Explain how you would verify the following: a) Investment income. b) Bank balances. c) Contingent liabilities. d) Petty cash balances. ANSWER a) Investment Income This is received mainly from two sources i.e. fixed interest deposits and shares in listed companies. Read More …
Category: CPA Auditing Revision
CPA Auditing questions and answers
Explain the following controlling procedures in a well planned audit: i. Direction and supervision of work. ii. Review and co-ordinating of work. iii. Quality controls.
Explain the following controlling procedures in a well planned audit: i. Direction and supervision of work. ii. Review and co-ordinating of work. iii. Quality controls. ANSWER Audit control involves three key elements: – (i) Direction of audit staff (ii) Supervision Read More …
How does audit planning assist in the conduct of an audit?
How does audit planning assist in the conduct of an audit? (5 marks) ANSWER ISA 300 ‗planning‘ states that the main objective of planning is to enable the audit to be performed in an effective manner. The purposes of planning Read More …
Audit planning process allows the audit senior to acquire adequate knowledge about the entity. This process ensure an effective control of audit work. Required: Explain the auditor‘s planning process when planning for an audit of a new client.
Audit planning process allows the audit senior to acquire adequate knowledge about the entity. This process ensure an effective control of audit work. Required: Explain the auditor‘s planning process when planning for an audit of a new client. ANSWER 1. Read More …