Question

explain the components of fieldwork in engagements

Answer 1

The components of fieldwork in engagements are:

Planning the engagement - Planning starts with the engagement letter.

Availability of evidence - Evidence is gathered keeping the focus on engagement objectives.

Nature, timing and extent of tests - The nature, timing and extent will differ according to the type of assurance engagement.

Using the work of internal auditors - After checking the independence, objectivity and competence of internal auditors, their work can be used.

Management representation letter - Written representation and confirmations are obtained from the management.

Considering subsequent events - Subsequent events that may affect the subject matter information is considered.

Documentation - Documentation includes description of the extent, nature and results of sampling, evidence