. Tests of controls Inquire, inspect, observe, reperform 2. Material weakness Creates a reasonable possibility a...
| . | Tests of controls | Inquire, inspect, observe, reperform |
| 2. | Material weakness | Creates a reasonable possibility a material misstatement will not be detected |
| 3. | Significant deficiency | Merits attention, less than a material weakness |
| 4. | Integrated audit | |
| 5. | Suitable criteria | Relevant assertions |
Homework Answers
An integrated Audit is an audit which is a combination of financial statements audit and the audit of internal controls. Is is the responsibility of the management for establishing, maintaining and reporting on internal controls as required under various provisions of the Sarbanes Oxley Act. Further, the auditors are required to assess the internal controls established by the management in terms of its efficiency and effectiveness to safeguard the assets of the company and prevention and detection of errors and frauds. The overall objective of an integrated audit is for the auditor to express an opinion on company's controls over financial reporting.
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Tests of controls
Inquire, inspect, observe, reperform
2.
Material weakness
Creates a reasonable possibility a...
Select each of the following terms with the appropriate attributes. No reply is used more than...
Select each of the following terms with the appropriate
attributes. No reply is used more than once.
Creates a reasonable possibility a material misstatement will
not be detected.
Follow a transaction through the system.
GAAS
Inquire, inspect, observe, reperform
Inquiries, analytical procedures, observation
Likelihood auditor's procedures will not detect a material
misstatement
Merits attention, less than a material weakness
Relevant assertions
Reporting on internal control and financial statements
Risk tolerance of a financial statement user
Tests of controls and planning...
Yes. the 4 options are probided in that grey box Current Attempt in Progress Match the...
Yes. the 4 options are probided in that grey box
Current Attempt in Progress Match the steps of assessing control risks with their details 1. They are required if the auditor becomes aware of adverse changes in the overall control environment of the entity 2. The auditor may need to identify and test other controls, perform additional tests of controls, or increase the level of substantive testing performed at year-end 5. The magnitude is such that it does not need...
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...
1. Define internal control. 2. Internal control provides reasonable assurance. Explain. 3. What are the objectives...
1. Define internal control. 2. Internal control provides reasonable assurance. Explain. 3. What are the objectives of a system of internal control? 4. Enumerate, and explain briefly, the components of an internal control. 5. What is the control environment? What are the elements that comprise the control environment? 6. What is meant by risk assessment process? 7. What is an information system? 8. What are control activities? 9. Give the different types of control activities. 10. Why is it necessary...
1.Which of the following is not one of the steps the auditor must perform to assess...
1.Which of the following is not one of the steps the auditor must perform to assess control risk at less than “high” for a financial statement assertion? A) obtain an understanding of internal control B) identify controls that address all relevant assertions in the financial statements C) make a preliminary assessment of control risk based on the design of relevant controls D) test the operating effectiveness of the controls that must be effective to reduce control risk 2.Which of the...
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...
Help I have taken this test so many times : These tests are intended for master's...
Help I have taken this test so many times : These tests are intended for master's and doctoral students. Read these directions carefully! The below test includes 10 questions, randomly selected from a large inventory. Most questions will be different each time you take the test, You must answer at least 9 out of 10 questions correctly to receive your Certificate. You have 40 minutes to complete each test, and you must answer all 10 questions in order to to...
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...
summatize the following info and break them into differeng key points. write them in yojr own...
summatize the following info and break them into differeng key points. write them in yojr own words
apartus
6.1 Introduction—The design of a successful hot box appa- ratus is influenced by many factors. Before beginning the design of an apparatus meeting this standard, the designer shall review the discussion on the limitations and accuracy, Section 13, discussions of the energy flows in a hot box, Annex A2, the metering box wall loss flow, Annex A3, and flanking loss, Annex...
summarizr the followung info and write them in your own words and break them into different...
summarizr the followung info and write them in your own words and break them into different key points. 6.5 Metering Chamber: 6.5.1 The minimum size of the metering box is governed by the metering area required to obtain a representative test area for the specimen (see 7.2) and for maintenance of reasonable test accuracy. For example, for specimens incorporating air spaces or stud spaces, the metering area shall span an integral number of spaces (see 5.5). The depth of...
Select each of the following terms with the appropriate
attributes. No reply is used more than once.
Creates a reasonable possibility a material misstatement will
not be detected.
Follow a transaction through the system.
GAAS
Inquire, inspect, observe, reperform
Inquiries, analytical procedures, observation
Likelihood auditor's procedures will not detect a material
misstatement
Merits attention, less than a material weakness
Relevant assertions
Reporting on internal control and financial statements
Risk tolerance of a financial statement user
Tests of controls and planning...
Yes. the 4 options are probided in that grey box
Current Attempt in Progress Match the steps of assessing control risks with their details 1. They are required if the auditor becomes aware of adverse changes in the overall control environment of the entity 2. The auditor may need to identify and test other controls, perform additional tests of controls, or increase the level of substantive testing performed at year-end 5. The magnitude is such that it does not need...
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...
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...
summatize the following info and break them into differeng key points. write them in yojr own words
apartus
6.1 Introduction—The design of a successful hot box appa- ratus is influenced by many factors. Before beginning the design of an apparatus meeting this standard, the designer shall review the discussion on the limitations and accuracy, Section 13, discussions of the energy flows in a hot box, Annex A2, the metering box wall loss flow, Annex A3, and flanking loss, Annex...
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