Answered: ______________________is a possible…

______________________is a possible safeguard implemented by the client that might mitigate an audit independence threat?

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash And Marketable Securities

Section: Chapter Questions

Problem 53RSCQ

See similar textbooks

Related questions

Q: What actions to be taken on error/fraud discovery?

A: An auditor is a person who is held responsible for fraud or error detection as he or she is auditing…

Q: You have a client where you are not required to test their controls. However you may choose to do…

A: We perform the test of controls to evaluate whether the controls are working effectively for two…

Q: Which of the following is not a typical problem found by auditors when cleansing client data for the…

A: Option D

Q: Which is not among the principles contained in the development of the science of internal control? *

A: D - Ensure objectives are met

Q: Delineate the protections that may be used to limit or eliminate risks to the independence of the…

A: When the internal and external auditors' work is not influenced by any party that has an interest in…

Q: What are considerations you will observe in evaluating the internal control of an audit engagement?…

A: Internal control refers to the activities performed by the management of the organization to ensure…

Q: What recommendations will you give to prevent fraud?

A: Fraud is an unethical activity performed against an organization's policy in order to take personal…

Q: Explain the threats to professional skepticism that might influence audit judgment.

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: How does HanaTour use the data it collects from the audit to increase the security of its data?

A: HanaTour : It is the largest travel company in Korea. The main business of HanaTour is providing…

Q: _______________________________is a possible safeguard implemented by the client that might mitigate…

A: Answer: Concept: Audit Independence threat is the threat that are experienced by auditor during the…

Q: What are the computer ethical issues regarding privacy?

A: Definition: Ethics can be defined as conduct adopted by an individual in making the selection…

Q: How can internal auditors best detect fraud in their orgar your answer.

A: Internal auditor refers to the professionally trained and skilled individual whose main form of work…

Q: When it comes to control systems and materiality, why could fraud examiners' views vary from those…

A: Misstatements and judgments are taken into account when determining materiality in the design and…

Q: An internal auditor is examining the effectiveness of procedures management established to protect…

A: "Independent examination of financial information of any company, whether profit-oriented or not,…

Q: In order to eliminate ethical fraud concerns, what procedures or policies should be implemented

A: Fraudulent Accounting: Accounting fraud is explained as the deliberate manipulation of financial…

Q: The auditor’s __________ safeguard the auditor’s ability to form an audit opinion without being…

A: Audit is the review and examination of books of account and financial information of the business in…

Q: 1. Why is audit firm culture important in ensuring that individual audit engagement partners resolve…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Whare are the disadvantages of internal goverment audits

A: Given: The disadvantages of the internal public audit.

Q: The underlying assumption of reasonable assurance regarding implementation of internal control means…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What sources of information can auditors use in connection with deciding whether to accept a new…

A: Definition: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Which preventive, detective, and/or corrective controls would best mitigate the following threat,…

A: A criminal remotely accessed a sensitive database using the authentication credentials (user ID…

Q: Audit tests and fraud?

A: For any company auditor is appointed to give an opinion on the financial statements, whether they…

Q: How do the NOCLAR standards change the traditional practice of maintaining confidentiality of audit…

A: Auditing is defined as onsite validation activities such as: Inspection or investigation of…

Q: .How do auditors gain an understanding of an entity's internal control.

A: Step 1 The auditor uses the understanding of internal control to detect potential misstatements,…

Q: How can an auditor reduce a client’s inherent risk?

A: Inherent risk is the risk of material misstatement assuming there are no related controls. Inherent…

Q: How do you measure risk in an audit engagement?

A: Review hazard appraisal can be our closest companion, especially in the event that we want…

Q: 1 What sources of information can auditors use in connection with deciding whether to accept a…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: If an auditor does not intend to rely on internal controls in the audit, does the auditor need to…

A: Audit is the process of checking and verifying the authenticity of the financial statements of the…

Q: 1) Which of the following statements is the most accurate? a. Data analytics can be…

A: Tool for analyzing the data set in a systematical manner. An auditor can use the data analytics tool…

Q: Why are external documents considered more reliable evidence than internal documents? What aspects…

A: External evidence is seen as more credible than internal evidence since it has passed through the…

Q: Auditor ethics face a variety of challenges.

A: This question explains about an auditor ethics face a variety of challenges.

Q: What is lapping? How can it be detected by an auditor and how can it be prevented?

A: Lapping is an accounting fraud where cash stolen or cash misappropriation is concealed by altering…

Q: Explain how we might evaluate auditors’ whistleblowing intentions? Why would this be important to…

A: Whistleblowing refers to a worker reporting any wrongdoing suspected at the workplace. Thus a…

Q: Your para-planner sends out unauthorized information to your client. Your client acts on the…

A: Paraplanners are junior members of a financial planning team. They are responsible for collating…

Q: According to IAASB what are the functions of an internal audit?

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What is internal control? Why is an auditor interested in a client’s internal control?

A: Internal Control: Internal controls are the mechaniisms, rules, and procedures legally by an…

Q: What are the computer ethical issues regarding misuse of computers?

A: Ethics is an internal mechanism of an individual which can be applied to various situations to…

Q: re internal controls required even if an auditor doesn't plan to rely on them in his audit? Explain.

A: Auditor: He is a person appointed by the government who investigates the finances of a company. In…

Q: A business wishes to establish sound internal controls. What rules and processes can you recommend…

A: This question explains about sound internal controls.

Q: QUESTION 4 A. An internal auditor needs to be competent, capable and objective if their services are…

A: Internal Auditing The purpose of internal auditing is to offer value and enhance an organization's…

Q: Describe a checks an balance scenario that allows for whistleblowing and prevents retaliation to the…

A: Solution- Retaliation is defined as a direct or indirect adverse administrative decisions or action…

Q: Which of the following is a possible safeguard i

A: An advocacy threat can occur when an auditor acts on behalf of their client. ... Safeguards to…

Q: The quality of the environment in which internal control operates has a pervasive effect on many…

A: Concept Pervasive effect Pervasive effect means that the effect is spread to most of…

Q: 2. What is the hindrance of operational audit in your

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What are the computer ethical issues regarding artificial intelligence?

Q: Which of the following would generally not be used ? Select one : O a. Re -perform client procedures

A: Internal control procedures means control procedures that are used for safeguarding of assets of the…

Q: How is the primary key critical in preserving the audit trail

A: Audit Trail: An audit trail refers to a set of records or destination and source of records that…

Question

_______________________is a possible safeguard implemented by the client that might mitigate an audit independence threat?_

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

______________________________________is a possible safeguard implemented by the client that might mitigate an audit independence threat?
Which of the following is a possible safeguard implemented by the client that might mitigate an audit independence threat?
Briefly explain the threats to an external auditor’s independence with examples.
Explain the safeguards that can be used to reduce or eliminate threats to audit independence.
Consider “control environment.” Why it is important for auditors to understand a client’s control environment. What are some limitations of internal controls? Now consider “segregation of duties.” Determine why it is important in an IT environment. What are some advantages of using IT and audit software when conducting an audit?
You have a client where you are not required to test their controls. However you may choose to do so, why?
Consider the “control environment.” Asses why it is important for auditors to understand a client’s control environment. What are some limitations of internal controls?
How do the NOCLAR standards change the traditional practice of maintaining confidentiality of audit or client information?
Why it is important for auditors to understand a client’s control environment. What are some limitations of internal controls?
What controls should be employed to avoid breaches into an accountijg information system.
What is the concept of reasonable assurance? What are the key limitations of an internal controlsystem?
Explain how we might evaluate auditors’ whistleblowing intentions? Why would this be important to do?