Chapter 1- Fundamental Principles of Assur 14. Which of the following is most likely a form of conclusion for a reasonable assurance engagement? A. "In our opinion, internal control is effective, in all material respects. based on XYZ criteria." B. "Based on our work described in this report, nothing has come to our attention that causes us to believe that internal control is not effective, in all material respects, based on XYZ criteria." C. Both A and B. D. Neither A nor B.

Chapter 1- Fundamental Principles of Assur 14. Which of the following is most likely a form of conclusion for a reasonable assurance engagement? A. "In our opinion, internal control is effective, in all material respects. based on XYZ criteria." B. "Based on our work described in this report, nothing has come to our attention that causes us to believe that internal control is not effective, in all material respects, based on XYZ criteria." C. Both A and B. D. Neither A nor B.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

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

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

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 25RQSC

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3. Explain in details and with examples the threats to compliance to the Fundamental principles of professional ethics.
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9. Which of the following is not a step that a CAE would perform in assurance mapping? a. Ensure that the internal auditors are the only source from which the board will see assurance b. Identify which of the risk management activities and residual risks fall within Kipper's risk appetite c. Identify which assurance providers are responsible for assessing the risks or control activities tied to each risk d. Provide assurance across the entire enterprise and its operations after considering the coverage by all assurance providers 10. Some companies are not mature in identifying risks that will prevent them from meeting their strategic objectives. What is not a way that ERM can help with achieving strategic objectives? a. Companies should make a list of all their risks and assign ownership to a department that can routinely monitor and manage them b. With proper internal controls, companies have reasonable assurance that risk management is working effectively, which…
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Q1. Based on Sarbanes-Oxley, who is ultimately responsible for the independence of the external auditor? (In your response, identify all of the requirements placed upon the Audit Committee by Sarbanes-Oxley, and why you think the Act placed these responsibilities with this group). Q2. Which of the following is an example of the appropriate implementation of a system of quality control? (in your response, describe the purpose of a system of quality control for an audit firm, and what the six elements of quality control are).
3. Explain in details and with examples the threats to compliance to the Fundamental principles of professional ethics. What are the safeguards against such threats? ( 500 words)