CPAnet Forum: High inherent risk and evidence gathering

Active Topics

Memberlist

Help

AUD STUDY GROUP
CPAnet Forum : AUD STUDY GROUP

Topic: High inherent risk and evidence gathering (

Topic Closed)

Author

Message

<< Prev Topic | Next Topic >>

knitterkuba
Newbie
Newbie

Joined: 03 Aug 2012
Online Status: Offline
Posts: 2

Posted: 03 Aug 2012 at 08:38 \| IP Logged

I am wondering about the GAAS requirements in regards to this situation:

Let us say that the inherent risk for an account is high and assume that the controls are semi-strong (2 out 3). Are there any GAAS requirements in regards to the substantive procedures in this case? Does an auditor need to plan to collect substantive evidence or can they choose to not worry about it too much for whatever reason. If any GAAS requirements like this exist then how do they compare on the US and international level.

In case they do exist, could you point me to the reference that talks about it?

Thank you very much for the help

Kusum
Newbie
Newbie

Joined: 08 Aug 2009
Location: United States
Online Status: Offline
Posts: 11

Posted: 04 Aug 2012 at 17:16 \| IP Logged

I was also looking for the answer on this. knitterkuba
please do let me know if you get the answer from anywhere.

__________________
Kusum

fugui88
Newbie
Newbie

Joined: 22 Jun 2012
Location: United States
Online Status: Offline
Posts: 4

Posted: 11 Aug 2012 at 07:59 \| IP Logged

audit risk = IR X CR X DR

in your post, IR is high , CR is OK, in order to reach the acceptable
audit risk level , the DR must set low, which means to do more
substantive procedures. As my understanding, "not worry too much"
is not acceptable

I am not sure I answered your question or not. I am using Becker, it
doesn't mention about international thing. So I don't know how to
answer your rest parts.

cindyle
Newbie
Newbie

Joined: 16 Aug 2012
Location: United States
Online Status: Offline
Posts: 3

Posted: 16 Aug 2012 at 22:16 \| IP Logged

Haven't you got your set of
charms/pandora-gold-charm-beads-on-sale.html">gold pandora
charms cheap as of now? If you haven't, this is the
time to go for Pandora charms and other immensely popular
jewelry items which can be customized as per your wish.
You can choose Pandora beads from a wide range and use
them to customize your
open-heart-pendant-fruit-sterling-charm-blue-red-and-
black-murano-glass-bracelet.html">open heart pandora
charm. Besides adding style and substance to your
personality, these are light on your pocket as well. At
the same time, you can use them as gifts for various
occasions.
The major reason behind their popularity is their
availability in a
dangle-pink-cz-diamond-butterfly-charm-brown-leather-
bracelet.html">pandora butterfly charm dangle 800
handcrafted designs which can be used in any way as you
like. You will be surprised to know that these can be
crafted out of various materials such as gold, silver,
enamel or murano glass. If you are willing to shell out
some more bucks, you can embed diamonds and other gems
such as ruby or
charms/pandora-ring-charm.html">pandora jewelry
Rings. Regardless of the occasion where you are
going to wear them, you will be apple of everybody's
eyes.

.jpg">

knitterkuba
Newbie
Newbie

Joined: 03 Aug 2012
Online Status: Offline
Posts: 2

Posted: 21 Aug 2012 at 14:49 \| IP Logged

I was wondering a little more about whether there is any specific regulation regarding actions that must be taken by the auditors in specific situations. I know that much of it is up to professional judgement but there are some cases that are very specific. For example, if there is a complete lack of controls. I hope I was able to explain myself a little better this time. Thank you for all the help

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