QUESTION 3 (15 MARKS)The evaluating and concluding stage of the audit process is veryimportant....QUESTION 3 The...

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Accounting

QUESTION 3

The evaluating and concluding stage of the audit process is veryimportant. At this stage all the evidence that has been gathered onthe audit must be brought together so that decisions can be takenas to whether anything further needs to be done and ultimately whatthe appropriate audit opinion will be.

YOU ARE REQUIRED TO: a. State, giving reasons which member of theaudit team should conduct the evaluation of audit evidence andconclude on fair presentation. (3) b. Brieflydiscuss the factors which the auditor should consider whenevaluating andconcluding. (12)

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Audit is being conducted by Independent CPA Firm and during the course of audit there are several persons involved in a audit such as CPAs Articles and Interns and Employees of CPA etc however ultimate responsiblity with respect to opinion on Financial Statements lies only with the CPA However he can take help from them Hence employees articles or Interns are sent for field work like collecting or gathering evidences checking Internal See Answer

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In: AccountingQUESTION 3 (15 MARKS)The evaluating and concluding stage of the audit process is veryimportant....QUESTION 3 The evaluating and concluding stage of the audit process is veryimportant. At this stage all the evidence that has been gathered onthe audit must be brought together so that decisions can be takenas to whether anything further needs to be done and ultimately whatthe appropriate audit opinion will be.YOU ARE REQUIRED TO: a. State, giving reasons which member of theaudit team should conduct the evaluation of audit evidence andconclude on fair presentation. (3) b. Brieflydiscuss the factors which the auditor should consider whenevaluating andconcluding. (12)