Segregation of duties would be inappropriate to control to ensure: a. Reliability and integrity of information. b. Compliance with policies, plans, procedures, laws, and regulations. C. Safeguarding of assets. d. Effectiveness and efficiency of operations.
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- Which of the following is not a required item to be communicated by the auditor tothe audit committee or others charged with governance?(1) Information about the auditor’s responsibility in an audit of financial statements.(2) Information about the overall scope and timing of the audit.(3) Recommendations for improving the client’s business.(4) Significant findings arising from the audit.45-Who among the following are secondarily responsible for prevention and detection of frauds? O a. All the options b. Nomination committee is secondarily responsible for prevention and detection of fraud O C. Auditor is secondarily responsible for prevention and detection of fraud O d. Management is secondarily responsible for prevention and detection of fraudWhich of the following best describes the difference between financial accounting and tax accounting? Financial accounting is what managers use for internal, decision making purposes while tax accounting is used for creditors, investors, and the general public. They are both used for income tax reporting purposes, and they are both required by the SEC to be issued and made public so that they can be used by creditors, investors, and the general public Financial accounting is used for income tax reporting purposes and tax accounting is used by managers for internal, decision making purposes. Financial accounting is used by creditors, investors, and the general public, while tax accounting is used for income tax reporting purposes None of these answers is correct
- Which 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 estimatesInternal reports are generally a. aggregated. b. detailed. c. regulated. d. unreliable.Which 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..
- One of the principles of Management Reporting is, report should be self contained. Explain this principleAUDITING 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.The preliminary stage consists of what is termed the engagement activity. It is the stage where the auditor decides to accept or not accept an audit engagement. Hence, it takes place before an audit engagement is accepted. Some of the activities of an auditor at this stage are inclusive of establishing an understanding of the terms of the engagement, checking for their client’s compliance with ethical requirements relating to the engagement, checking for their client’s integrity, determine whether the client can be appropriately serviced and performing procedures to determine whether the client or the audit firm wishes to establish or continue the audit relationship. QUESTION 3 You are required to discuss the steps, which are involved in the preliminary stage of the audit process.
- {Auditing} 6. Internal control goes beyond accounting function and incorporates both accounting and administrative control. From the following alternatives, identify which one is not a part of accounting control? a. Standard Costing b. Internal check c. Bank Reconciliation d. Performance appraisal4. If a shareholder wanted to know how money flowed into and out of the company, which financial statement would the shareholder use? A. income statement B. statement of cash flows C. statement of retained earnings D. balance sheet 5. The debit side of an account A. is the left side of the account B. can be either side of the account depending on how the accountant set up the system C. is the right side of the account D. depends on whether the account is an asset, liability, or stockholders' equity 6. The process of initially recording a business transaction is called A. journalizing B. correcting C. balancing D. postingWhat type of information system would help a business to gain a strategic advantage over its competitors? a.Executive management system. b.Knowledge management system. c.Management information system. d.Strategic information system. What kind of information is gathered from a valid and trusted source and can be depended upon to be correct? a.Information that is reliable. b.Information that is timely. c.Information that is accurate. d.Information that is valid.