The SEC requires the MD&A report as well as the audit attestation on management’s assessment of internal controls. Why was the MD&A report required and how important is this report in facilitating disclosure of financial information? Why is the audit attestation report also an SEC requirement?

Q: The auditing standard that is relevant to ISA 250, consideration of Laws and Regulations in an audit…

A: An auditor is appointed by the shareholders of the company to examine the accounting books including…

Q: Which of the following is usually not part of an internal audit department’s audit charter?a. A…

A: Internal Auditor: An internal auditor is a qualified professional hired by an entity to provide an…

Q: Which of the following is a reason that an entity may receive an audit? Select the best response and…

A: A listed Entity may receive audit requirement by any law or authority such type of audit is called…

Q: Who has responsibility for internal control in an organization? According to guidelines set forth in…

A: Sarbanes Oxley Act: In order to protect the rights of an investor from fraudulent practices by the…

Q: With whom should the auditor communicate whenever he or she determines that fraud may be present,…

A: Auditor is the person examining the financial statements and reports of an entity to check if the…

Q: What must external auditors do to use the work of internal auditors in the audit of an entity’s…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: The auditor shall communicate with those charged with governance an overall approach and scope of…

A: Auditor shall communicate to the management regarding its scope of audit.

Q: During financial statement audits, the auditors' consideration of their clients internal control is…

A: Financial Statement Audit - It is an examination of financial statement of and provide disclosures…

Q: “Audit committees do not prepare financial reports, nor do they conduct audits. But they have an…

A: It is true that audit committees are not directly involved in preparation of the financial reports…

Q: A transaction-level internal control activity is best described asa. An action taken by auditors to…

A: Answer:   Option b

Q: ine the reasons why auditor independence is considered of fundamental importance for confidence in…

A: The independence of the auditor is referred to as auditor independence. It is distinguished by…

Q: If the company is subject to PCAOB obligations for communicating control shortcomings (AS 1305),…

A: SOLUTION-   COMMUNICATION ABOUT CONTROL SHORTCOMING- STANDARD O AUDITING OF 1305 DESCRIBES THE…

Q: Why is it important for the internal audit department to be functionally reporting to the audit…

A: Internal audit plays a vital role in companies, probably now more so than ever, with their diverse…

Q: The report on the effectiveness of internal control over financial reporting for companies filing…

A: Here asked for multiple question we will solve for 1st question according to guidelines.  If you…

Q: Which of the following is NOT an important consideration for the auditor’s assessment of audit…

A: Audit committee is entrusted with the task of overseeing the reporting and disclosure requirements…

Q: Internal control system comprises the company's policies, practices and procedures which are…

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: Which of the following is not considered to be part of the audit evidence? Auditor information…

A: This question explains about auditor information gleaned from stock exchanges Accounting records…

Q: Which of the following would be inappropriate during the risk assessment procedure of the audit…

A: Through an understanding of the entity and its surroundings, the auditor's role is to detect and…

Q: How can an audit add value to financial statements and management's internal control reports? Is an…

A: This question explains about financial statements and management's internal control reports

Q: What is EDGAR?a. A system the SEC uses to reject registration statements that do not contain…

A: EDGAR: EDGAR is a system designed to gather electronic data, analyze and retrieve the data.…

Q: What type of opinion(s) would the audit team issue on the effectiveness of internal control over…

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Q: "Auditor should remain alert to the possibility that other audit procedures applied may bring…

A: Substantive tests includes the activities performed by auditor to detect material misstatements at…

Q: Why do GAGAS require a review for compliance with laws and regulations in conjunction with financial…

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Q: What are some specific transactions that an auditor would expect to be approved by the board of…

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Q: PCAOB standards are used to conduct the audit for public companies. True False

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: What other restrictions and requirements apply to auditors whenproviding nonaudit services to public…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: hich of the following is usually not part of an internal audit department’s audit charter?a. A…

A: Answer:   Option c

Q: Which of the following combinations of standards and types of audits are most closelyrelated to the…

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Q: Describe situations in which the auditors’ report on internal control over financial reporting would…

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Q: Which of the following is an attribute of the internal control procedure—assignment of​…

A: The process by which the operational efficiency and effectiveness in the organizational objectives…

Q: Which of the following is NOT a requirement in management’s report on the effectiveness of internal…

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Q: Does a qualified opinion on management’s assessment of internal controls over the financial…

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Q: Outline the reasons why auditor independence is considered of fundamental importance for confidence…

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Q: SOX legislation calls for sound internal control practices over financial reporting and requires…

A: Preventive Control:   Preventive controls are the controls which are used to keep a loss or an error…

Q: When planning the audit, the auditor should make inquiries of management in order to do the…

A: Inquiry is an audit procedure that is used extensively throughout the audit and often is…

Q: d. When documenting their understanding of a client's internal controls, auditors are required to…

A: The books of accounts are required to be audited by the auditor so as to check whether the…

Q: a) The primary responsibility for the prevention and detection of fraud rests with both those…

A: 1) Yes, I completely agree because it is the management and the government entity that are…

Q: Tests of controls in a GAAS audit are required fora. Obtaining evidence about the financial…

A: Test of controls is the process of the audit to check the effectiveness of the controls by a client…

Q: If the company is subject to PCAOB obligations involving notification of control shortcomings (AS…

A: Thi the company is subject to PCAOB obligations involving notification of control shortcomings (AS…

Q: Which of the following control objectives in the General Ledger activities under the…

A: Auditing Procedures The purpose of adopting Auditing procedures which are important to the Auditing…

Q: If the entity is subject to PCAOB requirements regarding communication about control deficiencies(AS…

A: Communication about control deficiencies : Standard on Auditing of 1305 describes the communication…

Q: Why is there a need on the part of the client entity to monitor internal controls over time? a.…

A: Internal Control- It is a process which is made by the entity to put control on its operations and…