S1: PSQC 1 specifically refers to competence as required in the audit of specialized industries S2: The required competence level is the same for all types of audit engagements in specialized industries *
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S1: PSQC 1 specifically refers to competence as required in the audit of specialized
industries S2: The required competence level is the same for all types of audit
engagements in specialized industries *
A. True, true
B. True, false
C. False, true
D. False, false
Step by step
Solved in 4 steps
- Q1. 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).2. If you an internal audit required for a company to obtain a quality certificate ISO 9001-2015 To ensure the application of the improvement clause 10-1, what are the evidences that you want to verify as objective evidence of the application of continuous improvement in that company? With mentioning the item number ?for each evidence :Answer Ser Standard item number Required objective evidence3. An auditor can receive one of three types of report from a Service Organizations when providing Assurance or Auditing services for a client. A Type 2 or SOC 2 service auditor's report addresses: Group of answer choices Only management's description and design of its controls. Management's description and design of its controls and control operating effectiveness. Only control operating effectiveness. Control operating effectiveness and primary assertion reliability.
- 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.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…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.Summarize 1101 Audit risk, 1105 Audit Evidence and 1110 Relationship of Auditing Standards to Quality Control Standards.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.
- 1. 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?S1: The agriculture sector is specialized because only a few businesses operate in theindustry S2: Appropriate documentation should be made to establish that competence wasconsidered in the audit engagement A. True, trueB. True, falseC. False, trueD. False, falseV3. The management letter is used: A) to list all reportable conditions with respect to internal controls. B) to make recommendations to the entity based on observations made during the audit. C)to confirm the terms of the audit engagement. D) to allow management to document, in writing, oral representations to the auditor.