AUDITING ANSWERING
TECHNIQUES
Auditing 200
, CONTENTS
1. Assessment terminology …………………………………………………………….… 2
2. SAICA CPC questions ……………………………………………………………….... 3
3. Considerations for pre-engagement activities …………………………………….…… 5
4. Determining planning materiality ………………………………………………….….. 6
5. Understanding audit risk ………………………………………………………….…… 7
6. Describing risk of material misstatement at financial statement level ………………... 8
7. Describing audit risk at financial statement level …………………………………...... 8
8. Assessing ROMM/audit risk at financial statement level ………………………….…..8
9. Describing ROMM at assertion level ……………………………………………….….8
10. Questions regarding board composition …………………………………………….….9
11. One’s independence for position on the board …………………………………...……10
12. Stating a weakness ……………………………………………………………………..11
13. Stating a control objective ……………………………………………………………..11
14. Stating a risk …………………………………………………………………………...11
15. References………………………………………………………………………………12
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TECHNIQUES
Auditing 200
, CONTENTS
1. Assessment terminology …………………………………………………………….… 2
2. SAICA CPC questions ……………………………………………………………….... 3
3. Considerations for pre-engagement activities …………………………………….…… 5
4. Determining planning materiality ………………………………………………….….. 6
5. Understanding audit risk ………………………………………………………….…… 7
6. Describing risk of material misstatement at financial statement level ………………... 8
7. Describing audit risk at financial statement level …………………………………...... 8
8. Assessing ROMM/audit risk at financial statement level ………………………….…..8
9. Describing ROMM at assertion level ……………………………………………….….8
10. Questions regarding board composition …………………………………………….….9
11. One’s independence for position on the board …………………………………...……10
12. Stating a weakness ……………………………………………………………………..11
13. Stating a control objective ……………………………………………………………..11
14. Stating a risk …………………………………………………………………………...11
15. References………………………………………………………………………………12
1
