"Using a Hybrid Framework"

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Describe how the use of a unique set of standards might impact the auditing process

Jul 5th, 2015

Thank you for the opportunity to help you with your question!

The most successful audits are those involving sound planning and those in which the auditee and the auditors have a constructive working environment. 

Although each audit is unique, there are similarities that can be found in each. The typical audit process is illustrated as follows:

The auditor should assess whether the evidence provided by confirmations reduces audit risk for the related assertions to an acceptably low level. In making that assessment, the auditor should consider the materiality of the account balance and his or her inherent and control risk assessments. When the auditor concludes that evidence provided by confirmations alone is not sufficient, additional procedures should be performed. For example, to achieve an appropriately low level of audit risk related to the completeness and existence assertions for accounts receivable, an auditor may perform sales cutoff tests in addition to confirming accounts receivable.

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Jul 5th, 2015

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