Discuss the essential elements of a good audit document. a) Sufficient b) Relevant c) Reliable
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Discuss the essential elements of a good audit document.
- a) Sufficient
- b) Relevant
- c) Reliable
Step by step
Solved in 2 steps
- {Auditing} 3. Which one of the following is the process of identifying, recording, analyzing and communicating financial information to stakeholders? a. Assurance b. Auditing c. Internal control d. None of the optionsWhen performing an integrated audit of a public company, what arethe auditor’s responsibilities related to internal control as required by PCAOB standards?Which of the following is not a required item to be communicated by the auditor tothe audit committee or others charged with governance?(1) Information about the auditor’s responsibility in an audit of financial statements.(2) Information about the overall scope and timing of the audit.(3) Recommendations for improving the client’s business.(4) Significant findings arising from the audit.
- All the following types of Audits except......... a. Information System b. technological c. Financial d. Operational{Auditing} 6. Internal control goes beyond accounting function and incorporates both accounting and administrative control. From the following alternatives, identify which one is not a part of accounting control? a. Standard Costing b. Internal check c. Bank Reconciliation d. Performance appraisal1. Which of the following statements correctly describes why internal auditors are well positioned to coach management on responding to risk? a. Internal audit may have been responsible for identifying the management's current response to risk is an area of weakness within the risk management framework b. Internal audit's analytical training and audit experience enable it to find solutions for weak systems or controls c. Internal audit has appropriate experience and skill set in governance and risk management to teach management about the areas in ERM that are not working and need improvement d. Internal auditors are accustomed to dealing with confidential matters and thus provide a safe environment in which a client can talk about all matters of concern without fear of repercussion 2. Which of the following is not a benefit of risk mapping and prioritization? a. The results help an enterprise to communicate better its risk aggregated risk profile to key external…
- 1 Which of the following is not true regarding financial accounting? a. Shows the profit/ loss of the business b. Prepared not based on double entry system c. Concerned with recording transactions d. Mainly intended for external users3. In preparing for an integrated report, and the cost outweigh the benefit, can still integrated reporting be opt? Explain.Coincidence one: You stopped by the accounts payable department and retrieved a series ofrecently submitted invoices for various trade expenses related to the auditorium constructionproject. “One of the things you wanted to accomplish was to understand how the accountingcodes worked—what was capitalized; what was expensed; how it was recorded, etc.” So, yougrabbed a stack of processed invoices with accounting codes and went up to the construction siteto meet with the vice president for an hour-long interview. Coincidence two: the secretary for the audit department, Joyce Williams, was not only onSmall’s bowling team, but she was also his neighbour. They saw each other regularly at the localbowling alley. She took notice when Small’s behaviour became somewhat extravagant. At first,he took to buying the team drinks, a habit most appreciated by his teammates. However, thesecretary began wondering where all the money was coming from when he showed up in his newMercedes (one of five cars he…
- Independent auditing can best be described as(1) a branch of accounting.(2) a discipline that attests to the results of accounting and other functional operationsand data.(3) a professional activity that measures and communicates financial and business data.(4) a regulatory function that prevents the issuance of improper financial information.What are the differences and similarities in audits of financial statements, compliance audits, and operational audits?AUDITING ERP DATABASESYou are an independent auditor attending an engagementinterview with the client. The client’s organizationhas recently implemented a data warehouse.Management is concerned that the audit tests thatyou perform will disrupt operations and suggeststhat instead of running tests against the live operationaldatabase, you draw the data for your analyticalreviews and substantive tests of details from the datawarehouse. Management points out that operationaldata are copied weekly into the warehouse and everythingyou need is contained there. This will enableyou to perform your tests without disrupting routineoperations. You agree to give this some thought andget back to the client with your answer. RequiredDraft a memo to the client outlining your responseto the client’s proposal. Mention any concerns you might have.
