Which of the following is NOT a task performed in the audit planning phase? a. reviewing an organization’s policies and practicesb. determining the degree of reliance on controls c. reviewing general controls d. planning substantive testing procedures

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: Auditors’ understanding of the internal control in an entity provides information fora. Determining…

A:

Q: Which of the following internal control components involves the ongoing evaluation of the…

A: Internal controls are implemented to prevent fraud in the organization. These are the rules or…

Q: Which of the following best describes the operational audit? Select one: a. It requires the constant…

A: Operational audit is the examination and verification of all the operations of the business…

Q: The preliminary assessment of control risk includes all the following procedures except Consider the…

A: Preliminary assessment of control risk is the process of evaluating the likely effectiveness of an…

Q: A key criterion in auditing (both internal and external) is independence. In what way (s) can…

A: There are mainly two types of audits in a business that are external audit and internal audit.…

Q: Which of the following is part of phase III of the audit process, which is responding to assessment…

A: Answer: C) Asses the risk or material misstatement

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

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

Q: A tool used by auditors that serves as a cue to guiding audit planning  around management’s…

A: Auditor is an individual approved to audit and confirm the exactness of monetary records and…

Q: Which among the following is not a major purpose of onsite fieldwork conducted by the auditor as a…

A: The fieldwork consists of examining the risks involved in processes, evaluation of internal controls…

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: Determine the assessed levels of detection risk and inherent risk

A: Audit is defined as an investigation of some statements of figure involving examination of certain…

Q: The primary purpose for obtaining an understanding of a nonpublic audit client’s internal control is…

A: Generally accepted auditing standards (GAAS): These are defined as the set of general principles and…

Q: auditor obtains sufficient understanding of the internal control structure

A: Auditing is done to verify whether the underlying financial statements show true and fair view of…

Q: Question: Obtaining an understanding of an entity's internal control is more likely to be performed…

A: Introduction: Internal controls are a system of preventative measures set up to make sure that no…

Q: Which of the following is correct about ISA 520? O a. ISA 520 deals with the procedures after an…

A: The International Standard on Auditing 520 focuses on the analytical procedure used by the auditors…

Q: What are the objectives of ISA 520? O a. To obtain evidence from third parties O b. To obtain the…

A: SOLUTION- ISA 520- IT DEALS WITH THE AUDITORS USE OF ANALYTICAL PROCEDURES AS SUBSTANTIVE PROCEDURES…

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: When planning the audit of internal controls for an issuer, the audit team shoulda. Identify…

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: What are the three major phases in the audit team's evaluation of internal control? How does the use…

A: Internal control refers to the process that is being affected by the company’s board of directors,…

Q: In the integrated audit of an issuer, which of the following would not be considered an entity-level…

A: Internal control is the managements’ effective and efficient controls for achieving goals and…

Q: Analytical procedures can be used in which of the following ways?a. As a means of overall review…

A:

Q: You have been asked by the audit manager to undertake preliminary analytical procedures. a)…

A: Analytical Procedures It is important for the Auditors include the analytical procedures in the…

Q: An examination of part of an organization's procedures and methods for the purpose of evaluating…

A: Auditing It refers to the process under which a person who is called as an auditor inspects,…

Q: Entity level controls are designed and placed in the operation once auditors determine that Select…

A: Entity levels controls are those internal controls which help in ensuring that the management…

Q: Introduce and explain the principles of independence and objectivity, and explain how they apply to…

A: Principle of INDEPENDENCE -  This principle states that the auditor should perform independently…

Q: Which of the following is the independent auditor’s principal purpose for obtaining an understanding…

A:

Q: What is  the relationship between the external auditor and the organization. What steps have been…

A: An external auditor is the person or firm who verify the financial statements of the organization…

Q: Distinguish management’s responsibility from the audit committee’s responsibility for designing and…

A: Anti-fraud programs and controls depict the actions taken by the management to prevent and mitigate…

Q: To obtain an understanding of the relevant policies and procedures of internal control, the auditor…

A: INTERNAL CONTROLS ARE THE RISK MITIGATION STEPS TAKEN TO STRENGTHEN THE ORGANIZATION'S SYSTEMS AND…

Q: Delineate the measures that may be employed to limit or remove risks to the independence of the…

A: Introduction: Independent auditors (internal and external) are subjected to an audit independence…

Q: inappropriate during the risk assessment procedure of the audit engagement?

A: First option is wrong because the oral inquiries will help the auditor to procure information…

Q: Is it necessary to undertake an audit client's internal control evaluation?

A: This question explains about an audit client's internal control evaluation

Q: Required For each of the questions above, answer the following: a) State the purpose of the internal…

A: Here asked for multi sub part question we will solve for first three sub part question for you.  If…

Q: what audit determines whether organizational policies are being followed and whether external…

A: A compliance audit is a thorough examination of a company's conformity to regulatory requirements.…

Q: Which of the following is a device designed to help the audit team obtain evidence about…

A: The auditor needs to identify and analyze the internal control for determining further audit…

Q: Which of the following are NOT part of the planning stage of the audit? Preliminary materiality…

A: Audit is a process wherein the auditor examines or inspects various books of accounts, followed by a…

Q: Which of the following audit techniques ordinarily would provide an auditor with the least assurance…

A: Test of controls -  Test of controls is the audit procedure that tests the effectiveness of the…

Q: During which part of an audit is the preparation of flowcharts most appropriate?   a. When…

A: A public company is required to issue its financial statement for each accounting period to the…

Q: When testing a control activity’s operating effectiveness, procedures the auditor performs totest…

A: The answer is provided as follows:

Q: The audit process is the sequence of different activities involved in an audit. Identify the phase…

A: Audit is a process of different steps to express the true and fair view opinion on financial…