6 List 4 types of management assertions presented in the financial statements that an auditor needs to evaluate when completing auditing or review engagements. _______________________ _______________________ _______________________ ________________________
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6
List 4 types of management assertions presented in the financial statements that an auditor needs to evaluate when completing auditing or review engagements.
- _______________________
- _______________________
- _______________________
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- 7 Any of the parties listed below can be responsible for providing the financial information that will be audited by the auditor, except _______________ Question 7 options: a) Audit committee b) The customers c) Management d) The engaging part13. Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and accounting systems for efficiency b. Prepare detailed reports on audit findings c. Examine and evaluate financial and information systems d. Helps to prepare the financial statements of companiesQuestion 22 The audit process to gather evidence on management's assertion in an account balance are called______________________procedures. --------------
- 5. All of these reasons are important to discuss the types of service with management before performing the audit work, except ___________ Question 5 options: a) To avoid misunderstanding b) To charge more audit hours and fees c) To prepare the auditor for the job d) To determine the audit procedures required38. This approach is useful for compliance reviews where operators should do what the contract, law, regulation, or procedures documentation requires .It also useful for financial reviews, where accountants and others involved in record keeping and preparing financial statements must adhere to applicable accounting standards. Group of answer choices Cause and Effect Value Stream Map Process Flow Map Force Field AnalysisQuestion 9 To test the reasonableness of the turnaround time of the applicable business process review, what tool can be used by the internal auditor? Group of answer choices Forcefield analysis Control sheets Check sheets Time and motion study
- 7 What are the main procedures used by an auditor or an accountant when performing a review or moderate assurance level engagement on financial statements of a company? (Hint: There are 3 main procedures, list the 3) _______________ _______________ _______________23-From the options given below identify the accounting data obtained by an auditor which are sufficient and appropriate to support his opinion on the financial statement assertions. O a. Audit Report O b. Engagement letter O c. Audit evidence O d. Audit opinion11. The major purposes of obtaining a client representation letter include: Select one:a. To document in the audit working papers the client's responses to many questions asked by the auditors during the engagementb. All of the mentioned is correct c. To remind the client officers of their primary responsibility for the financial statementsd. To provide evidence in areas where accounting presentation may be dependent upon management's future intentions.
- {Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the options b. Accuracy in the accounting transaction and records c. Financial statements are free from material misstatement d. Presentation of financial statements according to accounting standards framework13. Which of the following point is related to institutional factors that affect the accounting quality? Select one: a. Legal environment b. Managers' accounting discretion c. CEO's performance d. Internal auditing Clear my choice4. The letter an auditor prepares and ensures he signs with the management to set out the terms and conditions of the assurance engagement is called? ______________ Question 4 options: a) Professional letter b) Assurance letter c) Engagement letter d) Auditor letter