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ll Digicel ? ( 8:20 AM © 49% P Flag question Time left 0:34:28 Auditing is the systematic process of obtaining and evaluating evidence regarding assertions about economic actions and events in order to determine how well they correspond to the established criteria. Developing knowledge of business operations is regarded as a part of which of the following audit processes? а. evaluation of evidence b. collection of evidence С. planning d. communication of results Question 3 A moodle.uog.edu.gy

Font Paragraph √ Assume that you are an audit senior in charge of planning the audit of an entity that your firm has audited for the previous four years. During the audit planning meeting with the manager and partner in charge of the engagement, the partner noted that the entity recently adopted an IT-based accounting system to replace its manual system. The manager and partner have limited experience with IT-based accounting systems and are relying on you to help them understand the audit implications of the entity's change. Consequently, they have asked you to respond to a few concerns regarding automated accounting systems. Required: a. In previous years, the audit firm has relied heavily on substantive procedures as a source of audit evidence for this entity. Given that the entity now has changed its accounting system, what are some of the factors that you should consider when deciding whether to move to a reliance strategy? b. Under what conditions should the audit firm consider…

Auditing Theory Graded Assignment based on page 6 Questions to be answered: (Internal auditing & independent auditing compared) True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence. a. The internal auditor is a company employee and a full-fledged CPA. b. The main objective of the independent auditor is to fulfill the needs of the general public for reliable financial statements. c. Independent auditing is also known as compliance auditing. d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as compliance auditing. f. The internal auditor is directly concerned with the detection and prevention of fraud. g. The independent auditor is also directly concerned with the detection of prevention of fraud, just like the internal auditor. h. Independent auditing is a "broken" activity, unlike internal…

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10 What is the name of the individual that carries out auditing for a company or client called? ______________   Question 10 options:   a)  Actuarial   b)  Professional   c)  Analyst   d)  Auditor

> Question 3 Please match the individual/group listed in the left hand column with the function he/she/they perform. The Independent Auditor The Compensation Committee The Audit Committee The CEO and the CFO The Governance Committee ✓ [Choose ] Issuing a report on the financial statements and ICFR Pre-approving audit and non-audit services Nominating new board members Determining the salary of the CEO Signing off on disclosure controls and ICFR [Choose ] [Choose ] [Choose ]

Answer the marked questions on the picture

Q1: Which of the following are the techniques available as a substantive analytical procedures? 1. Reasonableness test 2. Ratio analysis 3. Trend analysis 4. Assertion a- 1and 3 only b-1 and 2 only c-1,2, and 3 only d- 1,2,3,and 4 only Q2: Which of the following is normally the most reliable source of audit evidence? a- Banker’s statements b- Minutes of Board Meeting c- Oral confirmation from the management. d- Internal audit reports of the company Q3: Benefits of planning in the audit of financial statements are: 1. to develop appropriate attention to important areas of the audit. 2. To identify and resolve potential problems on a timely basis. 3. Assisting in the selection of engagement team members with appropriate level of capabilities. a- 2 only b- 1,2, and 3 only c- 1 only d- 2 and 3 only

8 What are the four different types of audit opinions an auditor can issue on a company’s audited financial statements.   _________________ _________________ _________________ __________________

7 What are the main procedures used by an auditor or an accountant when performing a review or moderate assurance level engagement on financial statements of a company? (Hint: There are 3 main procedures, list the 3)   _______________ _______________ _______________

Prublem 22 08 On March 5, 2021, you were hired by widhwas inc. a closcly held compary, a af member of its nenly created intemal auditing department. while revieming the companys recordo for 2019 and 2020, you divco-er that ne odjustnents have yet been made for the folloning itema. Themme 1. 2. 3. 4. Interest income of s14,400 was nat acorued a the End of 2019. I naa recorded when received in February 2020. A camputer cneting s3,700 uar. mepaneat wtar pureraa: ar luly 1, 3015. epasted ta hav 4-yanr ite eth no ralvnge valun. Tha company typicaly urar traight-ina depreatian for all fhant ate. kescarch and development coss of $30,300 ne e incured car y in 2019. They nere capitaliaed and were to be amortued over a year period. Amortization of s10,100 was recurded for 20:9 and $10,100 for 2020. On Ianunry 3, 3010, wildhama ianced a huidn; for 5 yeaT at a martinty rartal at sa,nen. On that data, the sompany paid the fallong amnunte, which uera penead wihen pard. Senunty depsee First month's…

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Based on cases 2.5 Dollar General Stores Inc. Michael C. Knapp - Contemporary Auditing_Real Issues and Cases (2010, South - Western College Pub) (1) Under what circumstances, if any, are " earnings management" techniques acceptable under IFRS? Under what circumstances, if any, are such techniques Ethical? Explain.

Pttcell ull a O D%37 O16:02 O PENDİNG (? Wednesday, Feb 03, 2021 BUSİNESS • ACCOUNTİNG which of the following application would an auditor apply to determine the probability of a corporation's account balance being in error? A) overinvolvement rations B) probability rules C) bayes theorem D) emprical formula