Auditors Perform Various Tasks in Planning an Audit Engagement

question 63

Essay

Auditors perform various tasks in planning an audit engagement.Provide an overall description of how each task is performed and its purpose.
a.Obtain an understanding of the client's business.
b.Assess audit risk and materiality for the engagement.
c.Assess fraud risk.
d.Assess the risk of material misstatement of assertions about financial statement accounts and classes of transactions.

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Definitions:

Data Process

The series of operations on data to retrieve, transform, and classify information.

Collecting

The process of accumulating items or data systematically for a specific purpose or passion.

Message/Crisis Control

A public relations strategy used to mitigate damage to an organization's reputation during a crisis.

Key Performance Indicator

An assessable figure indicating how well an organization is accomplishing its main objectives.