Auditing & Assurance Services (7th Edition)
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The committee of sponsoring organizations (COSO) ... more
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The three goals of the internal control system ... more
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The management of the business is responsible for ... more
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The anticipation that the controls of an entity ... more
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The internal control of the client is evaluated to... more
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Control risk assessment helps the auditors to ... more
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The information and communication section of the ... more
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The examples are: Review of quality assurance of ... more
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Reasonable assurance conveys that the internal ... more
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Yes, all the employees in Company A are either ... more
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Yes, Company A uses a separate bank account that ... more
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Yes, the person who has the authority to sign the ... more
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Yes, Company A has control over the signature ... more
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Yes, the person who has the authority to reconcile... more
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Yes, the personnel in the payroll department of ... more
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Yes, the time-keeping department is independent ... more
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No, the confirmation from the employees for the ... more
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Yes, when the employee prepares the piecework ... more
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Yes, Company A uses the computerized and ... more
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Yes, the payroll register sheet of Company A is ... more
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Yes, the payroll department of Company A is ... more
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Yes, Company A checks the payrolls of the ... more
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No, the immediate supervisor of the employees ... more
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Yes, the amount for unclaimed wages in Company A ... more
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Yes, the internal auditors of Company A distribute... more
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Yes, the payroll department of Company A is ... more
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Yes, the blank checks of Company A are pre-... more
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Yes, the wages in Company A are approved by the ... more
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Yes, the timekeeping and cost accounting records ... more
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Yes, an internal auditor conducts a payroll audit ... more
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Yes, the records of payroll of Company A are ... more
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Yes, the payroll personnel of Company A have ... more
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Yes, the accrued pays of employees are analyzed by... more
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The top-down approach identifies the material ... more
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For public companies, the auditors must follow the... more
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The client's documentation could be found by the ... more
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After assimilating the internal control system, ... more
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Inspection of documents supporting transactions ... more
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The dual-purpose test helps in completing two ... more
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The management is responsible for reporting on ... more
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The steps followed by the audit teams to examine ... more
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The auditor has the option to submit a separate ... more
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The auditor's team issues the management letter ... more
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Effectiveness and efficiency of operations is an ... more
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A non-public audit client’s internal control can ... more
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Effective audit must be done by a risk-based ... more
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The auditors test the effectiveness of design of ... more
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The effectiveness of control is examined by the ... more
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Detective control is used to uncover the errors ... more
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Assessment of control risk is the risk that helps ... more
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Narrative memorandum is the document that ... more
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As per the generally accepted audited standards, ... more
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The audit evidence is collected by the auditor ... more
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Planning is the primary stage that is made before ... more
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Material weakness is a situation in which there is... more
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Deficiency in the internal control of the ... more
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Understanding of the financial statements is a ... more
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The public company accounting oversight board is a... more
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As per the Accounting Standard 2201, it is ... more
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AS 2201 provides direction to the auditor to ... more
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The evidence indicates disadvantage because it ... more
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An auditor issues unqualified report when there no... more
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The main objective of separating the duties of ... more
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Auditors date their report about internal control ... more
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An unqualified opinion is issued when there is no ... more
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The introductory paragraph of the auditors' ... more
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The auditor must test the control to assure that ... more
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The inquiry of appropriate personnel only will not... more
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The number of times the controls performed by the ... more
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The audit evidence obtained by testing of controls... more
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The test of other controls linked to the same ... more
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Categories A, E, and Jare covered under this ... more
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Mr. T,Incorporation C,Country I, Dear Mr. T,... more
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Individual J does not intend to completely ignore ... more
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The internal control possesses several material ... more
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Following are the deficiencies found in an auditor... more
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The components of a standard auditor’s report are:... more
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Reasons for departing from an unqualified report ... more
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An adverse opinion should be given if weakness is ... more
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Disclaimer of opinion should be given if ... more