CPAnet Forum: AUD

Active Topics

Memberlist

Help

AUD STUDY GROUP
CPAnet Forum : AUD STUDY GROUP

Topic: AUD (

Topic Closed)

Author

Message

<< Prev Topic | Next Topic >>

bennymangan
Newbie
Newbie

Joined: 10 Jan 2012
Location: Kuwait
Online Status: Offline
Posts: 10

Posted: 05 May 2012 at 22:34 \| IP Logged

Please explain an internal auditors work mostly affect the nature, timing and extent of an independent CPA auditing procedures when the internal auditors work relates to the assertions about
a) Existance of contigencies
b) Valuation of intangible assets
c) Existance of fixed asset
d) Valuation related party transactions

Whjy answer c is only correct? All other options are affecting Nature and extent and timing?

Please guide me.

megan66
Newbie
Newbie

Joined: 21 Dec 2011
Online Status: Offline
Posts: 27

Posted: 07 May 2012 at 16:29 \| IP Logged

A,B,D are the important parts for external auditors to
test all the time. But the existence of fixed assets is
usually not the important parts. When the external
auditors do the audit, they will use most of their time
to work on A,B,and D. External auditors tend to rely on
the internal auditor's work for fixed assets. That's why
how good the internal auditor's work about fixed asset is
very important because the external auditor may just take
their work and don't do any additional test. That's why
internal auditor's work about fixed asset mostly affect
the further auditing procedures.

Sorry, you can NOT post a reply.
This topic is closed.

Printable version

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum