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Evaluation Done by an Auditor

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How does the auditor evaluate the results of audit procedures? What types of qualitative factors will the auditor consider when encountering an error? How will the results affect the audit conclusion?

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Solution Summary

The solution is 515 words with 2 references and talks through the process of using principles of GAAP to evaluate the results of an audit.

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How does the auditor evaluate the results of audit procedures?

The auditor evaluates each misstatement as material for the financial statement. In addition, the auditor evaluates if the results of the audit procedure show if there is a material departure from the principles of GAAP. Further, from the results the auditor ascertains if the records are adequate and if they safeguard the assets of the firm. The auditor evaluates the results of the audit procedure to ascertain if the entity has complied with applicable laws and regulations. The misstatements that the auditor finds while evaluating the results of audit procedures should be evaluated as to whether the omission/or the commission of an item violates the GAAP or OCBOA. If the procedure reveals an disclosure that is not in accordance with the requirements of ...

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