20. Which of the following control objectives for Investment under the Acquire-to-Retire process is most likely the top priority where audit procedures are most extensive for a business struggling to earn income during a pandemic? Group of answer choices To ensure that all relevant regulations, exchange controls and accountancy standards are complied with. To ensure that the timescale and liquidity implications of investments are adequately considered and catered for. To ensure that investment documentation is adequately and securely stored. To ensure that invested funds and the income generated are correctly accounted for. To ensure that all investment decisions are adequately researched and authorized in accordance with the established objectives. To ensure that investment commitments do not interfere with the required cash flow and that sufficient working funds are maintained.

Q: What is the concept of going concern? elect one answer: Understating the assets and revenues and…

A: An assumption or condition under which the transactions of a business entity are recorded is…

Q: n performing risk assessment procedures for investments, an auditor may inquire of the client…

A: The procedure of risk assessment is performed by auditor in order to assess the risk of material…

Q: Which type of audit is an investigation into whether or not the use of resources is economic,…

A: a. Forensic Audit : It is an independent examination of company's financial information to determine…

Q: 12. When the auditor based on his understanding of internal control of the client concludes that the…

A: The auditor based on his understanding of internal control of the client concludes that the controls…

Q: 33) Which threat may occur when, because of a close relationship, a professional accountant becomes…

A: solution concept self interest threat             Self interest threat is threat arising from the…

Q: A. An audit is a complete and careful examination of selected financial records of a business or…

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: 15-From the options given below identify an event or condition that may not cast significant doubt…

A: Answer

Q: 7-One of the objective of financial reporting is that correct and authentic information should be…

A: The historical cost follows the conservative accounting concept and it prevents companies from…

Q: In performing risk assessment procedures for investments, an auditor may inquire of the client…

A: The question is related to risk assessment in respect of Investments.

Q: 39. For risk enabled and risk managed organizations, the conclusion on risk maturity is the first…

A: Risks are the unfavourable situations and circumstances which can tend to loss for the organisation.…

Q: In performing risk assessment procedures for investments, an auditor may inquire of the client…

A:

Q: 1.Which of the following situations could be evidence that the investor lacks the capacity to…

A: Answer: To exercise significance control over the other company the investor is required to hold…

Q: Question 4 Analytical procedures issued in the planning stage of an audit, generally_ Select one: a.…

A: Analytical procedures refer to the process which is used for conducting the audit procedures in…

Q: Risk assessment is carried out by the organization to identify, analyze and manage relevant risks.…

A: A word used to describe the total process or approach of identifying hazards and risk variables that…

Q: auditor’s written management representation

A: Option A is wrong because written representations are not made for cost-benefit justification.…

Q: Which one of the following is not one of the perspectives of the Balance scorecard? Select one: a.…

A: Balanced Scorecard is a performance management tool published by Dr. Kaplan in 1992. BSC classifies…

Q: An audit firm has been asked by a client to attend a meeting between the client and its prospective…

A: An audit firm has been asked by a client to attend a meeting between the client and its prospective…

Q: Which of the following BEST (select one) describes why auditing can be viewed as a continuous…

A: Auditing is a critical process that helps companies ensure that their financial statements and…

Q: The primary responsibility of the board is to ensure that it develops a clear understanding of the…

A: The primary responsibility of the board is to ensure that it develops a clear understanding of the…

Q: An auditor believes that there is substantial doubt about an entity's ability to continue as a going…

A: Auditing is an independent examination of financial statements of an entity to express an opinion on…

Q: If events or conditions have been identified that may cast significant doubt on the entity’s ability…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: connection of audit quality on reducing business risk

A: An audit is a process of checking and verifying the books of account and financial information of…

Q: For which of the following purpose can the analytical procedure be used i) Better understanding of…

A: Analytical procedures consist of 'financial information assessments by evaluating possible…

Q: Which statement is correct:   Select one: a. Management accounting’s focus and emphasis is on…

A: Following is the answer to the given question

Q: Direction: summarize each step of the risk-based audit process. • Establishing audit objective •…

A: The auditor's objective in a risk based audit is to obtain reasonable assurance that no misstatement…

Q: internal auditors and the adequacy of an organization’s risk management process

A: Statement I is true because the duties of internal auditors include conducting risk assessments. In…

Q: A review of how an organization’s management and its operating procedures are functioning with…

A: An audit involves examination of historical financial/Non-Financial information in order to…

Q: Which of the following auditor concerns would be least likely to cause the auditor to withdraw from…

A: Analyzing the options:A. The integrity of management is in question:Integrity is a fundamental…

Q: 7. The following are value the auditors provide EXCEPT Group of answer choices Internal auditors…

A: Answer: The following are value the auditors provide EXCEPT: Internal auditors serve the public…

Q: Risk assessment most commonly focuses on two criteria - impact and likelihood. As an ganization's…

A: Risk assessment, in simple words, is to closely observe and examine the possible vulnerabilities…

Q: which one is not the responsibility of management towards auditor.

A: As per ISA 210 ( Agreeing to the terms of audit engagement )  Preconditions of an audit include…

Q: An assessment of accounting practices for asset impairments is especially important in the context…

A: The main purpose of introducing impairment of asset accounting standard is to ensure that the assets…

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.