A company cannot choose whether a mandatory information should be provided in the administration report or in notes choose an alternative True False

Q: Which of the following is false about accounting information systems?A. They provide reports that…

A: Accounting is the process of recording, classifying and summarising accounting information in order…

Q: Indicate which statements are true and which are false. Separating the responsibility for a…

A: Separating the responsibility for a transaction between two or more individuals or departmentswill…

Q: Information is immaterial if omitting it or misstating it could influence decisions that users make…

A: Materiality  is determined  by considering  both quantitative and  qualitative factors.

Q: Set policies on internal control Both c) and e)

A: Answer - Set policies on internal control Both c) and e)

Q: The auditor noticed that the financ statements of XYZ Company were some footnotes important for…

A: Accounting Concept  are basic assumption,rules or principleyhat are mandatory and followed by a…

Q: ndicate which of the following claims is true and which is untrue. Distinguishing responsibility for…

A: An invoice is an instrument that is used to record a transaction between the buyer and the seller.

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: We’ll answer the second question since we require more information to answer first question. Please…

Q: When an auditor qualifies an opinion because of inadequate disclosure, the auditor should describe…

A: An auditor auditing the financial statement is required to those proper disclosures have been made.…

Q: Examples of segregation of duties include reporting, reviewing and approving reconciliations, and…

A: Segregation of duties is assigning the particular duties to each person, to avoid a single person…

Q: One aspect of internal control requires companies to maintain adequate documentation and records.…

A: Internal controls procedures are those procedures which are established for achievement of…

Q: The report on internal control required by the Sarbanes-Oxley Act of 2002 may be prepared by either…

A: Answer is False ,

Q: Under IFRS, the retrospective approach should not be used if: a.    retrospective application…

A: International Financial Reporting Standards (IFRS): International Financial Reporting Standards is a…

Q: True or false, the individual posting account balance right offs should be given complete authority…

A: The write-off refers to the amount that is deducted from the receivables balance because this is the…

Q: In a review engagement the public accountant provides negative assurance in the report which is…

A: An limited assurance or negative engagement or review engagements are conducted by the auditor after…

Q: Non-compliance does not include a. Professional misconduct b. Personal misconduct c. Unintentional…

A: Non-compliance means failure to comply with a rule.

Q: Which may not be shown in an auditor's report of a non listed entity?  A. Auditor's address  B.…

A: This question is answered as per ISA 701

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: Under what circumstances can you envision management using alternative ones rather than alternative…

Q: Companies set up internal controls to protect against fraud and waste.  Select one: True False

A: Internal control, as characterized in accounting and auditing, is a procedure for guaranteeing…

Q: One of the requirements of financial statements is that they should be free from material error.…

A: Financial statements are statements prepared at the end of the year to analyse and review…

Q: What is EDGAR?a. A system the SEC uses to reject registration statements that do not contain…

A: EDGAR: EDGAR is a system designed to gather electronic data, analyze and retrieve the data.…

Q: t is generally acceptable for analytical procedures to be the only audit procedure used to test…

A: solution concept analytical procedure               Analytical procedure used as a audit procedure…

Q: which of these substantive procedures is not used to obtain evidence about contingencies?a. Scanning…

A: Contingencies are the future expectation of losses which can happen in the organisation. Auditor…

Q: The prospective auditor can contact the predecessor auditor without the client approval. True O…

A: Auditor:- He is a person who is appointed to conduct a fair audit for the company and serve true and…

Q: When auditors wish to issue an unmodified opinion but highlight that the entity changedits method of…

A:

Q: A company limits access to computerized accounting records. What can be said of this procedure? a.It…

A: Limited Access Control: Limited access control is a type of control that provides limited access to…

Q: Which of the following is NOT an example of externally generated evidence sent directly to the…

A: Audit evidence refers to data obtained by an auditor for arriving at his judgment while performing…

Q: Accounting standards require that the statement of financial position be prepared on a classified…

A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…

Q: Departmental reports are used for internal management only; therefore the accounting rules for…

A: The correct answer is “True”.

Q: what happen when the company do not do audit in their financial statement?

A: Auditing: Independent examination of the financial information of the organisation.

Q: Assuming that the data collected in the accounting information system is free from material errors…

A: The information recorded in accounting system can face several risks like inherent risk and control…

Q: For which of the following matters should an auditor obtain written management representations?…

A: Solution: Auditor should obtain written management representations with respect to "Management’s…

Q: When processing controls within the accounting information system may not leave visible evidence…

A: When processing controls within the accounting information system may not leave visible evidence…

Q: Which of the following is NOT a general control?* a. Backup of live data b. Use of passwords c.…

A: For data protection and IT security, various types of internal controls is implemented by the…

Q: The following statements relate to nature of positive and negative confirmation requests. Which…

A: Concept Positive confirmation request               External confirmation request where the debtor…

Q: Vendor invoices are recorded for items that were never ordered by the company. Which of the…

A: If the invoices are recorded for items that were never ordered by the company then such an issue can…

Q: Which report would not be appropriate for a public accounting firm to provide on financial reporting…

A:

Q: An internal control system where obligations by the company should be liquidated only by checks. A.…

A: Internal controls are the methods used by a company for the integrity of financial statements and…

Q: y audit matters may be included in a nonpublic company audit report with Disclaimer of Adverse…

A: An audit report refers to the written document formulated by an auditor which reflects his/her…

Q: Some accountants argue that the receiving department should be eliminated. Discuss the objective of…

A:

Q: Statement: "In the context of audit, the concept of true and fair is defined in the Commercial…

A: The concept of true and fair has not been defined under nay statute or any law or any case law. The…

Q: Allowing only certain employees to order goods and services for the company is an example of what…

A: The question talks about internal control procedure and seeks to know that the scenario listed is an…

Q: In the context of documentation of the audit procedures performed and audit evidence obtained the…

A: Audit documentation Enable the engagement team to be accountable for its work.

Q: describe accounting warning signs and methods for detecting manipulation of informationin fi nancial…

A: Accounting warning signs are the indication that the financial statements are going to manipulation…

Q: Choose the correct. What is EDGAR?a. A system the SEC uses to reject registration statements that do…

A: EDGAR: EDGAR is a system designed to gather electronic data, analyze and retrieve the data.…

Q: ow they are reported. What are the disclosure requirements for correction of errors.  Please see…

A: Accounting Errors : A non-fraudulent inconsistency in financial documents is referred to as an…

Q: An item or information is said to be material if misstatement of which can influence the ___ a.…

A: A material misstatements refers to an incorrect information depicted on the financial statements.…

Q: Which of the following statements is/are correct? Statement I. Current professional auditing…

A: The internal auditors are the professionals employed by the entities so as to ensure that the…

Q: Under which of the following circumstances would a disclaimer of opinion not beappropriate?(1) The…

A: From the various given statements we have to find out the circumstances where a disclaimer of…