ADVANCED AUDITING & ASSURANCE REVISIONS FOR APRIL EXAMS

Audit procedures are the techniques, processes, and methods that auditors use to obtain reliable audit evidence, which enables them to gain a sound judgment about an organization's financial status. Audit procedures are conducted to help determine whether or not a company's financial statement is credible and factual.

[@msann9946]

What evidence is obtained in review of audit work done by component auditors?

[@AringoFredrick]

I am online your're lucky Ann. Okay this is what i will advice
When conducting a review of audit work done by component auditors, there are several types of evidence that may be obtained to support the review process. These include:
1. Documentation: The reviewer may obtain documentation related to the audit work performed by the component auditor, such as audit programs, work papers, and audit reports.
2.Communication: The reviewer may communicate with the component auditor to obtain additional information or clarification on the audit work performed.
3. Testing: The reviewer may perform testing of the audit work performed by the component auditor to determine its accuracy and completeness. This may include re-performing certain audit procedures or reviewing the component auditor's calculations and conclusions.
4. Observation: The reviewer may observe the component auditor performing certain audit procedures to gain an understanding of their approach and methodology.
5. Expertise: The reviewer may use their own professional expertise and judgment to assess the quality of the audit work performed by the component auditor.
By obtaining and analyzing these different types of evidence, the reviewer can assess the quality of the audit work performed by the component auditor and determine if any additional audit procedures or modifications to the audit plan are necessary.
Hope this will help

[@msann9946]

@@AringoFredrick Thank you so much sir.. This is of great help.

[@msann9946]

@@AringoFredrick one more question,what advice would you give me as I revise AAA. It's overwhelming.

[@AringoFredrick]

@@msann9946 Given the time factor, perfect on the following topics.
TOPIC 1 - Assurance and non-assurance
TOPIC 3 - Professional and ethical considerations
TOPIC 4 - Management of audit practice
TOPIC 5 - Audit evaluation and reviews
TOPIC 8 - Audit clearance and reporting
You will be good to go. Advanced audit is more of case study questions which will require you to apply your practical knowledge as well.
You can check out our block model paper it will really help you. I have solved the questions in video format as well.

[@msann9946]

@@AringoFredrick Thanks alot.. I'll check on the block revision. God bless you.