EBK AUDITING AND ASSURANCE SERVICES
16th Edition
ISBN: 9780134067117
Author: Hogan
Publisher: VST
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Question
Chapter 10, Problem 22.3MCQ
To determine
Identify the situation causing suspicion on the material misstatement in the financial statements.
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Students have asked these similar questions
With respect to fraudulent financial reporting, which one of the following statements is not correct?
a.The risk that the auditor will not detect misstatement due to management fraud is greater than those due to employee fraud.
b.It is difficult for the auditor to determine if misstatements in accounting estimates are caused by fraud or error.
c.When the audit is properly planned and performed in accordance with ISAs, material misstatements are guaranteed to be detected by the auditor.
d.Excessive pressure on management to meet expectations of third parties creates incentives for
2.
Which of the following control objectives would be least likely be considered by the internal auditors in drafting the audit procedures for bank accounts and banking arrangement activities under the Acquire-to-Retire process?
Group of answer choices
To ensure that fund transfers and automated methods of effecting banking transactions are valid and verified, in the best interests of the organization, and authorized.
To ensure that banking arrangements and facilities are sufficient, appropriate and adequate for the business.
To ensure that the potential for staff malpractice and fraud are minimized.
To ensure that all banking transactions are bona fide, accurate and authorized whenever necessary.
To ensure that all income from bank is recorded without delay.
To ensure that overdraft set facilities are authorized and correctly operated within the limits defined by management and the organization's bankers.
To ensure that banking charges are effectively monitored and…
The following are examples of circumstances that may indicate the possibility that the financial statements may contain a material misstatement resulting from fraud, except
Group of answer choices
Last-minute adjustments that significantly affect financial results or unusual journal entries.
Transactions that are recorded in a complete or timely manner or are properly recorded as to amount, accounting period, classification, or entity policy.
Unsupported or unauthorized balances or transactions.
Tips or complaints to the auditor about alleged fraud.
Chapter 10 Solutions
EBK AUDITING AND ASSURANCE SERVICES
Ch. 10 - Prob. 1RQCh. 10 - Define misappropriation of assets and give two...Ch. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - Prob. 7RQCh. 10 - Prob. 8RQCh. 10 - Prob. 9RQCh. 10 - Prob. 10RQ
Ch. 10 - Prob. 11RQCh. 10 - Prob. 12RQCh. 10 - Prob. 13RQCh. 10 - Prob. 14RQCh. 10 - Prob. 15RQCh. 10 - Prob. 16RQCh. 10 - Prob. 17RQCh. 10 - Prob. 18RQCh. 10 - Prob. 19.1MCQCh. 10 - Prob. 19.2MCQCh. 10 - Prob. 19.3MCQCh. 10 - Prob. 20.1MCQCh. 10 - Prob. 20.2MCQCh. 10 - Prob. 20.3MCQCh. 10 - Prob. 21.1MCQCh. 10 - Prob. 21.2MCQCh. 10 - Prob. 21.3MCQCh. 10 - Prob. 22.1MCQCh. 10 - Prob. 22.2MCQCh. 10 - Prob. 22.3MCQCh. 10 - Prob. 23DQPCh. 10 - Prob. 24DQPCh. 10 - Prob. 25DQPCh. 10 - Prob. 27DQPCh. 10 - Prob. 28DQPCh. 10 - Prob. 29DQPCh. 10 - Prob. 31DQPCh. 10 - Each year near the balance sheet date, when the...Ch. 10 - Prob. 33DQPCh. 10 - Prob. 34DQP
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