Homework Answers
Question 13 - answer D
Dual Purpose test are the test of controls and substantive tests.
Question 14 - answer C
Controls are required to be tested in every audit engagement to understand the effectiveness of controls.
Question 15 - answer C
The WCGWs are needed to be identified in an integrated audit only.
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13 of 19 Which of the following best descnibes a dual purpose test? O a Performing...
Jan 24 2019 Subm 1 of 19 Which of the following is correct regarding scoping and...
Jan 24 2019 Subm 1 of 19 Which of the following is correct regarding scoping and an integrated audit? O a The engagement team is not permitted to use the work of others in accordanoe with PCAOB standards O b. The engagement team is not required to test controls in an integrated audit O c. The team may use evidence from prior period audits to concluxde on the operating effectiveness of controls in the current period engagement toam is required...
executed 6) An contingiation established The primary purpose for establishing the code of A) Outline criteria...
executed 6) An contingiation established The primary purpose for establishing the code of A) Outline criteria for professional behavi o . honesty, dignity within the association B) Establish standards to follow for effective C) Provide a framework within which accounting polic e offeydded D) Outline criteria that can be utilized in conducting o n www 7) While assessing the risks of material misstatement is Wentify w i th could go wrong, consider the magnitude of risks, and A) Assess the...
Question: Question 183 Processing auditor test data using the client's software application _______. -will allow the...
Question: Question 183 Processing auditor test data using the client's software application _______. -will allow the auditor to verify manual controls within the software application are functioning as designed -may corrupt the client's system, and should not be attempted -will allow the auditor to verify that the software application is functioning as designed -should be performed without the knowledge of the client's senior management Question 19 The tolerable deviation rate _______. -relates to how many immaterial misstatements the auditor finds...
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...
In each of the following, identify which of the elements of the fundamental principles (responsibilities, performance,...
In each of the following, identify which of the elements of the fundamental principles (responsibilities, performance, or reporting) is most applicable. An entity has contacted you about performing its audit engagement. You have not previously served a a. client in the entity's industry, which has many industry-specific accounting issues that are both technical and complex. An entity has entered into a number of lease agreements. Based on the requirements of GAAP. you believe that these obligations meet the criteria for...
please answer all asap! "Independent in fact" is best defined as acting with integrity and objectivity...
please
answer all
asap!
"Independent in fact" is best defined as acting with integrity and objectivity addressing potential conflicts of interest that can be observed or factually determined by others acting with independence and integrity acting in a way that is observable under the Rules of Conduct Which of the following is/are the primary means of communication for gathering information while assessing management integrity? Communication with client personnel and with the client's industry peers, only Communication with the client's industry...
13-26 (Objectives 13-1, 13-4, 13-5) The following are independent internal controls commonly found in the acquisition...
13-26 (Objectives 13-1, 13-4, 13-5) The following are independent internal controls commonly found in the acquisition and payment cycle. Each control is to be considered independently. Before a check is prepared to pay for acquisitions by the accounts payable department, the related purchase order and receiving report are attached to the vendor’s invoice being paid. A clerk compares the quantity on the invoice with the receiving report and purchase order, compares the price with the purchase order, recomputes the extensions,...
20-20 (Objectives 20-2, 20-3) Following are some of the tests of controls and substantive tests of...
20-20 (Objectives 20-2, 20-3) Following are some of the tests of controls and substantive tests of transactions procedures often performed in the payroll and personnel cycle. 1. Reconcile the monthly payroll total for direct manufacturing labor with the labor cost distribution. 2. Examine the time card for the approval of a foreman. 3. Recompute hours on the time card and compare the total with the total hours for which the employee has been paid. 4. Perform a surprise payroll payoff...
1.To conclude that a management review control is effective, the auditor is required to identify a...
1.To conclude that a management review control is effective, the auditor is required to identify a selection of instances in which the control operated, evaluate whether management followed the procedures specified by the control, and properly evaluated and resolved exceptions. A) True B) False 2. Which of the following statements about substantive analytical procedures is correct? A) The results of the procedure provide evidence about the existence or absence of misstatement in an account. B) The results of the procedure...
1. You have performed a review engagement for XYZ Limited. The level of assurance to be...
1. You have performed a review engagement for XYZ Limited. The level of assurance to be expressed in your report is: a) Reasonable b) Low c) Limited d) None 2. Consider the following characteristics of business: i. Inadequate segregation of duties ii. General lack of mitigating (compensating) controls iii. More reliance on test of controls iv. More reliance on substantive procedures From an audit perspective, a small business would generally exhibit: a) I and iv only b) i and ii...
Jan 24 2019 Subm 1 of 19 Which of the following is correct regarding scoping and an integrated audit? O a The engagement team is not permitted to use the work of others in accordanoe with PCAOB standards O b. The engagement team is not required to test controls in an integrated audit O c. The team may use evidence from prior period audits to concluxde on the operating effectiveness of controls in the current period engagement toam is required...
executed 6) An contingiation established The primary purpose for establishing the code of A) Outline criteria for professional behavi o . honesty, dignity within the association B) Establish standards to follow for effective C) Provide a framework within which accounting polic e offeydded D) Outline criteria that can be utilized in conducting o n www 7) While assessing the risks of material misstatement is Wentify w i th could go wrong, consider the magnitude of risks, and A) Assess the...
In each of the following, identify which of the elements of the fundamental principles (responsibilities, performance, or reporting) is most applicable. An entity has contacted you about performing its audit engagement. You have not previously served a a. client in the entity's industry, which has many industry-specific accounting issues that are both technical and complex. An entity has entered into a number of lease agreements. Based on the requirements of GAAP. you believe that these obligations meet the criteria for...
please
answer all
asap!
"Independent in fact" is best defined as acting with integrity and objectivity addressing potential conflicts of interest that can be observed or factually determined by others acting with independence and integrity acting in a way that is observable under the Rules of Conduct Which of the following is/are the primary means of communication for gathering information while assessing management integrity? Communication with client personnel and with the client's industry peers, only Communication with the client's industry...
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