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- Refer to Exhibit 2.5 and answer the following questions. a. (Sections 101, 104, and 105) How does the establishment and operation of the PCAOB help to ensure quality external audits? How will audit firm inspections and investigations by the PCAOB help ensure high audit quality? b. (Sections 201-203) How do Sections 201-203 address audit ()r independence concerns? c. (Section 206) What is a cooling-off period, and how does it address auditor independence concerns? d. (Section 301) How do the audit committee requirements help ensure effective corporate governance? e. (Sections 302 and 906) How do the officer certification requirements help to address the risk of fraud in publicly traded organizations? What is the likelihood that a CFO who is committing fraudulent financial reporting would sign the certification falsely, and what are your reactions to that possibility? f. (Section 401) How does this section relate to the Enron fraud? g. (Section 404) How do the management assessment and audit or attestation of internal controls contained in this section help to address the risk of fraud in publicly traded organizations? h. (Section 407) Why is it important that at least one member of the audit committee be a financial expert? What are the financial reporting implications if the audit committee does not have any individuals serving on it who possess financial expertise? i. (Section 802) How does this section relate to the Enron fraud?3 All of these steps will help an auditor minimize litigation risks when performing the audit work, except ___________ Question 3 options: a) Have enough legal fees ready b) Maintain proper documentation and working papers c) Maintaining independence d) Perform quality audit work5. In this stage of the operations audit process, assess conformity with the program, schedule, and objectives, and then assess the performance of the audit team. * a. Reviewing and improving the audit program b. Monitoring the audit program c. Establishing the audit program d. Implementing the audit program 6. In the management activity of " commitment and tone from the top," which of the following will not be used by an operations auditor to assess whether or not the entity meets the audit objectives? * a. Clear expectations b. Efficiency as a priority c. Established base lines d. Risk assessment 7. These performance measures highlight potential opportunities to convert given resources to the end product with less waste. * a. Economy performance measures b. Efficiency performance measures c. Equity performance measures d. Effectiveness…
- 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. S3: The principal difference between auditors and accountants is that the auditor is expert on auditing standards such as PSAs while the accountant is expert on accounting standards such as the PFRS. S4: In evaluating materiality, the amount of the misstatements is more important compared to its nature. S5: The concept of materiality would be very important to an auditor in determining transactions that should be validated. S6: The level of assurance expected to be issued affects the amount of procedures to be performed by the practitioner. S7: Analytical procedures are required to be performed during the completion phase of the audit. S8: The entity's objectives have direct relationship with the controls that it implements. Identify which statements are correct.1.) The Information Systems Audit and Control Association (ISACA) developed guidelines and procedures on how to follow the standards that apply specifically to the specialized nature of the IS Audit. The guidelines serve as guidance the IS auditor should normally follow. However, there may be situations where the auditor will not follow that guidance. In this case, what happens now to the work done by the IS auditor? 2.) Audits are conducted for various reasons. It can help an organization ensure effective operations, affirm its compliance with various regulations, and confirm that the business is functioning well and is prepared to meet potential challenges. There are three typical phases in an Audit, explain each phase and its relation to the other. 3.) Every organization has controls in place. Such controls must be effective. They are effective if they prevent, detect, or contain incidents and enable recovery from events that cause risks. Enumerate those three types of control…1.) The Information Systems Audit and Control Association (ISACA) developed guidelines and procedures on how to follow the standards that apply specifically to the specialized nature of the IS Audit. The guidelines serve as guidance the IS auditor should normally follow. However, there may be situations where the auditor will not follow that guidance. In this case, what happens now to the work done by the IS auditor? 2.) Audits are conducted for various reasons. It can help an organization ensure effective operations, affirm its compliance with various regulations, and confirm that the business is functioning well and is prepared to meet potential challenges. There are three typical phases in an Audit, explain each phase and its relation to the other.
- 3. Does a qualified opinion on management’s assessment of internal controls over the financial reporting system necessitate a qualified opinion on the financial statements? Please explain within 150 words. (To answer this question, please make sure you understand the terms “unqualified opinion” and “qualified opinion” in auditing.4-What do you understand by confirmation in the context of audit procedure for obtaining audit evidence? a. Confirmation denotes to verification of accounting records with external sources b. Confirmation denotes to observation of employee performance c. Confirmation denotes to tracing d. Confirmation denotes to vouching1. List three reasons management may ask for an operational audit to be performed and explain how the audit program would be impacted by each of them. 2. Explain the importance of identifying risk factors and using them during the planning phase. 3. Give two examples where document inspection is a useful technique to examine operational risks and related controls. 4. Explain professional skepticism and why it is important for all auditors. 5. Explain the acronym CCCER. 6. What are the defining characteristics of persuasive audit evidence? 7. What are the key characteristics of well prepared working papers? 8. What do internal auditors mean when they refer to the nature, extent, and timing of audit procedures? 9. What information should be included in a well designed final assurance engagement communication? 10. What actions regarding assurance engagement observations must the internal audit function take after the final engagement communication is disseminated?
- Question 2 When a company has to go through the audit process, an auditor may use the term "audit engagement." This can mean different things, so it is important that the auditor clarifies what he means when he uses the term. Regardless of which definition the auditor follows, the auditor will always follows specific procedures and guidelines for handling the engagement. An audit engagement very loosely refers to an audit that an auditor performs. More specifically, it refers only to the initial stage of an audit during which the auditor notifies the client he has accepted the audit work and clarifies his understanding of the audit's purpose and scope. Even more specifically, the term audit engagement can refer to the written letter by which the auditor formally notifies the client that he will engage in audit services. You are required to discuss the three steps that are involved in performing the engagement during an audit.5. If an audit firm is giving advice on accounting or control systems and helping the client with calculations of numbers in the Financial Statements, then auditing it. You are required to identify from the following threats to objectivity does the above circumstance gives rise to? 1. Intimidation threat 2. Self-review threat a. 1 only b. Both 1 and 2 c. Neither 1 nor 2 d. 2 onlyDon't use chatgpt, I will 5 upvotes Objective Question: What term refers to the concept that auditors must maintain impartiality and avoid conflicts of interest when performing audits? A) Auditor objectivity B) Auditor independence C) Audit integrity D) Audit professionalism