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- 28 Statement: "In the context of audit, the concept of true and fair is defined in the Commercial Company Law".Based on above statement choose the best alternative from the options given below: a. None of the options b. The statement is true c. The statement is false, the concept of true and fair is not defined in any law d. The statement is false; the concept of true and fair is defined in IFRSWhich of the following is not referred to in the management’s responsibility paragraph? a. Design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements b. Selection and application of appropriate accounting policies c. Effectiveness and efficiency of operating decisions d. Making of reasonable accounting estimatesAUDITING 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.
- How does an auditor evaluate the unadjusted misstatementschedule (also called summary of possible misstatements) at the end of the audit engagement to assess whether the financial statements are fairly presented? Is the auditorrequired to discuss the schedule with anyone else?Which of the following statements are True about auditors responsibilities to the financial statements? a)To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. b) To evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. c)The independent auditor must exercise his professional judgment and maintains professional skepticism (doubt regarding truth of something) throughout the planning and performance of the audit. d) An auditor conducting an audit in accordance with IFAC is responsible for obtaining reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error. Only a) and d) All the a) , b) , c) and d) Only a) , b) and…Which of the following statements regarding materiality is True? a. In general terms, levels of materiality are set depending on an auditor’s judgements. b. Materiality is determined at the start or planning phase of an audit engagement. It is a component of an audit that remains an unmoving benchmark. c. Common benchmarks that may be appropriate, may be based on levels of reported income in categories such as profit before tax, total revenue, total expenses, gross profit, total equity or net assets. d. Misstatements, including omissions, are considered to be material if they, individually or in aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
- Management in today’s corporate world has developed a habit of acting on their own interest rather than maximizing the interest or wealth of the shareholders. This has made the need for Independent Audit greater in Today’s Society than it was in 50 years ago. Mr. Ama Yaw, an investor, in his opinion sees “Auditor as an Insurer or a Guarantor of the correctness of the financial statements” because they rely only on audited Financial Statements in making investment decisions. Required: Comment on the Opinion of Mr. Ama YawWhich of the following is most likely not an objective of financial statements? A. None of the above B. To provide information about the users of an entity’s financial statements. C.To provide information about the performance of an entity. D. To provide information about the financial position of an entity..As a new systems analyst at Premier Financial Services, you are getting quite an education. You report to Mary, the IT manager, who also chairs the systems review committee. Several months ago, the committee rejected a request from Jack, the finance director, for an expensive new accounts payable system, because the benefits did not appear to outweigh the costs. Yesterday, Mary’s boss called her in and asked her to reconsider Jack’s request, and to persuade the other members to approve it. Mary wanted to discuss the merits of the request, but he cut her off rather abruptly. Mary happens to know that Jack and her boss are longtime friends. Mary has confided in you. She is very uncomfortable about the meeting with her boss, and she believes that his request would undermine the integrity of the systems review process. Mary feels it would be unethical to grant preferred treatment just because a friendship is involved. She is thinking of submitting a request to step down as review committee…
- As a new systems analyst at Premier Financial Services, you are getting quite an education. You report to Mary, the IT manager, who also chairs the systems review committee. Several months ago, the committee rejected a request from Jack, the finance director, for an expensive new accounts payable system, because the benefits did not appear to outweigh the costs. Yesterday, Mary’s boss called her in and asked her to reconsider Jack’s request, and to persuade the other members to approve it. Mary wanted to discuss the merits of the request, but he cut her off rather abruptly. Mary happens to know that Jack and her boss are longtime friends. Mary has confided in you. She is very uncomfortable about the meeting with her boss, and she believes that his request would undermine the integrity of the systems review process. Mary feels it would be unethical to grant preferred treatment just because a friendship is involved. She is thinking of submitting a request to step down as review committee…33-If the controls over sales order processing is deficient, the auditor may place more reliance on________ for assertions related to receivables. O a. Analytical procedures O b. Tests of details O c. Combination of both o d. None of the options{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 options