Contract audits

ZZZ best fraud case, auditors obtained third party confirmation to support the contract, reviewed available documentation, performed analytical procedures to evaluate the reasonable of revenue recorded on the contract and visited selected restoration sites.  what are the limitations of the evidence that these audit procedures provide with regard to the management assertion of occurrence?

Which of the following is the correct order of actions that you take during theClosing processes?A. Get formal acceptance, release the team, write lessons learned, close thecontractB. Write lessons learned, release the team, get formal acceptance, close thecontractC. Get formal acceptance, close the contract, write lessons learned, release the teamD. Get formal acceptance, write lessons learned, release the team, close the contract

1. What is the role of a Transaction Coordinator in an Escrow? What is an advantage of being a licensed TC versus being unlicensed? 2. Why is it important to have a detailed checklist of all required documentation for an Escrow Transaction file? What is the minimum number of years after closing a Broker's transaction file must be available for a Cal DRE audit? 3. An Escrow officer is said to what type of duty to their Principles? Why is having this type of duty important? 4. Describe the 6 elements that are critical for a valid Contract? 5. Would you as an Agent value using a Transaction Coordinator for your Escrows (they usually get paid by the Agent $300-$500 a transaction file) or would you prefer to manage the file transactions files yourself?

1. Please answer ASAP!!

multiple choice When an independent auditor decides that the work performed by internal auditors may have a bearing on the nature, timing, and extent of the independent auditor's procedures, the independent auditor should evaluate the competence and objectivity of the internal auditors. Relative to objectivity, the independent auditor should: a) Consider the organizational level to which the internal auditor reports the results of their work. b) Review the training program in effect for the internal audit staff. c) Examine the quality of the internal audit reports. d) Consider the qualifications of the internal audit staff.

U2 You have recently graduated from the University of Sharjah and joined Nestle Company UAE as an internal auditor. They have engaged you for an internal audit engagement. You need to audit their procurement (purchase) department. Please write down the key considerations which you will take into account before the start of audit engagement and during the audit engagement?

Financial audit Q&A What is the file type of the customer confirmation that is related to the outstanding balance the client has?

Question 7 Which of the following activities in not an element of a CPA firm's quality control system to be considered in establishing quality-control policies and procedures? 1. Selecting personnel for advancement who have the necessary qualifications. 2. Deciding whether to accept or continue a client relationship. 3. Assessing a client's ability to establish effective internal controls. 4. Monitoring the effectiveness of professional development activities. 2 O 1 O 3

Explain why a company would hire internal auditors if they already have an external auditor.  Compare the differences between an external audit and an internal audit.  Review what you have learned about compliance audits. Determine when an auditor would be hired to perform a compliance audit.

Select the appropriate control activities for each of the following definitions. Definitions Control Activities a. The company should maintain security over assets and accounting records. Management should periodically determine whether the amounts of physical b. assets of the company match the accounting records. The company should provide employees with appropriate guidance to ensure C. they have the knowledge necessary to carry out their job duties. The actual performance of individuals or processes should be checked against d. their expected performance. Authorizing transactions, recording transactions, and maintaining control of the е. related assets should be separated among employees. To prevent improper use of the company's resources, only certain employees are allowed to carry out certain business activities.

In which of the following situations does the auditor potentially lack objectivity?Select one:   a. An auditor reviews the procedures for a new electronic data interchange connection to a major customer before it is implemented b. A former purchasing assistant performs a review of internal controls over purchasing four months after being transferred to the internal auditing department c. An auditor recommends standards of control and performance measures for a contract with a service organization for the processing of payroll and employee benefits. d. A payroll accounting employee assists an auditor in verifying the physical inventory of some fixed assets with value that is not considered material.

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Identify each of the following as relating to (a) the control environment, (b) risk assessment, or (c) control procedures. 1.  Mandatory vacations   2.  Personnel policies   3.  Report of outside consultants on future market changes