Question

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Question 1 1 pts Which of the following is/are the primary means of communication for gathering information while assessing management integrity? Communication with the client personnel, the client's industry peers and the previous auditor Communication with client personnel and with the client's industry peers, only Communication with the previous auditor, only Communication with the client's industry peers, only

Answer 1

Part 1

Answer is option A

A. communication with the client personnel, the client’s industry peers and the previous auditor.

To assess the management integrity, it is important to get the details from the company’s stakeholders.

Part 2

Answer is option A

A. Risk assessment

Initially, an attempt is made to gain understanding regarding the client, to identify risk factors involved, develop required audit strategy and undertake required planning.

Part 3

Answer is option B

B. the integrity of management

It concerns over management integrity. It is referred to as a negative factor.

Part 4

Answer is option B

B. audit strategy

It is referred to as an audit strategy

Part 5

Answer is option A

A. True

The role of audit committee, as a sub-committee of board, is defined by the board.

Part 6

Answer is option C

C. an extremely confusing and overly complex institutional structure, with blurred lines of authority.

Fraudulent activities are likely to persist in the complex organization structure.

Part 7

Answer is option A

A. high degree of competition in the particular industry

The cut-throat competition in the market presents the highest risk factor.

Part 8

Answer is option C

C. either overstate current assets or understate current liabilities

It is an example of entity-level risk which affects several accounts and assertions.

Part 9

Answer is option B

B. related party

Related party is affiliated to the firm.

Part 10

Answer is option A

A. people, systems and processes within companies used to ensure that companies are well-managed

The objective of corporate governance is to promote corporate accountability and consider the interest of other stakeholders while leading towards the business goal of realizing long-term shareholder value.