Question 6 Which of the following are elements of a CPA fırm's quality control that should be considered in establishing its quality control procedures and policies? 1.) Engagement Performance 2.) Relevant Ethical Requirements 3.) Monitoring 1. Yes No Yes 2. Yes Yes Yes 3. No No Yes 4. No Yes Yes O 3 O 4 O 2 O 1
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- 29. S1. When the chief audit executive concludes that management has accepted a level of risk that may be unacceptable to the organization, the chief audit executive must discuss the matter with middle management. S2. The scope of the engagement must include consideration of relevant systems, records, personnel, and physical properties, including those under the control of third parties. Which of the following statements is/are true? Group of answer choices Statement II only Statements I and II Statement I only None of the statementsQ1. 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).13. Which of the following is not an element of quality control? Select one:a. Engagement performanceb. Monitoring.c. Relevant ethical requirementsd. Documentation.
- 47. Which of the following statements is/are correct? Statement I. Independence is a fundamental ethical principle for internal auditors. Statement II. Communication skills are also essential not only as it relates to fellow auditors, but also process owners and operators. Statement III. Adding value and being perceived as trusted advisors to their organizations are perhaps the highest aspirations of internal auditors around the world. Group of answer choices Statements I and II Statements II and III Statements I, II, and III Statement III only PreviousNextChoose the one correct answer. The following are usually considered in the preparation of management letter [I] the letter should indicate that it is only for management's use [II] A description of the reportable conditions discovered [III] Auditor's suggestion to improve the client's internal control. *yes, no, yesno, yes, yesyes, yes, noyes, yes, yesThe following questions concern quality control standards. Choosethe best response.a. The nature and extent of a CPA firm’s quality control policies and procedures dependon The CPA The Nature of the Cost-benefitFirm’s Size CPA Firm’s Practice Considerations(1) Yes Yes Yes(2) Yes Yes No(3) Yes No Yes(4) No Yes Yesb. Which of the following are elements of a CPA firm’s quality control that should beconsidered in establishing its quality control policies and procedures?Human Resources Monitoring Engagement Performance(1) Yes Yes No(2) Yes Yes Yes(3) No Yes Yes(4) Yes No Yesc . One purpose of establishing quality control policies and procedures for decidingwhether to accept a new client is to(1) enable the CPA firm to attest to the reliability of the client.(2) satisfy the CPA firm’s duty to the public concerning the acceptance of new clients.(3) provide reasonable assurance that the integrity of the client is considered.(4) anticipate before performing any field work whether an unqualified…
- 4. Which of the following are true regarding internal auditors and the adequacy of an organization’s risk management process I. Internal auditors must understand the risk assessment process and the tools used to make the assessment II. Internal auditors should determine the level of risks acceptable to the organization III. Internal auditors need to be satisfied that the key objectives of risk management processes are being met IV. Internal auditors should evaluate management’s risk processes the same way they analyze risk when planning an engagement Group of answer choices I and III only I, II, III and IV None of the choices I, II and III only I and II only5. All of these reasons are important to discuss the types of service with management before performing the audit work, except ___________ Question 5 options: a) To avoid misunderstanding b) To charge more audit hours and fees c) To prepare the auditor for the job d) To determine the audit procedures requiredQ2. Consult Paragraphs 3-6 of Quality Control Standard No. 20 (QC 20). Considering the example in the Waste Management case, please explain why a review by the practice director and audit division head is important in the operations of a CPA firm. In your opinion, was this review effective at Waste Management? Why or why not? Q3. Consult Paragraph 7 of PCAOB Auditing Standard No. 13. Do you believe that Andersen’s final decision regarding the PAJE’s was appropriate, under the circumstances? Would your opinion change if you knew that all of the adjustments were based on subjective differences (such as a difference in the estimate of the allowance for doubtful accounts), as compared to objective differences (such as a difference in the account receivable balance of their biggest customer)? Q4. Refer to Sections 203 and 206 of SARBOX. How would these sections of the law have impacted the Waste Management audit? Do you believe that these sections were needed? Why or why not?
- 5. 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…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)31 ____________ can ensure that those benefits and costs to third parties are considered in determining what service is to be produced and at what quality? It also seeks to ensure that accounting services are of the right quality. a. Auditors b. Accountant c. All the options d. Regulations