Pkg Acc Infor Systems MS VISIO CD
10th Edition
ISBN: 9781133935940
Author: Ulric J. Gelinas
Publisher: CENGAGE L
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Question
Chapter 7, Problem 1SP
Summary Introduction
Provide a comparison of the internal control frameworks of COSO’s ERM and SAS No. 78.
Enterprise risk management:
It includes the techniques and procedures is utilized by the firms to manage the different risks that are arising and to seize the opportunities presented to them to achieve the objectives.
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As discussed in the chapter, the results of test of control should ultimately influence the auditors audit strategy.
Required:
Explain the differences between an audit of internal controls as required by AS 2201, and the testing of internal controls for the purposes of expressing an opinion on the financial statement as mandated by AU-C 315. Refer to the standards in your answer.
Based on PSA 120, in an audit engagement, the one responsible in establishing internal controls is:
Group of answer choices:
Auditor, but only when he chooses to rely on controls
Management and Auditor
Management
Auditor, under all cases
Your audit supervisor indicated that you would be relying on work done by internal auditors and suggested that you look at SAS No. 128. What AU-C section is associated with SAS No. 128?
Chapter 7 Solutions
Pkg Acc Infor Systems MS VISIO CD
Ch. 7 - Describe organizational governance.Ch. 7 - Prob. 2RQCh. 7 - Describe the eight elements of ERM.Ch. 7 - Describe and compare risks and opportunities.Ch. 7 - Prob. 5RQCh. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - What is COSO?Ch. 7 - Prob. 9RQCh. 7 - Prob. 10RQ
Ch. 7 - Prob. 11RQCh. 7 - Prob. 12RQCh. 7 - Prob. 13RQCh. 7 - Prob. 14RQCh. 7 - Prob. 15RQCh. 7 - Prob. 16RQCh. 7 - Prob. 17RQCh. 7 - Prob. 18RQCh. 7 - Prob. 19RQCh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Provide five examples of potential conflict...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 1SPCh. 7 - Prob. 2SPCh. 7 - Prob. 3SPCh. 7 - Prob. 4SPCh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Prob. 6P
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- Which of the following is least likely to be used as evidence by an external auditor?a. Substantive tests results b. Work performed by internal auditors who organizationally report to the controllerc. Tests of controls resultsd. Work performed by internal auditors who report to the audit committee of the BODarrow_forwardWhich of the following expressions best describes a situation under which the issuance of a report that concludes on the condition of the internal controls of an organization that provides technological services to one of our audit clients (SOC report) is required? It is that situation in which a CPA has been hired to evaluate a. the projected financial statements prepared by the client, to see if the expected results comply with hypothetical assumptions or not. b. the information systems and technologies subcontracted by the client, specifically in what corresponds to criteria of security, availability, integrity, confidentiality and privacy. c. any assertion or area that the client has asked to intervene (subject matter), and do so in accordance with compliance or not, with criteria or principles (against criteria). d. services that help the client maintain their financial independence.arrow_forwardThe primary purpose for obtaining an understanding of a nonpublic audit client’s internal control is toa. Provide a basis for making constructive suggestions in a management letter.b. Determine the nature, timing, and extent of further audit tests to be performed.c. Provide the rationale for the inherent risk assessment at the financial statement assertion level.d. Provide information for a communication of internal control–related matters to management.arrow_forward
- 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 proceduresarrow_forwardHow does the role of the SEC differ from that of the AICPA? Contrast the roles of the AICPA and the PCAOB in the development of auditing standards.arrow_forwardDiscuss how the process of obtaining audit evidence in a CBIS is inherently different than in a manual system.arrow_forward
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