1. List three reasons management may ask for anoperational audit to be performed and explain how the audit program would be impacted by each of them.2. Explain the importance of identifying risk factors and using them during the planning phase.3. Give two examples where document inspection is a useful technique to examine operational risks and related controls.4. Explain professional skepticism and why it is important for all auditors.5. Explain the acronym CCCER.6. What are the defining characteristics ofpersuasive audit evidence?7. What are the key characteristics of well prepared working papers?8. What do internal auditors mean when they refer to the nature, extent, and timing of audit procedures?9. What information should be included in a well designed final assurance engagement communication?10. What actions regarding assurance engagement observations must the internal audit function take after the final engagement communication is disseminated? Answer the following questions briefly andconcisely.1.List three reasons management may ask for anoperational audit to be performed and explain howthe audit program would be impacted by each ofthem.2. Explain the importance of identifying riskfactors and using them during the planning phase.3.Give two examples where documentinspection is a useful technique to examineoperational risks and related controls.4. Explain professional skepticism and why it isimportant for all auditors.5. Explain the acronym CCCER.6. What are the defining characteristics ofpersuasive audit evidence?7. What are the key characteristics of well-prepared working papers?8. What do internal auditors mean when theyrefer to the nature, extent, and timing of auditprocedures?9. What information should be included in a well-designed final assurance engagementcommunication?10. What actions regarding assuranceengagement observations must the internal auditfunction take after the final engagementcommunication is disseminated?

Answer 1) Operational audit includes a review of an activity executed in entity. a) find any…

Answered: 1. List three reasons management may…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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1. List three reasons management may ask for an operational audit to be performed and explain how the audit program would be impacted by each of them. 2. Explain the importance of identifying risk factors and using them during the planning phase. 3. Give two examples where document inspection is a useful technique to examine operational risks and related controls. 4. Explain professional skepticism and why it is important for all auditors. 5. Explain the acronym CCCER. 6. What are the defining characteristics of persuasive audit evidence? 7. What are the key characteristics of well prepared working papers? 8. What do internal auditors mean when they refer to the nature, extent, and timing of audit procedures? 9. What information should be included in a well designed final assurance engagement communication? 10. What actions regarding assurance engagement observations must the internal audit function take after the final engagement communication is disseminated?

Answer the following questions briefly and
concisely.
1.
List three reasons management may ask for an
operational audit to be performed and explain how
the audit program would be impacted by each of
them.
2. Explain the importance of identifying risk
factors and using them during the planning phase.
3.
Give two examples where document
inspection is a useful technique to examine
operational risks and related controls.
4. Explain professional skepticism and why it is
important for all auditors.
5. Explain the acronym CCCER.
6. What are the defining characteristics of
persuasive audit evidence?
7. What are the key characteristics of well-
prepared working papers?
8. What do internal auditors mean when they
refer to the nature, extent, and timing of audit
procedures?
9. What information should be included in a well-
designed final assurance engagement
communication?
10. What actions regarding assurance
engagement observations must the internal audit
function take after the final engagement
communication is disseminated?

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