Reports on an Audit of the Revenue Cycle 2 (3) (1)

Numbers, 4,5,6,7,8,9,10 determining risks

Analytical procedures issued in the planning stage of an audit, generally_______ Select one:   a. All of the others b. Directs attention to potential risk areas c. Helps to determine the nature, timing and extent of other audit procedures. d. Indicates important aspects of business

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?…

10. S1: The major beneficiary of an internal audit is the management. S2: An auditor should design the written audit program so that all material transactions will be selected for testing.  Group of answer choices  Both S1 and S2 are incorrect.  Only S2 is correct.  Only S1 is correct.  Both S1 and S2 are correct.    11. S1: For financial reporting purposes, an entity’s risk assessment process includes its identification, analysis, and management of risks relevant to the preparation of financial statements in accordance with applicable financial reporting framework. S2: The risk of material misstatement is broader in scope compared to business risks.  Group of answer choices  Both S1 and S2 are incorrect.  Only S2 is correct.  Both S1 and S2 are correct.  Only S1 is correct.

Auditing and Assurance Services   Can you help me identify which of the performance principles of GAAS apply to each of these? I am not sure what I am missing.   Thanks!

4. Please answer ASAPP!!!

{Auditing} 8. One of the duties of an auditor is to prepare an audit plan for the smooth conduct of audit with due care and to detect fraud and errors. What other duty an auditor is expected to perform from options given below: a. Suggests changes in financial statements, if necessary b. Responsible to form opinion c. All the options d. To certify about the accuracy of financial statement

a) ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways. Required: i) Identify and explain the five stages in audit process  ii) Discuss three importance of audit planning.

Examination - Trimester 3 2021 Trimester 3 2021 Final Online Ex The auditor decides to increase the calculated level of control risk based on the results of the test of control. In order to achieve an overall audit risk level that is substantially the same as the planned audit risk level, the auditor should: estion Select one: a. Increasing materiality levels. b. Decrease the likelihood of detection. c. Increasing inherent risk. d. Substantive testing can be reduced TA O SJS VivoBook

tch the type of risk with the related definition.A. Detection riskB. Control riskC. Inherent riskD. Audit risk___ 1. The probability that an auditor will give an inappropriate opinion on financial statements.___ 2. The probability that audit procedures will fail to produce evidence of material misstatements.___ 3. The probability that the client's internal control policies and procedures will fail to detect material misstatements if they have entered the accounting system.___ 4. The probability that material misstatements have occurred in transactions entering the accounting system.

Which of the following is correct about ISA 520? O a. ISA 520 deals with the procedures after an audit to help in forming an overall conclusion on the financial statements O b. ISA 520 deals with the engagement of an audit team members O c. ISA 520 deals with the procedures after an audit to help in forming an overall audit strategy O d. ISA 520 deals with the procedures in the beginning of an audit to help in forming an overall conclusion on the financial statements

its components. The firm of Pack & Peck evaluates the risk of material isstate- -1,4-2, 4-3 4-27 When planning a financial statement audit, a CPA must understand au sk its components. The firm of Pack & Peck evaluates the risk of materiai ment (RMM) by disaggregating RMM into its two components: inherentisk and control risk. Required: For each illustration, select the component of audit risk that is most directly illus- trated. The components of audit risk may be used once, more than once, or not at all Components of Audit Risk: a. Control risk b. Detection risk c. Inherent risk Component of Audit Risk Illustration 1. A client fails to discover employee fraud on a timely basis because bank accounts are not reconciled monthly. 2. Cash is more susceptible to theft than an inventory of coal. 3. Confirmation of receivables by an auditor fails to detect a material misstatement. 4. Disbursements have occurred without proper approval. 5. There is inadequate segregation of duties. 6. A…

b) ISA 300 planning an audit of financial statements provides guidance to assist Auditors in planning an audit. Required; Explain the benefits of audit planning c) ISA 520 Analytical procedure provides guidance on the use of analytical procedures during the course of the external audit. Analytical procedures can be used as substantive audit procedures during audit fieldwork, as well as during planning and review. Required; Identify four factors to consider when using analytical procedures at the planning stage of the audit. d) Explain the difference between the interim audit and the final audit.

