Which of the following would generally not be used ? Select one : O a. Re -perform client procedures

Q: The company being audited has an internal auditor who is both competent and objective.The…

A: Answer:   Option b.

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

A: We shall answer the first question, since the exact question wasn't specified.Please resubmit a new…

Q: Explain what lapping means, and discuss the internal control deficiency that allows it discuss the…

A: Lapping: It is a type of cash embezzlement or fraud perpetrated by a firm employee. When cash is…

Q: When the client’s internal control are good, internal documents are more reliable than external True…

A: The question is related to true or false on Auditing.

Q: hoose the one correct answer. Which of the following audit approaches is most likely to provide an…

A: Solution : Which of the following audit approaches is most likely to provide an auditor the most…

Q: True or false Tests of controls generally consist of combination of procedures such as inquiry of…

A: Auditing is the procedure in which the auditor checks and examines the financial statements of the…

Q: Which of the following statements reflects an auditor’s responsibility for detectingfraud?(1) An…

A: Fraud in accounting means manipulation or modification of financial statements so that a false…

Q: Is it necessary for an auditor to get a knowledge of a client's internal controls if the auditor…

A: An auditor is required to express an opinion on the true and fair view of the state of affairs and…

Q: Many auditors assert that certain audit tests can be significantlyreduced for clients with adequate…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: audit engagement

A: Statement 1 is correct because an audit engagement is opinion based. The auditor conducts the…

Q: i) Which of the following statements correctly explains the responsibility of the external auditor?…

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

Q: Prior to SOX, external auditors were required to be familiar with the client organization’s internal…

A: Sarbanes-Oxley Act: The Sarbanes-Oxley Act (SOX) is introduced for protecting the investors from the…

Q: The auditor only obtains understanding of internal control related to significant risks identified…

A: Internal control process is related with effective and efficient use of available resources and it…

Q: Explain why managers who outsource their IT function may or may not also outsource responsibility…

A:

Q: Auditors have two strategies to choose from, the lower-assessed control risk strategy and the…

A: Incorrect (c)Auditors can always choose to use the predominantly substantive strategy regardless of…

Q: This is a process of evaluating the effectiveness of a client's internal controls in preventing or…

A: INTERNAL CONTROL IS A MECHANISM WHICH IS IMPLEMENTED TO ENSURE THE INTEGRITY OF FINANCIAL AND…

Q: An internal auditor is examining the effectiveness of procedures management established to protect…

A: "Independent examination of financial information of any company, whether profit-oriented or not,…

Q: What form of internal control documentation will an auditor likely use when they are not personally…

A: An Auditor is the person qualified as a Chartered Accountant who takes care of Audit.

Q: The Information Systems Audit and Control Association (ISACA) developed guidelines and procedures on…

A:

Q: When planning an audit, which of the following is not a factor that affects auditors’ decisions…

A: An auditor is a professional body appointed by firm or enterprise to examine books of accounts and…

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: Auditing standards indicate that if the preliminary control risk assessment is low, the auditor then…

A: The selection of control by the auditor is based on assessing whether the entity's controls…

Q: In which of the following circumstances would an auditor expect to find that an entity had…

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: Risk assessment procedures include

A: The first statement is false because the risk assessment procedures are the audit procedures to…

Q: Generally, which of the following audit procedures is the least expensive to perform?   A.…

A: Answer -  Correct Option is Option A - Analytical procedures.

Q: Which of the following describes the circumstances that exist when an auditor assesses control risk…

A: Solution Concept Control risk means the risk that the internal controls that are required to prevent…

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

A: Internal controls are a set of preventive measures that are put in place with the purpose of…

Q: nternal control should be designed to provide reasonable assurance that       a. Management’s…

A: Auditing refers to the procedure of evaluating and analyzing the books of accounts prepared and…

Q: When considering the effectiveness of internal control, the auditor should recognize that inherent…

A: SOLUTION- AN INHERENT LIMITATION OF ANY CLIENT'S INTERNAL CONTROL IS THAT CONTROLS CAN BE…

Q: uld consider whether A. the evidential matter obtained from the study of the internal control…

A: Internal control refers to the systematic approach of formulating policies, programs, rules in order…

Q: When processing controls within the accounting information system may not leave visible evidence…

A: When processing controls within the accounting information system may not leave visible evidence…

Q: Statement 1: As part of obtaining an understanding of internal control, an auditor is required to…

A: Internal control: In order to gain a thorough understanding of the controls that are relevant to…

Q: Review of internal control system is very important for the auditor as the effectives of internal…

A: Review of Internal Control is done by the auditor to check the extent of effectiveness of these…

Q: Grounds for Dismissal. This case is designed like the ones in the chapter. Your assignment is to…

A:

Q: The following information pertains to internal controls at company A and company B respectively.…

A: What is meant by test controls? It is an audit procedure conducted to ensure the effectiveness of…

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: A CPA firm’s quality control procedures pertaining to the acceptance of a prospective audit client…

A: CPA is the Certified public accountant which is generally appointed in order to perform audit…

Q: Study and Evaluation of Management Control. The study and evaluation of management risk mitigation…

A: Management Control:   The process of comparing the performance of the present year with the planned…

Q: Obtaining an understanding of the internal control structure is required for first time audit…

A: Internal control is an efficient system of control is established by the management in the conduct…

Q: A related party transaction is a transfer of resources, services, or obligations between related…

A: As per IAS 24  a related party transaction is a transfer of resources, services, or obligations…

Q: Generally, which of the following audit procedures is the least expensive to perform?   A.…

A: Analytical procedures are the least expensive audit procedures to perform. Test of controls are…

Q: The auditor’s risk assessment procedures should always include the following, except       a.…

A: Risk assessment processes should be performed by the auditor to provide a foundation for identifying…

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…

Q: 1. External auditors should consider the work of internal auditors in their assessment of control…

A: Auditors are the individuals conducting an examination called audit on the business entities so as…

Q: (1) indicate whether you believe the scenario reflects negatively on management integrity, and…

A: Management Integrity is the inbuilt quality of the managers to follow the code of ethics defined for…