ACC 406 BYU exam with correct |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answers
Audit Phases - correct answer✔✔o Client acceptance/continuance and establish engagement
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team
o Preliminary engagement activities
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o Plan the audit
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o Consider and audit internal control
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o Audit business processes and related accounts
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o Complete the audit
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o Evaluate results and issue audit report
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Client acceptance - correct answer✔✔firm has policies and procedures to make sure they dont
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accept a client with a lot of risk
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preliminary engagement activities - correct answer✔✔1. determine the audit engagement |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
team requirements |||\\\
2. ensure the independence of the audit team and firm
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3. establish an understanding with the client regarding the services to be preformed
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plan the audit - correct answer✔✔audit risk model used here
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audit has to be effective and efficient
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team assess the client's risk and plans materiality
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= written audit plan that says nature, extent, and timing of the audit work
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answers
Audit Phases - correct answer✔✔o Client acceptance/continuance and establish engagement
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
team
o Preliminary engagement activities
|||\\\ |||\\\ |||\\\
o Plan the audit
|||\\\ |||\\\ |||\\\
o Consider and audit internal control
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
o Audit business processes and related accounts
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
o Complete the audit
|||\\\ |||\\\ |||\\\
o Evaluate results and issue audit report
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Client acceptance - correct answer✔✔firm has policies and procedures to make sure they dont
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
accept a client with a lot of risk
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
preliminary engagement activities - correct answer✔✔1. determine the audit engagement |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
team requirements |||\\\
2. ensure the independence of the audit team and firm
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
3. establish an understanding with the client regarding the services to be preformed
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
plan the audit - correct answer✔✔audit risk model used here
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
audit has to be effective and efficient
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
team assess the client's risk and plans materiality
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
= written audit plan that says nature, extent, and timing of the audit work
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
