ISA 200 (1)

Question 1

First step of ISA 200?

Answer 1

Plan the audit

Question 2

Second step of ISA 200?

Answer 2

Understand the entity (including the documentation/confirmation of the accounting system and internal controls)

Question 3

Third step of ISA 200?

Answer 3

Assess the risk of material misstatement

Question 4

Fourth step of ISA 200?

Answer 4

Select appropriate audit procedures to respond to risk of material misstatement

Question 5

Fifth steps of ISA 200?

Answer 5

Risk assessment does include expectation that controls operate effectively

Risk assessment does not include expectation that controls operate effectively

Question 6

Step from “Risk assessment does include expectation that controls operate effectively”

Answer 6

Perform tests of control

Question 7

Step from risk assessment does not include expectation that controls operate effectively

Answer 7

Report to those charged with governance

Question 8

Perform tests of control results unsatisfactory

Answer 8

Report to those charged with governance

Question 9

Perform tests of control results satisfactory

Answer 9

Perform reduced substantive audit procedures

Question 10

Report to those charged with governance step

Answer 10

Perform full substantive audit procedures

Question 11

Steps from perform reduced/full substantive audit procedures

Answer 11

Overall review of financial statements

Question 12

Steps from overall review of financial statements

Answer 12

Issue auditor’s report