Discussion Question

ANSWER EACH QUESTION WITH 5 SENTENCES MIN AND NO MAX.

1. Analytical procedures post field work

Please explain why analytical procedures are employed after the field work is complete.

Please explain in five or more sentences

2. Importance of auditor reports

Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wording.

Please answer the question in five or more sentences

3. Consistency Versus Comparability

4. Explain Why Auditors’ Reports are Important to Users of Financial Statements and Why it is?

5. Standard Unqualified Report vs Qualified report

6. Financial statement disclosure checklist

7. Contingent liability vs Estimated liability

8. Regular Audit Documentation Review vs Independent Review

Solution Preview

Q1, why analytical procedures are employed after the fieldwork, is complete

Notably, analytical methods are used to evaluate both the financial and non-financial information through plausible relationships analysis. Therefore it is essential to identify fluctuations which are significantly inconsistent with the expected figures. According to “AU Section 329A – Analytical Procedures,” analytical procedures are used to help auditors to make necessary arrangements concerning the timing,

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