Homework Answers
Answer:
Differences are always disclosed on a computer exception report
Explanation to the answer:
Differences are always disclosed on a computer exception report is least likely to suggest to an auditor that the client's management may have overriden internal control and other option given are likely to suggest to an auditor that the client's management may have overriden internal control
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c. Which of the following is least likely to suggest to an auditor that the client's...
O 1. 〇2. O 3. O 4. There are numerous delays in preparing timely internal financial...
O 1. 〇2. O 3. O 4. There are numerous delays in preparing timely internal financial reports Management does not correct internal control weaknesses that it knows about Differences are always disclosed on a computer exception report There have been two new controllers this year
Which of the following most likely would cause an auditor to consider whether a client's financial...
Which of the following most likely would cause an auditor to consider whether a client's financial statements contain material misstatements? Management did not disclose to the auditor that it consulted with other accountants about significant accounting matters. The chief financial officer will not sign the management representation letter until the last day of the auditor's fieldwork Audit trails of computer-generated transactions exist only for a short time. The results of an analytical procedure disclose unexpected differences.
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
4. The . Which of the following circumstances is most likely to cause an auditor to...
4. The . Which of the following circumstances is most likely to cause an auditor to increase the assessment of the risk of material nt of the financial statements due to traud) 1. Property and equipment are usually sold at a loss before being fully depreciated O 2. Unusual discrepancies exist between the entity's records and confirmation replies 3. Monthly bank reconalatons usually include several in transit items, 4. Clerical errors are listed on a computer-generated exception report
Question: Question 183 Processing auditor test data using the client's software application _______. -will allow the...
Question: Question 183 Processing auditor test data using the client's software application _______. -will allow the auditor to verify manual controls within the software application are functioning as designed -may corrupt the client's system, and should not be attempted -will allow the auditor to verify that the software application is functioning as designed -should be performed without the knowledge of the client's senior management Question 19 The tolerable deviation rate _______. -relates to how many immaterial misstatements the auditor finds...
Indicate whether the following statement true, it must always be true.) An auditor doesn't need to...
Indicate whether the following statement true, it must always be true.) An auditor doesn't need to understand internal control to assess inherent risk. Risk of material misstatement (RMM) is risk at the auditor level. Preparing accurate financial statements is the responsibility of management. The audit of financial statements is a type of attest service.
Which of the following matters most likely would be included in a management representation letter? Group...
Which of the following matters most likely would be included in a management representation letter? Group of answer choices An assessment of the risk factors concerning the misappropriation of assets. An evaluation of the litigation that has been filed against the entity. A statement that the effects of all known or possible litigation and claims have been accounted for and disclosed. A statement that all material internal control weaknesses have been corrected.
1.Which of the following is not one of the steps the auditor must perform to assess...
1.Which of the following is not one of the steps the auditor must perform to assess control risk at less than “high” for a financial statement assertion? A) obtain an understanding of internal control B) identify controls that address all relevant assertions in the financial statements C) make a preliminary assessment of control risk based on the design of relevant controls D) test the operating effectiveness of the controls that must be effective to reduce control risk 2.Which of the...
Question 1 Which one of the following questions would be least likely asked by management in...
Question 1 Which one of the following questions would be least likely asked by management in looking at financial statement data? O What are the strengths and weaknesses of the company s financial position? O What are operation liabilities of competitive firms? O What operating areas have contributed to success and which have not? O How well has the firm performed and why? Moving to another question will save this response.
An auditor who is auditing accounts receivable would least likely perform which of the following tests?...
An auditor who is auditing accounts receivable would least likely perform which of the following tests? 1. Confirm a sample of accounts receivables with the customers that owe the balances. 2. Obtain an aged trial balance of accounts receivable and trace the total to the general ledger control account. 3. Vouch cash receipts to the accounts receivables transactions. 4. Select cash disbursements made shortly after year-end and examine the supporting documentation such as receiving reports and vendor invoices.
O 1. 〇2. O 3. O 4. There are numerous delays in preparing timely internal financial reports Management does not correct internal control weaknesses that it knows about Differences are always disclosed on a computer exception report There have been two new controllers this year
Which of the following most likely would cause an auditor to consider whether a client's financial statements contain material misstatements? Management did not disclose to the auditor that it consulted with other accountants about significant accounting matters. The chief financial officer will not sign the management representation letter until the last day of the auditor's fieldwork Audit trails of computer-generated transactions exist only for a short time. The results of an analytical procedure disclose unexpected differences.
4. The . Which of the following circumstances is most likely to cause an auditor to increase the assessment of the risk of material nt of the financial statements due to traud) 1. Property and equipment are usually sold at a loss before being fully depreciated O 2. Unusual discrepancies exist between the entity's records and confirmation replies 3. Monthly bank reconalatons usually include several in transit items, 4. Clerical errors are listed on a computer-generated exception report
Indicate whether the following statement true, it must always be true.) An auditor doesn't need to understand internal control to assess inherent risk. Risk of material misstatement (RMM) is risk at the auditor level. Preparing accurate financial statements is the responsibility of management. The audit of financial statements is a type of attest service.
Question 1 Which one of the following questions would be least likely asked by management in looking at financial statement data? O What are the strengths and weaknesses of the company s financial position? O What are operation liabilities of competitive firms? O What operating areas have contributed to success and which have not? O How well has the firm performed and why? Moving to another question will save this response.
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