Which of the Following Best Describes Auditing

Audit-related activities are performed throughout the period under review. C The emphasis in an organizational audit is on how efficiently and effectively functions interact.

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Measures of the quality of the auditors performance.

. Assurance services may improve all of the following except. D The business audit approach. The study of auditing focuses on learning the rules techniques and computations required to analyze financial statements.

Which of the following best describes the operational audit. A Financial BOrganizational C operational D compliance. In attempts and is designed to verify the fair presentation of a companys results of operations.

The underlying conditions that create demand by users for reliable information include. The overall risk that a material misstatement exists in the financial statements. Asked Aug 31 2019 in Business by quepaso.

A A functional audit has the advantage of permitting specialization by auditors. The risk that auditors use audit procedures that are inappropriate. Analytical procedures are required in the execution and wrap-up phases of the audit and are optional in the planning phase.

B The systems approach. The full audit team remains on the client site for the entire fiscal year. Repairs and maintenance expense is affected by leased assets.

1- Which of the following best describes continuous auditing. The use of continuous risk assessment continuous controls assessment and assessment of continuous monitoring. Which of the following best describe the operational audit.

1 It requires the constant review by internal auditors of the administrative controls as they relate to operations of the company. A The risk approach. Therein for a period of time in accordan ce with a.

Which of the following best describes what is meant by the term. Information obtained indirectly from outside sources is the most reliable audit evidence. It concentrates on seeking aspects of operations in which waste could be reduced by the introduction of controls.

A structured representation of historical financial information including related notes intended. To assess audit risk. The fourth PCAOB standard of reporting requires an auditor to render a report whenever an auditors name is.

Pronouncements issued by the Auditing Standards Board. Procedures to be used to gather evidence to support financial statements. Which of the following best describes what is meant by the.

D Special operational auditing assignments arise at the request of management. The basic purpose of a financial statement audit is to. Oversight of continuous monitoring.

Which of the following best describes what is meant by generally accepted auditing standards. The risk that the auditor will provide an unqualified opinion on financial statements that are in fact materially misstated. Auditors can generate greater fees by increasing the amount of.

Cash management and cash budgeting c. The ability of internal auditors to continually perform auditing steps. The database extracts every 10th transaction and flags it for audit review.

To comply with GAAP appropriate evidence C. Management may choose to lease assets rather than buy them. B An advantage of functional auditing is its ability to evaluate interrelated functions.

The database extracts every 10th transaction and flags it for audit review. Multiple Choice B D are incorrect A. Assertions and Substantive Procedures for Property Plant and Equipment PPEFollowing are the four assertions about account balances that can be applied to the audit of a companys PPE including assets the company has constructed itself.

To detect errors or fraud B. Audit-related activities are performed throughout the period under review. Which of the following best describes why auditors audit leased assets in conjunction with the audit of property plant equipment.

Compliance auditing often extends beyond audits leading to the expression of opinions on the fairness of financial presentation and includes audits of efficiency economy effectiveness as well as. A To assist members of the organization in the effective discharge of their responsibilities B To assist management with the design and implementation of accounting and control systems C To examine and evaluate an organizations accounting system as a service. Auditors can generate greater fees by increasing the amount of manual testing performed for the.

Show Result Related MCQs. To be reliable audit evidence should be convincing rather than persuasive. Cash management and staffing of the accounting department b.

21 Tolerable misstatement is often set at a n ________ level for notes payable. Cash management and IT systems to track financial transactions. Transactions that are numerous and complex users separated from accounting records by distance and time financial decisions that are important to investors and users decisions that are time-sensitive.

Standards of quality for the auditors performance. Which of the following best describes a list of audit criteria in the audit of treasury function. A low B high C unknown D moderate.

Which of the following best describes the guidance in auditing standards for the use of analytical procedures. Provide assurance regarding whether the auditees financial statements are fairly stated. Cash budgeting and IT systems to track financial transactions d.

Reliability of audit evidence refers to the amount of corroborative evidence obtained. C The operational audit approach. 20 Which of the following best describes an audit that emphasizes how efficiently and effectively functions interact.

19 Which one of the following approaches best describes an internal audit function that focuses on business process compliance engagements. Effective internal control provides more assurance about the reliability of audit evidence. 52An auditor who accepts an audit engagement and does not possess expertise with respect to the.

Which of the following best describes the objective of internal auditing. Most leased assets should be capitalized. To gather sufficient D.

To communicate an entitys economic resources o r obligations at a point in time or the changes. Development of computer-assisted audit techniques CAATs. Existence rights and obligations completeness and valuation and allocationRequiredFor each of the following substantive.

Which of the following best describes continuous auditing. Which of the following best describes the primary purpose of audit programme preparation.

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