Auditing & Assurance Services (7th Edition)

Chapter 5

Verified Answer ✓

The committee of sponsoring organizations (COSO) ... more

Verified Answer ✓

The three goals of the internal control system ... more

Verified Answer ✓

The management of the business is responsible for ... more

Verified Answer ✓

The anticipation that the controls of an entity ... more

Verified Answer ✓

The internal control of the client is evaluated to... more

Verified Answer ✓

Control risk assessment helps the auditors to ... more

Verified Answer ✓

The information and communication section of the ... more

Verified Answer ✓

The examples are: Review of quality assurance of ... more

Verified Answer ✓

Reasonable assurance conveys that the internal ... more

Verified Answer ✓

Yes, all the employees in Company A are either ... more

Verified Answer ✓

Yes, Company A uses a separate bank account that ... more

Verified Answer ✓

Yes, the person who has the authority to sign the ... more

Verified Answer ✓

Yes, Company A has control over the signature ... more

Verified Answer ✓

Yes, the person who has the authority to reconcile... more

Verified Answer ✓

Yes, the personnel in the payroll department of ... more

Verified Answer ✓

Yes, the time-keeping department is independent ... more

Verified Answer ✓

No, the confirmation from the employees for the ... more

Verified Answer ✓

Yes, when the employee prepares the piecework ... more

Verified Answer ✓

Yes, Company A uses the computerized and ... more

Verified Answer ✓

Yes, the payroll register sheet of Company A is ... more

Verified Answer ✓

Yes, the payroll department of Company A is ... more

Verified Answer ✓

Yes, Company A checks the payrolls of the ... more

Verified Answer ✓

No, the immediate supervisor of the employees ... more

Verified Answer ✓

Yes, the amount for unclaimed wages in Company A ... more

Verified Answer ✓

Yes, the internal auditors of Company A distribute... more

Verified Answer ✓

Yes, the payroll department of Company A is ... more

Verified Answer ✓

Yes, the blank checks of Company A are pre-... more

Verified Answer ✓

Yes, the wages in Company A are approved by the ... more

Verified Answer ✓

Yes, the timekeeping and cost accounting records ... more

Verified Answer ✓

Yes, an internal auditor conducts a payroll audit ... more

Verified Answer ✓

Yes, the records of payroll of Company A are ... more

Verified Answer ✓

Yes, the payroll personnel of Company A have ... more

Verified Answer ✓

Yes, the accrued pays of employees are analyzed by... more

Verified Answer ✓

The top-down approach identifies the material ... more

Verified Answer ✓

For public companies, the auditors must follow the... more

Verified Answer ✓

The client's documentation could be found by the ... more

Verified Answer ✓

After assimilating the internal control system, ... more

Verified Answer ✓

Inspection of documents supporting transactions ... more

Verified Answer ✓

The dual-purpose test helps in completing two ... more

Verified Answer ✓

The auditor's team issues the management letter ... more

Verified Answer ✓

Effectiveness and efficiency of operations is an ... more

Verified Answer ✓

A non-public audit client’s internal control can ... more

Verified Answer ✓

Effective audit must be done by a risk-based ... more

Verified Answer ✓

The auditors test the effectiveness of design of ... more

Verified Answer ✓

The effectiveness of control is examined by the ... more

Verified Answer ✓

Detective control is used to uncover the errors ... more

Verified Answer ✓

Assessment of control risk is the risk that helps ... more

Verified Answer ✓

Narrative memorandum is the document that ... more

Verified Answer ✓

As per the generally accepted audited standards, ... more

Verified Answer ✓

The audit evidence is collected by the auditor ... more

Verified Answer ✓

Planning is the primary stage that is made before ... more

Verified Answer ✓

Material weakness is a situation in which there is... more

Verified Answer ✓

Deficiency in the internal control of the ... more

Verified Answer ✓

Understanding of the financial statements is a ... more

Verified Answer ✓

The public company accounting oversight board is a... more

Verified Answer ✓

As per the Accounting Standard 2201, it is ... more

Verified Answer ✓

AS 2201 provides direction to the auditor to ... more

Verified Answer ✓

The evidence indicates disadvantage because it ... more

Verified Answer ✓

An auditor issues unqualified report when there no... more

Verified Answer ✓

The main objective of separating the duties of ... more

Verified Answer ✓

Auditors date their report about internal control ... more

Verified Answer ✓

An unqualified opinion is issued when there is no ... more

Verified Answer ✓

The introductory paragraph of the auditors' ... more

Verified Answer ✓

The auditor must test the control to assure that ... more

Verified Answer ✓

The inquiry of appropriate personnel only will not... more

Verified Answer ✓

The number of times the controls performed by the ... more

Verified Answer ✓

The audit evidence obtained by testing of controls... more

Verified Answer ✓

The test of other controls linked to the same ... more

Verified Answer ✓

Categories A, E, and Jare covered under this ... more

Verified Answer ✓

Mr. T,Incorporation C,Country I, Dear Mr. T,... more

Verified Answer ✓

Individual J does not intend to completely ignore ... more

Verified Answer ✓

The internal control possesses several material ... more

Verified Answer ✓

Following are the deficiencies found in an auditor... more

Verified Answer ✓

The components of a standard auditor’s report are:... more

Verified Answer ✓

Reasons for departing from an unqualified report ... more

Verified Answer ✓

An adverse opinion should be given if weakness is ... more

Verified Answer ✓

Disclaimer of opinion should be given if ... more

Back to Top

Log In

Contact Us

Upload An Image

Please select an image to upload
Note: must be in .png, .gif or .jpg format
OR
Provide URL where image can be downloaded
Note: must be in .png, .gif or .jpg format

By clicking this button,
you agree to the terms of use

By clicking "Create Alert" I agree to the Uloop Terms of Use.

Image not available.

Add a Photo

Please select a photo to upload
Note: must be in .png, .gif or .jpg format