Auditing and Assurance Services T321 Which one of the following services provides a moderate level of assurance about the client's financial statements? Select one: O a. review O b. forecasts and projections O c. compliance O d. audit
Q: The tem
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A: Hi student Since there are multiple questions, we will answer only first question.
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- Professional guidance indicates that the auditor should consider revenue recognition to be high risk in planning an audit of a company’s financial statements. a. Identify the activities that affect the revenue cycle. b. Identify the financial statement accounts typically associated with the revenue cycle.2. Standards requires auditors to obtain sufficient knowledge of the organization’s risk assessment procedures to understand how management identifies, prioritizes and manages financial reporting risk. List five circumstances that can cause risks to arise or change. Please answwer this thank youuuuu:)Please answer all 3 subparts. Question 1 (i) What are the 5 components of the COSO framework? A. Risk assessment, control environment, control activities, information and communication, monitoringB. Control environment, risk assessment, control activities, information and communication, monitoring.C. Control activities, monitoring, information and communication, control environment monitoringD. Control activities, control environment, risk assessment, monitoring, information and communication (ii) An opinion which is given by the auditor when the financial statements give a true and fair view except for a particular matter, which the auditor explains is called:A. An adverse opinionB. An unmodified opinionC. A qualified opinionD. A disclaimer opinion (iii) Which of the following is NOT a reason why linking reward to performance may not solve remuneration problems?A. Unsuitable measures of performance may be selected B. Many performance measures are based on the short term resultsC.…
- Financial audit Q&A What is the file type of the customer confirmation that is related to the outstanding balance the client has?In order of increasing level of rigour, auditors generally offer 4 types of assurance services. What is the lowest level of assurance? Select one:A. Review engagementB. 100% assuranceC. Financial report auditD. Agreed-upon procedures10. 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.
- An assurance service is defined as a service thata. Provides auditing services to nonfinancial information.b. Reviews unaudited financial information.c. Improves the quality of information for decision makers.d. Reduces the risk in management decision making.PLEASE ANSWER ALL 7. Which of the following involves coordinating the company’s activities a smooth-running operation?a. Auditingb. Controllingc. Planningd. Directing 8. Which of the following statement about internal reports is true?a. Most internal reports are summarized rather than detailed.b. Internal reports focus on general purpose needs of users.c. The content of internal report extends beyond the double-entry accounting system.d. Internal reports are often very general. 9. Which one of the following describes internal reports?a. They are often audited by CPAs.b. They are highly regulated by SEC.c. They are aggregated.d. They are detailed.Identification of Audits and Auditors. Audits may be characterized as (a) financial statement audits, (b) compliance audits, (c) economy and efficiency audits, and (d) programaudits. The work can be done by independent (external) auditors, internal auditors, or governmental auditors (including IRS auditors and federal bank examiners). Following is a listof the purpose or products of various audit engagements. [Students may need to refer toChapter 1.]a. Analyze proprietary schools’ spending to train students for oversupplied occupations.b. Determine the fair presentation in conformity with GAAP of an advertising agency’sfinancial statements.c. Study the Department of Defense’s expendable launch vehicle program.d. Determine costs of municipal garbage pickup services compared to comparable servicesubcontracted to a private business.e. Audit tax shelter partnership financing terms.f. Study a private aircraft manufacturer’s test pilot performance in reporting on the resultsof test…
- 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 onlyAn auditors’ report by independent accountants…… Select one: a. is ultimately the responsibility of the management of the client company. b. ensures that the financial statements are error-free. c. gives investors assurance that the company’s stock is a safe investment. d. gives investors assurance that the company’s financial statements conform to GAAP2. What are the main procedures used by an auditor when performing review or moderate assurance level engagement on financial statements of a company? (Hint: There are 3 main procedures, list the 3) _______________ _______________ _______________