Archiva1

Adjusting entries Analytical procedures Changes Confirmation reply Control Data analytics Inversely Lead schedules Permanent file Professional qualification Relevant assertions Representation letter Substantive procedures Sufficient Working trail balance

Financial audit Q&A What risks that may occur during assertion testing, but cannot be prevented due to the lack of time? What reports that need to be prepared to find out if there are significant changes in the client? What is the parties reported by the auditor that are related to the results of the audit reports made? What terms that must be included in the document prepared by the client? What is the inspection activities to ensure the shipping or Destination Point in the recording of the financial statements is correct in accordance with the fragments? The auditor needs to know that the ending balance recorded in the financial statements is appropriate based on evidence of transactions in the company. What is the audit assertion underlying the vouching procedure? What is the audit assertion underlying the tracing procedure? What is the risk that caused by the sample taken by the Auditor does not describe the characteristics of the data from the entire data population?…

Which of the following accurately describes a characteristic of key audit matters (KAMs)? a. KAMS concern any matters communicated to the audit committee. b. KAMs involve simple, objective management judgment. c. All public companies will have the same number of KAMs. d. Accounts with a large balance where the auditor spends a significant of time gathering evidence will become KAMS. Hide Feedback Incorrect Check My Work Feedback Review the section on key audit matters in Chapter 15.

Financial Audit Q&A Questions Answer Risks that may occur during assertion testing, but cannot be prevented due to the lack of time. Reports that need to be prepared to find out if there are significant changes in the client. The parties reported by the auditor are related to the results of the audit reports made. Terms that must be included in the document prepared by the client. Inspection activities to ensure the shipping or Destination Point in the recording of the financial statements is correct in accordance with the fragments. The auditor needs to know that the ending balance recorded in the financial statements is appropriate based on evidence of transactions in the company. The audit assertion underlying the vouching procedure. The audit assertion underlying the tracing procedure. The risk caused by the sample taken by the Auditor does not describe the characteristics of the data from the entire data population. The risk that arises because the auditor is unable to find…

1. CPAs may audit around or through computers in the examination of financial statements of client who utilize computer to process accounting data. Required: a. Describe the auditing approach referred to as auditing around the computer. b. Under what condition does the CPA decide to audit through the computer instead of around the computer?

Which of the following statements is always true when an auditor is planning a year-end audit? 2 points Multiple Choice eBook References An engagement should not be accepted after the fiscal year-end. An inventory count must be observed at the balance sheet date. The client's audit committee should not be told of any specific audit procedures which will be performed. An audit plan should be developed that includes a time budget.

Financial audit Q&A What is the file type of the customer confirmation that is related to the outstanding balance the client has?

Explain the role and responsibilities of the audit committee of Pastells with regard to: (i) the external audit of the company's financial statements.(ii) the internal control system and internal audit function. Should not be copied on google

Statutory auditor, during the regular audit, from incoming company A to draft letters that will be addressed to customers with a request that customers confirm by direct letter that they will send to the auditor the information stated in the letter to the door of the customers' account. , audited company A refused to compile and send them to its clients. In this case, what type of report will the regular auditor issue for the balance sheet audit?

Management Assertions. Your audit manager has asked you to explain the PCAOB assertions by using an account on the balance sheet at your audit client. For the accounts receivable account, please define each of the PCAOB assertions, using the accounts receivableaccount as a way to illustrate each assertion. You are encouraged to reference Exhibit 1.5 tohelp you answer this question

Internet Exercise: Reporting on Service Organization Controls. Search for a service organization auditor’s report on internal controls on the web. (Hint: You may have to look under the old name “SAS 70 reports.”) If you cannot find an auditor’s report, find a company’s news release describing its auditor’s service organization report. Required:a. Why do you think it is so difficult to find an actual report?b. If you found an auditor’s report, were any deficiencies noted? If so, what were they?c. Why would a service organization publicize the results of its auditor’s report?

Give typing answer with explanation and conclusion to all parts

As the manager of the external audit team, you realize that the embedded audit module only writes material invoices to the audit file for the accounts receivable confirmation process. You are immediately concerned that the accounts receivable account may be substantially overstated this year and for the prior years in which this EAM was used.RequiredExplain why you are concerned because all ‘‘material’’ invoices are candidates for confirmation by the customer. Outline a plan for determining if the accounts receivable are overstated.

Which of the following can be used as a fundamental source of information in an audit? a. Money in the safe b. Oral testimony of the person responsible for accounting c. An e-mail from a supplier d. None e. Income statement

asap F Identify the primary audit objectives that auditors hope to accomplish by confirming a client's year-end accounts receivable. Explain the difference between "positive" and "negative" confirmation requests and discuss the quality of audit evidence yielded by each.

Internal Control System For this week's discussion: Use the Internet or Strayer University Library to locate and review the Sarbanes-Oxley Act legislation online. Review the auditing sections in SOX Act. Research a company that had a fraud event happen due to inadequate accounting procedures. Review the fraud event that happened in the company in detail and identify at least two accounting control procedures that were deficient in this event. Propose an internal control system that would have eliminated the fraud, using the ERP system. Be sure to respond to at least one of your classmates' posts.

Which of the following is NOT a general control?* a. Backup of live data b. Use of passwords c. Setting an acceptable range for working hours d. Calamity-proof IT facilities   ABOUT AUDITING/ACCOUNTING TOPICS

Please don't give image format and don't use chatgpt answer

The current file of an auditor's working papers generally would not include *A. Flowchart of the internal control structure. B. Confirmation results of Accounts PayableC. List of unreleased checks as of year endD. Cut-off test of Receiving Reports