Homework Answers
Answer -
| No. | ||
| 1. | Auditing standards _______ analytical procedures at the planning and concluding stages of the audit. | Require |
| 2. | Analytical procedures can also be used as _________ procedures in testing. | Substantive |
| 3. | Analytical procedures at the end of the audit help confirm the _________ reached. | Conclusions |
| 4. | Often, analytical procedures are considered the most _________ procedures for a strong understanding of the client and its business. | Efficient |
| 5. | Part of performing analytical procedures involves considering __________. | ratios |
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Required information Analytical Procedures Read the case and answer the questions that follow. Audit standards require...
Analytical procedures are used during the planning phase of the audit, during the testing phase of...
Analytical procedures are used during the planning phase of the audit, during the testing phase of the audit, and at the end of the audit. Match a purpose of performing the analytical procedures to the audit phase Planning phase (Preliminary analytic review) [选择] Test phase (Analytical procedures) [选择] Final phase (Final analytic review) | [ 选择] Ižt] To obtain evidence to support an account balance To determine that the auditor has a solid understanding of any variances from prior period...
Required information (The following information applies to the questions displayed below.] The Stages of an Audit...
Required information (The following information applies to the questions displayed below.] The Stages of an Audit Every audit is unique, and specific procedures performed will vary based on the client, industry, and people involved; however, every audit that is performed in accordance with Generally Accepted Auditing Standards follows the same six steps. Although specific elements are required along each step of an audit and will be varying and modified specific to each engagement, every audit goes through the same six...
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and...
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and valuation -existence, rights, and cutoff -existence, rights, and obligations -occurrence, cutoff, and completeness Question 30 Assertions about account balances at year-end typically include _______. -existence, occurrence, and cutoff -existence, completeness, and allocation -existence, completeness, and rights and obligations -accuracy, valuation, and occurrence Question 31 Assertions about presentation and disclosure typically include _______. -cutoff, presentation, and disclosure -completeness, accuracy and valuation, and classification and understandability...
10. Which of the following ratios, used in analytical review would not assist the auditor in...
10. Which of the following ratios, used in analytical review would not assist the auditor in planing ee audit? A. Gross profit margin B. Inventory turnover C. Receivables collection period D. Earnings per share 11. In which of the following stages of audit, would it be inap propriate to conduct an analytical review? A. Audit completion 8. Substantive testing C. Compliance testing D. Audit planning 12. Which of the following statements are true in respect of detection risk? 1) If...
Required information Confirmation Procedures for Debt Read the case and answer the questions that follow Debt...
Required information Confirmation Procedures for Debt Read the case and answer the questions that follow Debt transactions and accounts are often few in number but material in dollar amount. Also, lenders are eager to confirm balances, thereby assisting auditors in verifying amounts owed. As such, confirmations provide an easy tool for obtaining excellent evidence on material balances. CONCEPT REVIEW. Confirmations, while not required for debt, are an efficient and effective way for auditors to obtain a high level of third...
Chapter 5 & 6- Basics of the Audit Understand the different types of procedures (analytics, sampling,...
Chapter 5 & 6- Basics of the Audit Understand the different types of procedures (analytics, sampling, year end, interim work)- what they mean, being able to identify examples. (If I give you a procedure can you determine if it is an analytical procedure, work performed at interim, etc.) Understanding the audit risk model- what it means to asses risk as high, moderate, low, or maximum. (Do you do more or less work) (If I change one part of the formula...
Required information Reviewing Working Papers Read the comprehension case and answer the questions that follow. Workpapers...
Required information Reviewing Working Papers Read the comprehension case and answer the questions that follow. Workpapers are required to be reviewed at every supervisory level of a CPA firm. Senior auditors review the work of staff, managers of senior auditors, and partners of managers. CONCEPT REVIEW: Senior reviewers are charged with the most technical review--ensuring that audit procedures have been performed and that conclusions are appropriate and documented well. Managers and partners review at a higher, less detailed level. They...
Required information Confirmation Procedures for Debt Read the case and answer the questions that follow. Debt...
