Question

The following data items are maintained in a company's database for each fixed asset item that it owns:

fixed asset number, fixed asset description, fixed asset classification, location, responsible manager, maintenance schedule, purchase price, purchase date, vendor information, depreciation method, current depreciated value, salvage value, depreciation amount, taxable value, insured value, insurance vendor

Required: List the audit objectives that you could accomplish by using generalized audit software to access and manipulate these data items. Briefly explain how you would use generalized audit software to accomplish these objectives. Hint: You might wish to consult a standard auditing textbook to find typical audit objectives and a typical audit program (set of audit procedures) for fixed assets. You should then try to work out how generalized audit software could be used to assist you in the execution of this program.

Answer 1

ANSWER~

The following data items are maintained in a company's database for each fixed asset item that it owns:

fixed asset number, fixed asset description, fixed asset classification, location, responsible manager, maintenance schedule, purchase price, purchase date, vendor information, depreciation method, current depreciated value, salvage value, depreciation amount, taxable value, insured value, insurance vendor.

O​​​

AUDIT OBJECTIVE ~

The objective of an audit is to critical examined the financial statements and report on the truth & fairness of assertions

- as per standard on auditing 200 over all objective of independent auditor and the conduct of audit inaccordancei with standard on auditing

1-integrity , objectivity and independence

2-confidentiality

3-skill and competence

4 -work perform by other

5-documentation

6-planing

7-audit evidence

8-accounting system and internal control

9-audit conclusion and reporting

the sotwares use in audit name is CAAT

IN AUDIT THE VOUCHING of the income and expenses aslo verification of asset and liability .

The main objective that to obtain sufficient and appropriate audit evedenev that financial statements give true and fair view .