Question

16. Analytical procedures include: a. Horizontal (Trend) Analysis. b. Vertical Analysis. C. Both a and b above. d. None of the above. able. 17. Which of the following conditions is not indicative of fraud: a. Last-minute adjustments that significantly affect financial results. b. Unusual discrepancies between the entity's records and confirmation replies c. Small size of internal audit department. d. Undue time pressures imposed by management to resolve complex or contentious issues. 18. Controls that are designed to discover misstatements after they have occurred are known as: a. Corrective controls b. Preventive controls c. Detective controls. d. None of the above. 19. A fundamental concept of internal control is that no one department or person should handle all aspects of a transaction from beginning to end. This is known as: a. Enterprise Risk Management b. Manager Review Controls c Segregation of Duties. d. Fidelity Bonds 20. Successor auditors should make inquiries to the predecessor auditors regarding a. The integrity of management. b. Disagreements with management over accounting, auditing, or similarly significant matters, c. The predecessor auditors' understanding about the reasons for the change of auditors. d. All of the above.

need all the answers just answers

Answer 1

Answer 16. C. Both a and b above

As

Both horizontal and vertical analysis are used as analytical analysis technique for the analysis of financial statements

Answer 17. C, Small size internal audit department

As

Being in small size it is not internal audit department can not be effective so it is not an indication of happening of fraud but all other mentioned scenarios are indicative of fraud

Answer 18. C. Detective Controls

As

Detective controls are designed  to detect if some misstatement, error or fraud has happened

Answer 19. C. Segregation of duties

as

Segregation of duties is applied so that a single transaction is not completed by single person or department as it ensure check on each other if more than one department or persons are involved in completion of transaction

Answer 20.D. All of the above