develop written audit plan
6) assess risk of material misstatement by substantive procedure/test of control
7) perform audit procedure
8) evaluate audit findings
9) complete Audit
10) evaluate events after year end but before reporting date
11) Issue Audit Report (opinion), obtain rep. letter from mgt dated the complete audit date.
Does that sound right? it would be very very helpful if someone can fill in the missing details!!!
This will be my third time taking AUD and its my last section. If i fail this, my FAR will expire. So much on stake!!!
Good Luck everyone!
CPA-
FAR -- PASSED!!
REG -- PASSED!!
BEC -- PASSED!!
AUD -- PASSED!!
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