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Jan 24 2019 Subm 1 of 19 Which of the following is correct regarding scoping and...
13 of 19 Which of the following best descnibes a dual purpose test? O a Performing...
13 of 19 Which of the following best descnibes a dual purpose test? O a Performing two substantive tests at the same time b. Performing testwork over two significant accounts at the same time O c. Performing two tests of controls at the same time O d Perfor 14 of 19 Which of the following statements about internal controls is correct? O a Controls are actions taken by management to prevent or detect and correct material misstatements O b. Effective...
Jan 24 2019 16 of 19 prooess? O a Observe an employee perform the review O...
Jan 24 2019 16 of 19 prooess? O a Observe an employee perform the review O b. Detomine if the reviow was comploted in a O c Vouch the bank balance to an external 17 of 19 O a Copy prior years process activities O c Read the clien's up to date process documontation O d Resoarch the company's website 18 of 19 Which of the following statements about intornal controls is correct? O a We will likely reduce the...
These are more choices to choose from. John Josephs, an audit manager for Tip, Acanoe &...
These are more choices to
choose from.
John Josephs, an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association has suggested that he talk about the various phases of the audit process to help small business owners better understand what auditors do. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the...
1. Auditing includes the concept of materiality. Which of the following would be considered material? a)The...
1. Auditing includes the concept of materiality. Which of the following would be considered material? a)The auditor confirms accounts receivable and notices one company has not sent in the confirmation form b)The auditor discovers a $200 error in the inventory account balance of $500,000 c)The auditor discovers related-party transactions are not recorded d)The auditor notices the name of the new CEO, hired in January 20x2 is not included in the annual report for 20x1 2. Substantive procedures would include: a)Gathering...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures that help insure that management’s directives are carried out. II. A Reliance Strategy is used when control risk is considered High. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. Management's attitude toward aggressive financial reporting and its...
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...
The limitations of an audit are NOT caused by ________. A. the nature of financial reporting....
The limitations of an audit are NOT caused by ________. A. the nature of financial reporting. B. the nature of audit procedures. C. the need for the audit to be conducted within a reasonable period of time at a reasonable cost. D. a guarantee that the financial statements are free from error 2.5 points QUESTION 4 In an unqualified audit report on the financial statements of a public company, ACC562what does the first statement of the opinion paragraph state? A....
Review the Audit report (found in the 10-K) for the following two companies. Highlight or summarize...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
5-1 -2 -4 545. Multiple Choice Questions Select the best answer for each of the following...
5-1 -2 -4 545. Multiple Choice Questions Select the best answer for each of the following questions. Explain the reasons for your selection a. Which of the following is not a financial statement assertion made by management? (1) Existence of recorded assets and liabilities. (2) Completeness of recorded assets and liabilities. (3) Valuation of assets and liabilities. (4) Effectiveness of internal control b. Which of the following business characteristics is not indicative of high inherent risk? (1) Operating results that...
In the normal course of performing their responsibilities, auditors often conduct audits or reviews of the...
In the normal course of performing their responsibilities, auditors often conduct audits or reviews of the items listed below. Requirements a. For the 12 examples, state the most likely type of auditor (CPA, GAO, IRS, or internal to perform each. b. In each example, state the type of audit (financial statement audit, operational audit, or compliance audit). (450) coa) ca Start with example 1. through 5. and (a) identify the most likely type of auditor (CPA, GAO, IRS, or internal)...
13 of 19 Which of the following best descnibes a dual purpose test? O a Performing two substantive tests at the same time b. Performing testwork over two significant accounts at the same time O c. Performing two tests of controls at the same time O d Perfor 14 of 19 Which of the following statements about internal controls is correct? O a Controls are actions taken by management to prevent or detect and correct material misstatements O b. Effective...
Jan 24 2019 16 of 19 prooess? O a Observe an employee perform the review O b. Detomine if the reviow was comploted in a O c Vouch the bank balance to an external 17 of 19 O a Copy prior years process activities O c Read the clien's up to date process documontation O d Resoarch the company's website 18 of 19 Which of the following statements about intornal controls is correct? O a We will likely reduce the...
These are more choices to
choose from.
John Josephs, an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association has suggested that he talk about the various phases of the audit process to help small business owners better understand what auditors do. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
5-1 -2 -4 545. Multiple Choice Questions Select the best answer for each of the following questions. Explain the reasons for your selection a. Which of the following is not a financial statement assertion made by management? (1) Existence of recorded assets and liabilities. (2) Completeness of recorded assets and liabilities. (3) Valuation of assets and liabilities. (4) Effectiveness of internal control b. Which of the following business characteristics is not indicative of high inherent risk? (1) Operating results that...
In the normal course of performing their responsibilities, auditors often conduct audits or reviews of the items listed below. Requirements a. For the 12 examples, state the most likely type of auditor (CPA, GAO, IRS, or internal to perform each. b. In each example, state the type of audit (financial statement audit, operational audit, or compliance audit). (450) coa) ca Start with example 1. through 5. and (a) identify the most likely type of auditor (CPA, GAO, IRS, or internal)...
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