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Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. With our help, your homework will never be the same! test data approach.generalized audit software approach.microcomputer-aided auditing approach.generally accepted auditing standards.9.An auditor traces the sales prices to the authorized price list in effect at the date of the transaction.Which of the following procedures has the auditor performed?inquiryobservationreperformanceexamination 10.It is generally possible for small companies to have all of the following except foradequate documents and records. Get answer to your question and much more 11.For financial statement audits, auditors need to understand controls that are relevant to the audit inorder toidentify and assess the risks of material misstatements. Get answer to your question and much more 12.The auditor designs and performs a combination of tests of controls and substantive procedures toobtain reasonable assurance that the financial statements are fairly stated when control risk 36) Narratives, flowcharts, and internal control questionnaires are three common methods of:A) testing the internal controls.B) documenting the auditor's understanding of internal controls.C) designing the audit manual and procedures.D) documenting the auditor's understanding of a client's organizational structure.Answer:B 37) When dealing with the documentation of internal control:B Get answer to your question and much more 38) Audit evidence regarding the separation of duties is normally best obtained by:C Get answer to your question and much more 39) The person responsible for reconciling sales invoices to customer orders does not access to thecompany's master price list in order to correctly compute sales. This is an example of a(n):B Get answer to your question and much more 40) You are performing the audit of internal control for Clifton Company. Which of the followingwould represent a material weakness in internal control?A) The company's audit committee has experienced unusual turnover of members.B) The company's CFO was indicted for embezzling from the company.C) Bank reconciliations are done monthly.D) The CEO retired after twenty years of service to the company.Answer:B 41) The employee in charge of authorizing credit to the company's customers does not fullyunderstand the concept of credit risk. This lack of knowledge would constitute:A Get answer to your question and much more 42) When assessing whether the financial statements are auditable, the auditor must consider: Recommended textbook solutions Technical Writing for Success3rd EditionDarlene Smith-Worthington, Sue Jefferson 468 solutions Technical Writing for Success3rd EditionDarlene Smith-Worthington, Sue Jefferson 468 solutions Technical Writing for Success3rd EditionDarlene Smith-Worthington, Sue Jefferson 468 solutions
The Language of Composition: Reading, Writing, Rhetoric2nd EditionLawrence Scanlon, Renee H. Shea, Robin Dissin Aufses 661 solutions What is internal control questionnaire techniques?A COSO internal control questionnaire is a document auditors use to help determine an organization's compliance with internal control system requirements issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO): Internal Control-Integrated Framework.
What is the purpose of an internal control questionnaire?This tool is designed to assist departments in identifying a project/work area for its Control Self-Assessment (CSA) Work Program. If your department has already identified a specific project or function for review, consult with Internal Audit staff to assess the specific controls of that activity.
What are the internal control considerations when auditing business entities?Internal control is a process—effected by an entity's board of directors, management, and other personnel—designed to provide reasonable assurance regarding the achievement of objectives in the following categories: (a) reliability of financial reporting, (b) effectiveness and efficiency of operations, and (c) ...
What type of opinion is issued when one or more material internal control weaknesses exist unqualified opinion disclaimer of opinion adverse opinion qualified opinion?Because the auditor's opinion is “as of” the balance sheet date, the auditor must issue an adverse opinion on internal control when material weaknesses exist, even when the company receives an unqualified opinion on the financial statements.
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Narratives, flowcharts, and internal control questionnaires are three common methods of:
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