Use of analytical procedures in auditing
How are the analytical procedures used in an audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can an auditor use to develop expectations? Please provide examples.
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Explain the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining population affect sampling unit?
Describe how market economic system works to answer fundamental economic questions. Describe how this may vary from command economic system
Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important?
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How are analytical procedures employed in audit engagement? What premise underlies the use of analytical procedures in auditing? What sources of information can auditor use to develop expectations? Please provide examples.
Describe how market economy compensates for market surplus. What about market shortage? Why is price driven toward equilibrium? How does relate to laissez-faire.
Explain the two types of audit tests? What are some examples of each of these two types of tests? How will the auditor use the data gathered from these tests?
Identify and discuss 3 examples of routine or transactional change during your work experience.
Explain the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
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