Accounting

1. Audit requires ______ level of assurance and other assurance engagement requires ______level of assurance and ____evidence.
2. What is audit evidence
3. T/F: audits look at all the information that might exist
4. Audit work is carried out on _____ basis
5. What are included in the testing basis
6. What is the definition of tests of controls and substantive procedures
7. Results of test of control will affect the assessment of ____
8. What is control risk
9. To test controls, auditors will use ___ , ______ and _______
10. Examples of controls
11. T/F: auditors can only rely on the test of control or substantive procedures
12. Substantive procedures must be carried out by auditors on material items, examples
13. Matter of judgment and most appropriate to analytical procedures and tests of detail
14. Substantive analytical procedures and tests of detail are most appropriate to what
15. Ways of difference evidence can be obtained by the auditors
16. What is sufficient, appropriate evidence
17. What is the definition of sufficient and appropriate
18. Quantity and quality of evidence required depends on______
19. PPT P9
20. Tests of control are tests of _____

  Substantive tests are tests of the ___ of the process

1. Auditors should test the adequacy of ____ first, to determine what
2. What will happen if the controls are weak/strong
3. PPT P12,13
4. What is financial statement assertions
5. Classes of transactions, account balances, and presentation of disclosure
6. PPT P14,15,16,17 (important)
7. What is audit report
8. The audit opinion may be either ________ or __________
9. What will a modified report occur
10. Describe the modified opinion
11. What id qualified opinion, adverse opinion, disclaimer opinion and due to what
12. PPT P19,20
13. What is the content of the audit report/must explicitly opine on what issues
14. What is implied opinions
15. What are the main components of an audit report

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