a)
Introduction:Brainstorming is a technique to create group activity through which efforts are made to find out a conclusion for a specified problem by collectingthe ideas given by its members.
To describe: The situation when brainstorming occur
b)
Introduction:Brainstorming is a technique to create group activity through which efforts are made to find out a conclusion for a specified problem by collecting the ideas given by its members.
To describe: The persons attending the brainstorming session and the leader of the session
c)
Introduction:Brainstorming is a technique to create group activity through which efforts are made to find out a conclusion for a specified problem by collecting the ideas given by its members.
To describe: Other purposes of brainstorming other than creative ideas for assessing audit risk.
d)
Introduction:Brainstorming is a technique to create group activity through which efforts are made to find out a conclusion for a specified problem by collecting the ideas given by its members.
To describe: The guidelines which help the team for maximizing the effectiveness of the brainstorming session.
e)
Introduction:Brainstorming is a technique to create group activity through which efforts are made to find out a conclusion for a specified problem by collecting the ideas given by its members.
To describe: The various steps involved of a brainstorming session.
Trending nowThis is a popular solution!
Chapter 7 Solutions
EBK AUDITING: A RISK BASED-APPROACH
- For an audit, what should be considered when understanding a client and analyzing the risks?arrow_forwardConsider the “control environment.” Assess why it is important for auditors to understand a client’s control environment. What are some limitations of internal controls?arrow_forwardIn order to eliminate ethical fraud concerns, what procedures or policies should be implemented?arrow_forward
- Give specific examples of fraud risk factors - incentives, opportunities, and attitudes/rationalization.arrow_forwardWhat factors should the audit team take into consideration when discussing fraud threats during the planning phase?arrow_forwardInformation Risk Analyst (IT Controls Audit) will help the organization assess risk controls and their effectiveness for current and future design improvements. To be successful in this career path YOU must be familiar with the concept Information Risk. a. Explain the term ‘information risk’ in your own words. b. Discuss three (3) causes of information risk. c. Discuss the three (3) main ways to reduce information risk. d. Differentiate between ‘assurance services’ and ‘non-assurance services,’ giving examples of each.arrow_forward
- Discuss and give examples of the various tools to document control risk assessment – such as narratives, flowcharts and checklists. Discuss the term audit programs – what are they and why are audit programs important to the audit process? Please provide references if there is any.arrow_forwardWhat rules or policies should be developed to avoid ethical fraud issues?arrow_forwardWhat are the objectives of audit risk assessment, and why is it important in assessing the likelihood that fraud may occur? Explain why risk assessment performed during audit planning sets the tone for the entire audit engagement.arrow_forward
- Auditors seek to understand a client's internal control in order to better serve their clients.arrow_forwardExplain the role of the Risk Manager in fraud detection Explain the role of the Risk Manager in fraud detectionarrow_forwardIf one of the three elements of the fraud triangle is not present, can fraud still be perpetrated? Explain. Identify factors (red flags) that would be strong indicators of opportunities to commit fraud. Is the ability to rationalize the fraud an important aspect to consider when analyzing a potentially fraudulent situation? What are some of the common rationalizations used by fraud perpetrators? Define and illustrate kiting. What controls should the client institute to prevent it?arrow_forward
- Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage LearningAuditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
- Business/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:Cengage