This approach is useful for compliance reviews where operators should do what thecontract, law, regulation, or procedures documentation requires .lt also useful for financialreviews, where accountants and others involved in record keeping and preparingfinancial statements must adhere to applicable accounting standards.O Process Flow MapO Value Stream MapO Cause and EffectO Force Field Analysis« PreviousNext »Not savedSubmit C

Answer: The correct answer is option (b) Value stream map Value stream Map gives the clear overview…

Answered: This approach is useful for compliance…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Completing A Quality Audit

Section: Chapter Questions

Problem 30RQSC

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Similar questions

Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.
Companies need to report both monetary and nonmonetary data and information. A. Define these two terms and provide examples of each. B. Discuss what sources are available that provide companies with both types of data and information.
Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
External users of accounting information would include ________________. employees managers investors supervisors
The qualitative characteristics that make accounting information useful for decision-making purposes are as follows. Relevance Neutrality Verifiability Faithful representation Completeness Understandability Predictive value Timeliness Comparability Confirmatory value Materiality Free from error Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. a. Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. b. Quality of information that confirms users’ earlier expectations. c. Imperative for providing comparisons of a company from period to period. d. Ignores the economic consequences of a standard or rule. e. Requires a high degree of consensus among individuals on a given measurement. f. Predictive value is an ingredient of this fundamental quality of information. g. Four qualitative characteristics that are…
Benji Borke has prepared the following list of statements about accounting information systems.Identify each statement as true or false. 1. The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records. select an option TrueFalse 2. The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information. select an option TrueFalse 3. Designers of accounting systems must consider the needs and knowledge of various users. select an option TrueFalse 4. If an accounting information system is cost-effective and provides useful output, it does not need to be flexible. select an option…
The following are basic characteristics of management accounting, except A. It is future-oriented. B. It is used by both the external and internal stakeholders C. It may use non-financial data or information D. It complies with generally accounting principles. (choose letter only)
Which of the following is not considered an analyticalaspect of the accounting profession?a. Evaluating an organization’s operational effi ciency.b. Forecasting the probable results of future operations.c. Designing systems that provide information to decisionmakers.d. Journalizing and posting business transactions.
Choose the best answer to fill in the blank: “A key difference between management accounting and financial accounting reports is that management accounting reports tend to______.” a. be more general purpose b. have longer reporting intervals c. rely more on objective, verifiable evidence d. be forward looking
Which of the following statements is the best definition of an accounting information system? A. A framework that uses computers to produces financial statements B. A framework that coordinates resources (components) needed to convert information into data in order to achieve objectives C. The management information system that generates various reports for management decisions D. A framework that coordinates resources (components) needed to convert data into information for decision making
38. This approach is useful for compliance reviews where operators should do what the contract, law, regulation, or procedures documentation requires .It also useful for financial reviews, where accountants and others involved in record keeping and preparing financial statements must adhere to applicable accounting standards. Group of answer choices Cause and Effect Value Stream Map Process Flow Map Force Field Analysis
Indicate whether the following statements about the conceptual framework are true or false. If false, provide a brief explanation supporting your position. a. The fundamental qualitative characteristics that make accounting information useful are relevance and verifiability. b. Relevant information only has predictive value, confirmatory value, or both. c. Information that is a faithful representation is characterized as having predictive or confirmatory value. d. Comparability pertains only to the reporting of information in a similar manner for different companies. e. Verifiability is solely an enhancing characteristic for faithful representation. f. In preparing financial reports, it is assumed that users of the reports have reasonable knowledge of business and economic activities.

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