When information about two different enterprises have been prepared presented in a similar manner the information exhibits the characteristic of:(a) Verifiability(b) Relevance(c) Reliability(d) None of the above

Q: The two characteristics of the appropriateness of evidence are a. relevance and reliability. b.…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Define information risk and explain how thefinancial statement auditing process helps toreduce this…

A: Information risk is the risk that the information disseminated by a company will be materially tend…

Q: Two characteristics contributing to reliability are ‘neutrality’ and ‘prudence’. Explain the meaning…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: Relevant financial information is: Select one: а. free from bias and error

A: solution concept Relevant financial information                 Relevance as a qualitative…

Q: If an auditor believes the chance of financial failure is low and there is a corresponding increase…

A: Audit risks are mainly of three types: Inherent risk which is derived from the characteristics of…

Q: The objective of dual-purpose tests is to: A. Test internal controls as well as transactions and…

A:

Q: What is data inconsistency? occurs when a system produces correct and consistent data the practice…

A: Solution- Data inconsistency is a situation where there are multiple tables within a database that…

Q: Assertions with high inherent risk are least likely to involve  a. complex calculations b.…

A: Routine transactions doesn't have assertions with high inherent risk.

Q: The analyst can obtain a better picture of the operating performance of an entity if percentage of…

A: The statement which is used to see the percentage change in one item in relation to other related…

Q: Which statement is NOT true? a. Drill-down capability is an OLAP feature of data mining tools…

A: Enterprise Resource Planning: ERP refers to the software of business process management which…

Q: Information is immaterial if omitting it or misstating it could influence decisions that users make…

A: Materiality  is determined  by considering  both quantitative and  qualitative factors.

Q: Two characteristics contributing to reliability are ‘neutrality’ and ‘prudence’. Explain the meaning…

A:

Q: Describe what is meant by acceptable audit risk. Explain whyeach of the following statements is…

A: Auditor willingness to accept materially misstated financial statement when the audit of company is…

Q: A problem statement is an unstructured set of statements that describes the purpose of an effort in…

A: Introduction: A problem statement is important in a process improvement project since it helps…

Q: Reliability means that data are reasonably complete and accurate. Accuracy refers to the extent that…

A: Assessing the reliability of audit evidence: The reliability of audit evidence would increase when…

Q: An audit trail is a step-by-step record by which accounting data can be traced to its source.…

A: Vouching refers to checking the business transactions with their respective source documents.

Q: If there is a Standard or Interpretation that specifically applies to a transaction, it overrides…

A: The answer for the True or false question on the applicability of Conceptual framework is discussed…

Q: Operating segments that do not meet any of the quantitative thresholds A. Cannot be considered…

A: Operating segment is a segment or component which is engaged in business activities and incurs…

Q: When auditors wish to issue an unmodified opinion but highlight that the entity changedits method of…

A:

Q: Assuming that the data collected in the accounting information system is free from material errors…

A: The information recorded in accounting system can face several risks like inherent risk and control…

Q: Individual primary users have different and possibly conflicting information needs and desires. ,…

A: Since we answer only one question, we will answer the first one. Please resubmit the question. 9.…

Q: Having an audit performed on the company's financial statements BEST illustrates which of the…

A: An audit performed for ensuring the quality of financial information.

Q: An assurance service is defined as a service thata. Provides auditing services to nonfinancial…

A: Assurance service: It is aimed at improving the quality of information for the individual making…

Q: Discuss the implications of not having a data governance framework to support product analytics

A: Data governance is referred as the process of the management of the usability, integrity,…

Q: Give two examples of nonnancial measures of internal-business-process quality.

A: Quality: Quality is the special trait possessed by a product that satisfies the needs and wants of…

Q: ntages of using different man

A: Software is combination of many program that works together to achieve a desired function. These…

Q: Accountants at an organization that uses an ERP system speak in terms of "data flows" between…

A: Here is the Answer:

Q: The following are qualitative characteristics of presentation, except O Uniformity O…

A: Uniformity- It is the quality of being homogeneous.  Understandability-The information must be…

Q: Clear lines of authority and responsibility are essential to establishing a responsibility…

A: Responsibility Accounting System:  Its a system which Divides the Entire Organization in to multiple…

Q: The fundamental qualitative characteristic of faithful representation has the components of;

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: Which of the following would assist an entity in cat and prevent fraud? a. Accounting…

A: Fraud:- When one person intentionally conducts some activities which are against the rules and…

Q: Discuss the objectives of eliminating receiving functions. Also, discuss the accounting and audit…

A: Step 1 When shipments of goods arrived at the warehouse to replenish stocked inventory, then the…

Q: The following are the problems that an Enterprise System is designed to overcome, except O data…

A: Solution: The following are the problems that an enterprise system is designed to overcome: 1. Data…

Q: The primary qualities that make accounting information useful for decision-making are :(a) Relevance…

A: Accounting information: Accounting information refers to the data or the information about the…

Q: Which of the following is NOT true of a turn- around document? a. They may reduce the number of…

A:

Q: When information about two different entities has been prepared and presented in a similar manner,…

A: Comparability The characteristics comparability of financial statements can be achieved by following…

Q: Which of the following is not required for segment reporting?     Reconciliation of reported segment…

A: Segment reporting is defined as a disclosure made by the public entities in which the financial data…

Q: Which of the following management assertions is not associated with classes of transactions and…

A: Rights and obligations represent that the company has the right to use the assets and obligation to…

Q: Discuss the objective of eliminating the receiving function.What accounting/audit problems need to…

A: Auditing is the process of ensuring that an entity's financial records are correct and fairly…

Q: Which of the following is the best description of reliability in relation to information in…

A: The primary purpose of business investment is to create a profit and grow one's wealth. An…

Q: Two potential pitfalls encountered in the design of performance indicators and measurement systems

A: Transfer price is the price quoted between the departments or companies that are related to each…

Q: Documentation of an Audit Data Analytic (ADA), should be sufficient enough such that: O An…

A: Audit data analytics is an analysis of an entire population.  It is not done on the sampling basis.…

Q: Which of the following is considered different and more limited in objectives than theothers?a.…

A: Auditing is basically an inspection or checking of books of accounts maintained by the business.…

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with а.…

A: Auditing is the verification for the financial statements prepared by the entity so that necessary…

Q: Of the following reporting assumptions or reporting principles, the one most widely criticized is…

A: The historical cost principle is the principle that represents that the assets are recorded at their…

Q: A review service engagement involving unaudited financial statements involvesa. More work than a…

A: Review Engagement:- It is a type of engagement that helps in providing a limited level of assurance…