Settlement of Audit Objections

Relevance

Reliability

Sufficiency

Effectiveness

ICQs and walk through tests

ICQs and judgment sample

ICQs and random sample

ICQS and ICEC

his expert opinion about the accounts

a factual position about the accounts

a critical review of the accounts

financial assistance

unqualified opinion

qualified opinion

disclaimer of opinion

adverse opinion

It helps the auditor to study relationship among elements of financial information

Relationship among data exist and continue in the absence of known condition to the contrary

Analytical procedures will not be able to detect unusual relationships

None of the above.

Auditor should attend physical stock taking only if inventory is material

Auditor may not attend physical verification of stock by management, if he does not find it appropriate to rely on it

Auditor may not attend physical verification of stock by management, if he does not find it appropriate to rely on it

The primary objective of an auditor’s observation of an entity’s observation of an entity’s stock take is to obtain direct knowledge that the stock and has been property counted

The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation

The safe custody of working papers is the responsibility of client, if kept at his premises

The working papers must be retained by an audit firm for a period of 10 years

Successor auditors may have access to working papers of the predecessor auditors. The approval of client is not required

President Finance

President System

Managing Director

CEO

purchase returns

sales returns

goods with consignor

purchase discounts

final audit

efficiency audit

cost audit

cash audit