[Anonymous]

Hi,

I am not an auditor but I work in the accounting field so this exam keeps kicking my butt. I am confused as to the chain of events of “timetable” of an audit. I have a general diagram from my Wiley book, but I am still confused as to where to place key events. This is what I have come up with regarding the correct chronological order of an Audit. Please critique or fix this if possible!

My Questions:

1. Issue report on understanding of Internal Control (CRIME) – Where does this fit in?

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1. Plan Audit

2. Obtain Understanding of Client/Environment including Internal Control (CRIME)

a. Communicate with predecessor auditor

b. Engagement Letter is signed here

i. Preliminary Engagement Activities

ii. Develop Overall Audit Strategy

iii. Audit Plan

3. Assess RIsks of Misstatement and Design Further Tests

a. Perform Tests of Controls

4. Perform Substantive Procedures

a. Perform Tests of Controls

5. Complete the Audit

a. Second Review by other Audit Partner

6. Issue Audit Report

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[monikernc]

Google aicpa clarified auditing standards and go to that page and print it. The standards are listed more or less in order of sequence. For nonissuers Reporting/Opining on IC is an attestation engagement AT-501 and required under certain circumstances. As part of an audit, where no opinion is expressed, it has its own standard listed on the audit page.
For issuers a report/opinion on internal control is always required under PCAOB5. You can google those too. It's easy and fun 🙂

AUD - 93
BEC - 82
FAR - 76
REG - 88

How have you been?
Ninja book and MCQs and the forum, all first try! 2016
Licensed State of Montana April Fool’s Day 2020
State of Colorado June 2020 - AICPA Ethics 93
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If you want things to change you have to do something different.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Author]

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