The auditor should prepare working papers which are sufficiently complete and detailed to provide an overall understanding of the audit. Required: Give any two reasons why a director should examine the directors‘ minute book

To ensure that shares and debentures were issued at the quoted prices and uniformly to all qualified allocates.
• Should there be forfeiture of shares at any one time, it should be clearly stated that defaulters were given adequate warning concerning monies owed.
• For contracts signed for capital projects, the auditor needs to ensure that ALL signatories actually appended their signatures to the contract.
• Verify that title deeds for land owned actually exists and clearly indicates the company as the legal owners of the assets as stated in the Balance sheet

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The auditor should prepare working papers which are sufficiently complete and detailed to provide an overall understanding of the audit. Required: In the audit or purchases, list four examples of the type of information that would be contained in the detailed audit working papers
What specific actions can an individual auditor or audit firm take to minimize liability arising from audit risk?
Explain the assurances that an auditor seeks to obtain in the audit of tangible fixed assets
List and briefly explain the general forms of qualifications available to the auditor in drafting his audit report, stating the circumstances in which each qualification is appropriate. Give an example of each circumstance
The auditor should obtain sufficient and appropriate audit evidence to be able to draw reasonable conclusions on which to base the audit opinion. Identify and briefly explain any three procedures for obtaining audit evidence
Clearly outline the statutory responsibilities of an external auditor in relation to the audit of a company‘s financial statements
The auditor‘s operational standard states, ―The auditor should obtain relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions thereon‖. Required: What factors would influence the auditor to accept third party certificates as audit evidence?
Why should the auditor be unwilling to take full responsibility for the detection of fraud during the annual audit? Explain
The auditor‘s operational standard states, ―The auditor should obtain relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions thereon‖. Required: What factors would influence the judgment of the auditor with regard to sufficiency of audit evidence?
Audit working papers should always be sufficiently complete and detailed to enable an auditor with no previous connection with the audit to subsequently ascertain from them what work was performed and to support the conclusions reached by the auditor Required;List four benefits that the auditor would obtain from working papers that meet the above requirements
Write briefly explanatory notes on the following types of audit: Statutory audit, Private audit, Balance sheet audit and Management audit;
Audit working papers should always be sufficiently complete and detailed to enable an auditor with no previous connection with the audit to subsequently ascertain from them what work was performed and to support the conclusions reached by the auditor . Required; Briefly explain giving two examples, the quality of audit evidence generated by third parties
A very important aspect of the audit of the financial statements by an external auditor is the observation of the physical stocktaking. Required: Explain the audit tests that the auditor would apply to establish the physical qualities of stock and their ownership
Distinguish between a procedural audit and a balance sheet audit
You have recently been appointed as the external auditor of XYZ Ltd. Explain the stages you would in the conduct of your audit
The auditor should prepare working papers which are sufficiently complete and detailed to provide an overall understanding of the audit..Required; State four benefits that an auditor would obtain from working papers that satisfy the above requirement
Define the term audit programme
You have recently been appointed external auditor of ABC Ltd. What typical planning procedures would you undertake when planning the audit of ABC Ltd.?
How does audit planning assist in the conduct of an audit?
The auditor‘s operational standard states, ―The auditor should obtain relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions thereon‖. Required: State the important factors that must be considered when assessing the reliability of audit evidence
Write brief explanatory notes on the following audit terms: Vouching audit;
A very important aspect of the audit of the financial statements by an external auditor is the observation of the physical stocktaking. Required: List four procedures that an auditor would need to undertake prior to attending a company‘s stock-take
The director of one of your growing clients have decided to create an internal audit function in their organizational structure. Required: State the extent to which you, as an external auditor, can rely on the work of the internal audit function
List five limitations of an audit
List two advantages and two disadvantages of using standardised audit programmes during audit assignments
During the course of an audit, the auditor attempts to obtain sufficient relevant and reliable evidence to provide the satisfaction that the financial records are completed and accurate. One of the ways that the auditor obtains satisfaction is to select representative samples of transactions and balances for detailed testing, such samples being made using either statistical of non-statistical methods .Required:Describe the main factors which influence the auditor in determining the size of the sample he will use for his detailed testing
Explain the computer assisted audit techniques listed below: Embedded audit facilities and Integrated test facilities
Outline and briefly explain the procedures that the internal auditor can conduct on behalf of the external auditor
During the course of an audit, the auditor attempts to obtain sufficient relevant and reliable evidence to provide the satisfaction that the financial records are completed and accurate. One of the ways that the auditor obtains satisfaction is to select representative samples of transactions and balances for detailed testing, such samples being made using either statistical of non-statistical methods. Describe three areas where the judgment will be exercised by the auditor when using statistical sampling
Identify four factors that should be taken into consideration by an audit firm when allocating staff to audit assignments
State the factors that the external auditor should consider before placing reliance on the work of the internal auditor
What are computer assisted audit techniques (CAATs)?
List six contents of an unqualified audit report
What is an audit peer review? and state and briefly explain the objectives of an audit peer review
Give details of four types of tenancies
Define and explain the meaning of an audit programme
Briefly explain the types of audit opinion that would normally arise from a limitation in the scope of audit
Give a definition of an ―internal control system‖
You are in charge of a group of audit trainees who have just been employed by your audit firm. This is the audit trainees‘ first assignment and they are aware that they are supposed to prepare audit working papers but they do not know how to do so or what information they should include in the audit working paper.‘Required:Provide the audit trainees with guidelines on how they should prepare audit working papers
Audit working papers should always be sufficiently complete and detailed to enable an auditor with no previous connection with the audit to subsequently ascertain from them what work was performed and to support the conclusions reached by the auditor. Required; For each of the situations listed below, one form of audit evidence which is relevant and explain in each case whether that form of evidence is reliable and sufficient:- A trade debtor shown in the balance sheet, A batch of work-in-progress on the shop floor at the year end and A contingent liability disclosed in the notes to the accounts

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The auditor should prepare working papers which are sufficiently complete and detailed to provide an overall understanding of the audit. Required: Give any two reasons why a director should examine the directors‘ minute book

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