uditor uses the knowledge provided by the understanding of the internal control structure and the final assessed level of control risk primarily to determine the nature, timing, and extent of the Group of answer choices Attribute tests. Concurrent tests of controls. Additional tests of controls. Substantive tests

Q: The primary purpose of the internal auditors' evaluation of internal control is to

A: Internal auditor is responsible for providing his judgement on internal control operations of…

Q: In determining the operating effectiveness of the internal control policy or procedure, the auditor…

A: The internal controls refer to the mechanism implemented in the organization to ensure that the…

Q: STATEMENT I:  Management Review is the process of assessing the quality of Internal Control…

A: Internal controls by an independent auditor play a pivotal role in smooth functioning of the…

Q: Question 45 As the acceptable level of detection risk decreases, an auditor may change the Group of…

A: AS THE ACCEPTABLE LEVEL OF DETECTION RISK IS DECREASING , THE ASSURANCE PROVIDED FROM SUBSTANTIVE…

Q: S1: Analytical procedures are required to be performed during the completion phase of the audit. S2:…

A: Analytical procedures are very important processes that are used in audit process. It is meant to…

Q: Question 7 Given all other things equal, an internal control situation (A) with more key controls in…

A: A preliminary Control Risk Assessment is done by a company to know the effectiveness of the…

Q: Place the auditor's activities to assess control risk in the proper order: Group of answer choices…

A: Control risk refers to misstatement in financial statements that occur due to error and fraud and…

Q: The following are the roles that internal auditors that should not undertake in risk management…

A: Internal auditors are the professionals appointed by the entity's management to make sure that the…

Q: 1. Standards requires auditors obtain an understanding of an organization’s control environment.…

A: Answer: There are various auditing standards that are to be followed by auditors as a part of…

Q: Which of the following audit engagements is least likely to be performed by internal auditors solely…

A: Which of the following audit engagements is least likely to be performed by internal auditors solely…

Q: 4. Reported internal audit observation emerge as a result of comparing “what should be” with “what…

A: Audit is the detailed process for checking and verifying books of accounts and financial statements…

Q: Question 28 The COSO model for internal control lists five specific areas encompassed by the control…

A: Lets understand the basics. Under coso framwork, one of the component of internal control is control…

Q: Each of the following steps should be performed prior to accepting an audit engagement except:

A: Explanation and answer is given below,

Q: ll statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true

A: Correct option : A

Q: Which of the following statements best describes what is meant by the term appropriateness of audit…

A: Appropriateness is a criterion for how good audit evidence is, i.e. how relevant and reliable it is.…

Q: Which one of the following activities is a part of internal control system? a. Internal check b.…

A: Internal control is all of the policies and procedures management uses to achieve the goals.

Q: determine whether true or false S1- The extent of planning will vary accordingly to the size of the…

A: The answers and relevant explanation for the True or false questions are presented hereunder : The…

Q: 9 Explain how the effectiveness of general control affects the auditor's test of automated…

A:

Q: Which of the following are true regarding internal auditors and the adequacy of an organization’s…

A: One of the board’s or its equivalent’s main responsibilities is to ensure that risk management…

Q: What are objectives? What three categories of objectives are set forth in the COSO framework?

A: COSO ERM framework defines internal control in an organisation as “a. process, effected by an…

Q: 48. COSO has an exposure draft for five risk components. Which of the following has a counterpart…

A: The original internal control integrated framework (original framework), which was released in 1992,…

Q: The steps in planning an audit includes obtaining an understanding of the entity and its environment…

A: Audit Planning Planning is an important part in conducting the Audit work in the organisation.…

Q: Audit team use test data method to gain certain assurances with respect to:     Input data…

A: The auditing team so the Audit test data. It simply refers to the test that is used to check the…

Q: Based on Sarbanes-Oxley, who is ultimately responsible for the independence of the external auditor?…

A: The Sarbanes-Oxley Act,makes it compulsory for the audit committee to be responsible for omission or…

Q: hich of the following best describes the internal audit activity's role in supporting the board in…

A: Internal audit refers to the process of investing and evaluating the internal control system of the…

Q: ISA 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the…

A: Audit refers to the inspection or the examination of the financial records of the company through an…

Q: The internal audit activity must evaluate risk exposures relating to the organization’s governance,…

A: Internal audits are conducted by the internal auditors to check if the internal controls in the…

Q: 7-Planning involves establishing the overall audit strategy and developing the audit plan. Identify…

A: Audit Planning Audit Planning is on of the important process while performing the Auditing work for…

Q: Obtaining an understanding of internal control requires the auditor to reach a conclusion about the…

A: Ans.  Let us analyze the statements separately. Statement 1 says that obtaining an understanding of…

Q: Assume, Mr. A is appointed as an auditor of Jindal Steel to evaluate the internal control system by…

A: Introduction: Auditing: Auditing means examining the books of accounts , various processes…

Q: An audit team's responsibility would not include:     Documentation of understanding of a client's…

A: A audit team responsibility regarding internal controls of a client mainly includes understanding…

Q: Which of the following statements regarding types of operational audits is false? Group of answer…

A: Characteristics of operational audit includes :- Special operational auditing assignments arise at…

Q: ISA 315 (Revised): Identifying and Assessing The Risks Of Material Misstatement states that the…

A: Internal Control: Internal control is a procedure carried out by a company's board of directors,…

Q: When the auditors obtain an understanding of internal control for the financing cycle documentation…

A: INTERNAL CONTROLS ARE THE PROTOCOLS, PROCEDURES AND ACTIVITIES THAT PROTECT ORGANIZATIONS FROM…

Q: Question 48 An auditor may decide not to perform tests of controls related to the control procedures…

A: As per standard on auditing, auditor should perform test of control and test of details in…

Q: 23. Which of the following best describes the scope of internal auditing as it has developed to…

A: Answer: The following describes the scope of internal auditing as it has developed to date: correct…

Q: The use of CIS will least likely affect the       a.   The procedures followed by the auditor in…

A: CIS in auditing :     CIS stands for Computer Information System, it is used in daily operations of…

Q: In this stage of the operations audit process, assess conformity with the program, schedule, and…

A: As per the answer guideline single question is answered. In Operational Audit, The Audit process…

Q: {Auditing} 34. Internal Control goes beyond accounting function and incorporates both accounting and…

A: Internal control is the function of ensuring the integrity of the financial statements. It is done…

Q: Question 8 Rule 201, General Standards, requires a member to comply with standards and…

A: 8) Correct option is 'Independence'   Reason :- As per Rule 201, member need to comply with the…

Q: of the following best describes the scope of internal auditing as it has developed to date? Group…

A: Ans. Internal audit has various objectives such as : i. Safeguarding of Assets ii. Evaluation of…

Q: Which of the following tasks that the auditor may perform in relation to Risk Management without any…

A: The auditor is responsible for identifying the fraud and errors presented in the financial statement…

Q: 29. S1. When the chief audit executive concludes that management has accepted a level of risk that…

A: Risks are the situations or circumstances that can provide potential loss to the organisation. Risk…

Q: Question 18 According to the PCAOB, during the audit of internal controls for an issuer (public…

A: Introduction: An impartial service that evaluates an organization's internal controls, corporate…