Required information Confirmation Procedures for Debt Read the case and answer the questions that follow. Debt transactions and accounts are often few in number but material in dollar amount. Also, lenders are eager to confirm balances, thereby assisting auditors in verifying amounts owed. As such, confirmations provide an easy tool for obtaining excellent evidence on material balances CONCEPT REVIEW: Confirmations, while not required for debt, are an efficient and effective way for auditors to obtain a high level of third...
Can you answer these questions? Thank you 7. An audit of historical financial statements most commonly...
Can you answer these questions? Thank you
7. An audit of historical financial statements most commonly includes the: a. balance sheet, the income statement, and the statement of cash flows. b. income statement, the statement of cash flows, and the statement of net working capital. c. statement of cash flows, the balance sheet, and the retained earnings statement. all of the above The generally accepted auditing standard that requires “Adequate technical training and proficiency” is normally interpreted as requiring the...
Chapter 5 & 6- Basics of the Audit Understand the different types of procedures (analytics, sampling, year end, interim work)- what they mean, being able to identify examples. (If I give you a pro...
Chapter 5 & 6- Basics of the Audit Understand the different types of procedures (analytics, sampling, year end, interim work)- what they mean, being able to identify examples. (If I give you a procedure can you determine if it is an analytical procedure, work performed at interim, etc.) Understanding the audit risk model- what it means to asses risk as high, moderate, low, or maximum. (Do you do more or less work) (If I change one part of the formula...
Analytical procedures are used during the planning phase of the audit, during the testing phase of the audit, and at the end of the audit. Match a purpose of performing the analytical procedures to the audit phase Planning phase (Preliminary analytic review) [选择] Test phase (Analytical procedures) [选择] Final phase (Final analytic review) | [ 选择] Ižt] To obtain evidence to support an account balance To determine that the auditor has a solid understanding of any variances from prior period...
Required information (The following information applies to the questions displayed below.] The Stages of an Audit Every audit is unique, and specific procedures performed will vary based on the client, industry, and people involved; however, every audit that is performed in accordance with Generally Accepted Auditing Standards follows the same six steps. Although specific elements are required along each step of an audit and will be varying and modified specific to each engagement, every audit goes through the same six...
10. Which of the following ratios, used in analytical review would not assist the auditor in planing ee audit? A. Gross profit margin B. Inventory turnover C. Receivables collection period D. Earnings per share 11. In which of the following stages of audit, would it be inap propriate to conduct an analytical review? A. Audit completion 8. Substantive testing C. Compliance testing D. Audit planning 12. Which of the following statements are true in respect of detection risk? 1) If...
Required information Confirmation Procedures for Debt Read the case and answer the questions that follow Debt transactions and accounts are often few in number but material in dollar amount. Also, lenders are eager to confirm balances, thereby assisting auditors in verifying amounts owed. As such, confirmations provide an easy tool for obtaining excellent evidence on material balances. CONCEPT REVIEW. Confirmations, while not required for debt, are an efficient and effective way for auditors to obtain a high level of third...
Required information Reviewing Working Papers Read the comprehension case and answer the questions that follow. Workpapers are required to be reviewed at every supervisory level of a CPA firm. Senior auditors review the work of staff, managers of senior auditors, and partners of managers. CONCEPT REVIEW: Senior reviewers are charged with the most technical review--ensuring that audit procedures have been performed and that conclusions are appropriate and documented well. Managers and partners review at a higher, less detailed level. They...
Required information Confirmation Procedures for Debt Read the case and answer the questions that follow. Debt transactions and accounts are often few in number but material in dollar amount. Also, lenders are eager to confirm balances, thereby assisting auditors in verifying amounts owed. As such, confirmations provide an easy tool for obtaining excellent evidence on material balances CONCEPT REVIEW: Confirmations, while not required for debt, are an efficient and effective way for auditors to obtain a high level of third...
Can you answer these questions? Thank you
7. An audit of historical financial statements most commonly includes the: a. balance sheet, the income statement, and the statement of cash flows. b. income statement, the statement of cash flows, and the statement of net working capital. c. statement of cash flows, the balance sheet, and the retained earnings statement. all of the above The generally accepted auditing standard that requires “Adequate technical training and proficiency” is normally interpreted as requiring the...
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