S1: Audit debriefing process should be led by the audit manager. S2: An audit benefits the public. Group of answer choices Only S2 is correct. Only S1 is correct. Both S1 and S2 are incorrect. Both S1 and S2 are correct.
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Q: TRUE OR FALSE 1. The primary purpose of Management Advisory Services is to provide advice and…
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Q: state whether each of the following terms is correct or incorrect and correct the false one:…
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Q: If the Financial Statements are prepared do not achieve fair presentation, then an auditor shall O…
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Q: he auditor shall plan the audit so that in can be performed effectively. The auditor shall study…
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Q: Name and describe the main tasks, duties or powers of the PCAOB
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Q: With regard to corrective action on audit results, which of the following is not theinternal…
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Q: An item or information is said to be material if misstatement of which can influence the ___ a.…
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Q: 2. Explain Audit Commitee by decribing the role and responsibilities
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A: The answer is provided as follows:
S2: An audit benefits the public.
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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?determine whether statement 1 and 2 are true or false 2. S1- Studying the relationship of financial information with another information, whether financial or non-financial, is an example of an analytical procedure. S2-To reduce audit risk to an acceptable low level, the auditor should determine overall responses assessed risks at the assertion level a. False, False b. True, False c. False, True d. True, TrueS1: 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.
- Urgent Answer please 2. Explain Audit Commitee by decribing the role and responsibilities. This is full question and not an eassy question at all. Answer must be plagirism free and in reasonable length. Length should not be too short or too long. Give reasonable answer please.2. In the element of audit findings, this refers to what the auditor discovered as a result of applying auditing procedures. Group of answer choices Condition Findings Cause EffectS1: If the engagement is revised from an audit to agreed-upon procedures, the new engagement should not mention the original engagement.S2: Compliance audits are used to determine adherence to rules and regulations set by higher authority. Group of answer choices Only S1 is correct. Both S1 and S2 are correct. Both S1 and S2 are incorrect. Only S2 is correct.
- QUESTION 2 The risk of the auditor “getting it wrong” or giving opinions that are not 100% accurate will always be present and this is referred to as audit risk. Audit risk is better understood when the components of the risks are understood. Identify and explain the three components of audit riskIf recommendations are made to the audit report noted problems and weaknesses, written responses detailing the following are requested from the audit client: a. A corrective action plan to resolve the problem and its root cause. b. The person responsible for implementing the corrective action. c. An expected implementation date. d. All of the optionsDon'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
- S1: Analytical procedures are required to be performed during the completion phase of the audit.S2: The entity’s objectives have direct relationship with the controls that it implements. Group of answer choices Only S1 is correct. Both S1 and S2 are correct. Both S1 and S2 are incorrect. Only S2 is correct.An item or information is said to be material if misstatement of which can influence the ___ a. Auditor's decision b. Audit committee's decision c. User's decision d. Management decision37-Planning involves establishing the overall audit strategy and developing the audit plan. Identify an option against planning from the following: O a. It assists auditor to devote more time on important area and less on unimportant. O b. It helps auditor in timely resolving problems O c. It not pervasive process O d. It assists in coordination of audit work