Course Name: Auditing (Accounting) Write a concise answer between 350 to 400 words for each question. a) The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Do you agree? Why or why not? Justify your answer. b) Communicating significant risks identified by the auditor helps those charged with governance understand those matters and why they require special audit consideration. Which matters should be communicated regarding identified significant risks?

Direction: summarize each step of the risk-based audit process. Testing of ControlsPerforming substantive proceduresOverall review of the financial statementsIssuing audit report

Case 3.11 - Equifax Suppose during a financial statement or ICFR audit that the auditors identify cybersecurity risks not having direct financial statement or ICFR implications. What should the audit team do in such circumstances?

Planning phase enables the auditor to obtain all the relevant background information to gain an understanding of the client's entity. The analytical procedures initiated by the auditor in the planning phase enable the auditor with all of the following EXCEPT: Acquiring knowledge of the policies and procedures in place Areas or aspects of potential risks Determination of timing, scope and extent of required audit procedures Formulation of corrective action plans 直 اكتب هنا ل لبحث TOSHIBA

Q.Benefits of planning in the audit of financial statements are: 1. to develop appropriate attention to important areas of the audit. 2. To identify and resolve potential problems on a timely basis. 3. Assisting in the selection of engagement team members with appropriate level of capabilities. a- 2 only b- 1,2, and 3 only c- 1 only d- 2 and 3 only

The auditor should summarize the overall audit strategy that contains the key decisions about the scope, timing, and conduct of a. Audit plan O b. Note. C ..Review working papers d. Audit memo book

Audit standards require auditors to _______. conduct specific audit procedures to identify subsequent events that may occur up through the date of the auditor’s report conduct specific audit procedures to identify subsequent events that may occur after the date of the auditor’s report. apply optional use of analytical procedures to increase assurance levels related to subsequent events delegate auditing of subsequent events to the internal audit function   A compilation engagement is _______. an audit of the financial statements, whereby an auditor expresses an opinion on the financial statements an audit of the system of internal control, whereby an auditor expresses an opinion on the system of internal control when an accounting firm assists management in the presentation of financial statements but does not audit, review, nor provide assurance as to whether the financial statements are presented fairly. when an audit firm assists management in the presentation of financial…

FOR THE FOR THE FOLLOWING SPECIFIC TRANSACTION RELATED AUDIT OBJECTIVE IDENTIY THE APPROPRIATE MANAGEMENT ASSERTION FROM THE BELOW: SOME MAY BE USED MORE THAN ONCE OR NOT AT ALL(For reference see Power Point Table 6-3, 17 ed) 5 x 6 points =30 points MANGEMENT ASSERTION:1. OCCURENCE2. COJMPLETNESS3. ACCURACY4. CLASSIFICATION5. CUT OFF SPECIFIC TRANSACTION RELATED AUDIT OBJECTIVE 1. Recorded cash disbursements transactions are for the amount of goods and services received and are correctly recorded 2. Recorded cash disbursement transactions are for goods and services actually received. 3. Cash disbursement transactions are recorded on the correct dates 4. Existing cash disbursement transactions are recorded. 5. Cash disbursement transactions have been recorded in the proper accounts

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…

The internal audit risk assessment process: [SELECT ALL THAT APPLY] a) Provides the Internal Audit function with an ability to prioritize risk areas based on objective and subjective evaluation criteria. b) Should be considered the foundation of the audit function. c) Leads to the creation of the annual audit plan and audit budget. d) Should leverage management's enterprise risk management assessment process, if appropriate.

Accounting & Finance - Auditing  Question 5: Discuss the audit expectation gap. Your answer should include the following: the main causes of the expectation gap; its main components; and procedures that can be taken to reduce the expectation gap.