Settlement of Audit Objections

to verify the assets and liabilities

to know that all receipts and payments have been properly recorded

to check the internal control system in business

to check the bank balance

The assessed level of control risk

The possibility of peer review

The nature of auditor’s review

The nature of auditor’s report

purchase orders

sales orders

sales invoices

bill of loading

Integrity and ethical values

Risk assessment

Commitment to competence

Organization structure

extracts from clients bank statements

past years financial statements

attorney letters

debt agreements

the auditor

the client

the audit assistants

the auditor and his audit assistants

Auditor will obtain sufficient appropriate audit evidence

Management representation letter

Access to all books, accounts and vouchers required for audit purpose

Cooperation from other auditors

Selling

inventory valuation

Accounting

Purchases

To provide a basis for review of audit work

To provide a basis for subsequent audits

To ensure audit work is being carried out as per Programme

To provide a guide for advising another client on similar issues

Internal check

Internal control

Internal audit

Interim check