18-from the options given below identify which of the following is not responsibility of management towards auditor. a. Management should provide full access of all financial information to auditor b. Restricted access to personnel within entity c. Additional information that the auditor may require d. Information of minutes of the Board meetings

18-from the options given below identify which of the following is not responsibility of management towards auditor. a. Management should provide full access of all financial information to auditor b. Restricted access to personnel within entity c. Additional information that the auditor may require d. Information of minutes of the Board meetings

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 92RSCQ

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From the options given below identify which one is not the responsibility of management towards auditor. a. Management should provide full access of all financial information to auditor O b. Management should provide knowledge of the industry in which the company deals to the auditor c. Management should provide additional information that the auditor may require d. Management should allow unrestricted access to personnel within entity
16. What is the purpose of information presented in notes to financial statements? a. To present management's responses to auditor comments b. To correct improper presentation in the financial statements c. To provide disclosures required by generally accepted accounting principles d. To provide recognition of amounts not included in the total of the financial statements 17. Proper application of accounting principles is most dependent upon a. Existence of specific guidelines b. Oversight of regulatory bodies c. External audit function d. Professional judgment of the accountant 18. Which of the following is not a correct variation of the basic accounting equation? a. Asset = Liabilities +Equity b. Asset - Liabilities = Equity c. Asset - Equity = Liabilities d. Asset + Liabilities = Equity 19. Entity A's total liabilities are P50M, while its total equity is P10. Entity A's total assets are a. P60M b. P50M c. P40M d. Any of these 20. What is the effect on an entity's financial…
26. The auditor shall communicate with those charged with governance an overall approach and scope of the audit , which includes communicating about the___________ identified by the auditor. a. Agreements with management b. Material weaknesses c. Significant risks d. Accounting Entries
80 For which of the following matters should an auditor obtain written management representations? Group of answer choices Management’s compliance with contractual agreements that may affect the financial statements. Management’s knowledge of future plans that may affect the price of the entity’s stock. Management’s cost-benefit justifications for not correcting internal control weaknesses. Management’s acknowledgment of its responsibility for employee’s violations of laws.
{Auditing} 16. A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships. How could an auditor achieve confidentiality of the information? a. Non-disclosure any such information to third parties b. All the options c. Disclosure of any such information to third party with proper and specific authority d. Disclosure any such information to third parties as required by law
13 From the options given below identify the duty of an auditor of a company a. All the options b. Reporting on true and fair view of financial statements c. Evaluating of internal control system d. Compliance with the applicable law and regulation Clear my choice
1-According to audit committee best practice, they should not a) Review the internal control system b) Approve remuneration of the external auditor c) Nominates the executive board members d) Monitor the integrity of the company’s financial statement e) Set policies on internal control Only b) , d) and e) Only c) Both c) and e) Both a) and e)
Significant deficiencies in internal control are required to be reported a. Management of the unit in which they occurred. b. Internal auditors of the entity. c. The audit committee of the board of directors. d. Creditors which the client has debt to.
21. Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice.
Accounting 20. Below is an internal control associated with some financial statement audit cycle that the auditors identified for one of their clients. Indicate the control activity that is being considered in question bonder this case. "The president of the company signs the checks once he compares the drawn check against the documents that substantiate the disbursement (underlying documents)." a. Segregation of tasks (adequate separation of duties) b. Adequate documents and records c. Physical controls over assets and records (physical controls) d. Proper authorization of transactions and activities
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47 Who could decide the terms and conditions of appointment of internal auditor? a. Management of the company b. It is decided by the external Auditor c. It is decided by the shareholders d. None of the options