Describe what is meant by a “walk-through.”
"A walk-through involves literally tracing a transaction from its origination through the company’s infor- mation system until it is reflected in the company’s financial reports." (Whittington, R., Pany, K., 2012)
Must walk-throughs be performed during audits of internal control over financial reporting?
Performing Walk-throughs during audits of internal control over financial reporting is not required, "performing walk-throughs may frequently be the most effective way to obtain an understanding of the likely sources of misstatement." (Whittington, R., Pany, K., 2012)
May the client perform a walk-through and the auditors then review the client’s work? Remember to complete all parts of the problems. …show more content…
(2012). Principles of auditing and other assurance services. (18th ed).
"A walk-through involves literally tracing a transaction from its origination through the company’s infor- mation system until it is reflected in the company’s financial reports." (Whittington, R., Pany, K., 2012)
Must walk-throughs be performed during audits of internal control over financial reporting?
Performing Walk-throughs during audits of internal control over financial reporting is not required, "performing walk-throughs may frequently be the most effective way to obtain an understanding of the likely sources of misstatement." (Whittington, R., Pany, K., 2012)
May the client perform a walk-through and the auditors then review the client’s work? Remember to complete all parts of the problems. …show more content…
(2012). Principles of auditing and other assurance services. (18th ed).