Homework Answers
Answer 26 -
Conclusions are typically documented by auditors in AUDIT MEMORANDUM.
Correct answer is (c).
Answer 27 -
Headings that include the name and signature of the client representative that the auditor interacted with while performing testing is an example of poorly developed audit documentation.
Correct answer is (c).
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LU. Conclusions are typically documented by auditors in which type of work paper? a. Audit planning...
b. Organization and assembly of documentation in an orderly fashion c. Headings that include the name...
b. Organization and assembly of documentation in an orderly fashion c. Headings that include the name and signature of the client representative that the auditor interacted with while performing testing. d. Authenticated identification of the person responsible for completing the procedure and conclusions. ANSWER: 28. The processes used by management in developing estimates include which of the following a. Controls over the process. b. The reliability of underlying data in developing the estimate. c. Use of outside experts by management...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit procedures that will be performed every year for the client. c. How an auditor should think while performing audit procedures d. Audit objectives and procedures to be followed during the audit process ANSWER 24. Which one of the following is the primary reason for documenting audit work? a. To prevent litigation by other parties that question the audit performance. b. To provide a stand-alone...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...
b. Organization and assembly of documentation in an orderly fashion c. Headings that include the name and signature of the client representative that the auditor interacted with while performing testing. d. Authenticated identification of the person responsible for completing the procedure and conclusions. ANSWER: 28. The processes used by management in developing estimates include which of the following a. Controls over the process. b. The reliability of underlying data in developing the estimate. c. Use of outside experts by management...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit procedures that will be performed every year for the client. c. How an auditor should think while performing audit procedures d. Audit objectives and procedures to be followed during the audit process ANSWER 24. Which one of the following is the primary reason for documenting audit work? a. To prevent litigation by other parties that question the audit performance. b. To provide a stand-alone...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...
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