An audit report is normally addressed to
Q: Establishing and maintaining an internal control structure is the responsibility of the: Select…
A: Internal control : Internal controls are intended to safeguard assets of business provide…
Q: Ethical requirements relating to an audit of financial statements is specified under ISA 250 and it…
A: Auditing is the verification of the accounts of the entities to provide the opinion for the position…
Q: ISA 250 paragraph 10
A: ISA refers to International Standards on Auditing.
Q: What are the four different types of audit opinions an auditor can issue on a company’s audited…
A: An auditor can issue one of four different types of audit opinions on a company's audited financial…
Q: 16- Segmenting the audit by dividing classes of transactions and account balances that are closely…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: While addressing the auditor’s report by an auditor whom does it is addressed to depending upon the…
A: The auditor's report would be required to address according to the circumstances. Generally, the…
Q: When completing the audit of internal controls for a public company the PCAOB requires auditors to…
A: PCAOB (Public Company Accounting Oversight Board) - It is the non profit organization that regulates…
Q: Which section of the audit report contains the matters communicated to and addressed by the auditor…
A: Audit report contains the opinion of the auditor on financial statements whether financial…
Q: From the list below, select those that describe managerial accounting reports. Select all that…
A: Managerial accounting is the activity of using accounting data inside to promote organizational…
Q: Audit of Oman Oil Company is an example of __________ a. External Audit b. Public sector Audit c.…
A: answer
Q: ISA 250 paragraph 10 cover the aspects of a. Law and regulation governing accounting and auditing b.…
A: The question is multiple choice question Required Choose the Correct Option.
Q: 64) budgeting and external audits are examples of what kind of controls? A) Strategic controls b)…
A: The question is related to Financial Control. Financial controls are those controls by which an…
Q: What is the name of the individual that carries out auditing for a company or client called?…
A: Auditing is very important for the company and auditing is process of checking the account accuracy…
Q: The authority to appoint first independent auditor is vested to __________ a. The shareholders b.…
A: The first auditor of a company shall be appointed by board of directors with 30 days from the date…
Q: 25-Name the section of the audit report where Employment information is highlighted. O a. Opinion…
A: Audit report is the report containing expression of opinion of auditor based on the findings of his…
Q: Which section of the audit report contains the important matters communicated to and addressed by…
A: THOSE MATTERS THAT IN THE AUDITOR'S PROFESSIONAL JUDGEMENT ARE MOST SIGNIFICANCE ARE SHOWN UNDER THE…
Q: In planning stage, materiality is determined at the O Disclosure level O Materiality is not…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: 6 List 4 types of management assertions presented in the financial statements that an auditor needs…
A: While performing the review engagement or audit procedure, preparing for an audit report, or forming…
Q: Which one of the following document is considered as a permanent audit file? Significant analysis of…
A: Permanent audit file is that file which is maintained during the full course of audit. Under this,…
Q: Explain the role of audit report in company.
A: Audit: Audit is the process of verification of the compliance of the financial statements.
Q: example disclosure/s on audited financial statements
A: IFRS 13 provides that fair value means amount received while selling an asset or amount paid to…
Q: The general objectives of international auditing standards a. Defining the responsibilities B. audit…
A: Financial statements are those statements which are prepared at the end of accounting period.…
Q: written management representations, audit completion memorandum, The management letter after…
A: Audit is the term which is defined as the independent examination of the entity financial…
Q: ISA 700 deals in O a. Planning the audit O b. Obtaining sufficient appropriate evidence O .…
A: ISA stands for International Standards on Auditing
Q: The basic components of an organization's internal control are: Select one: a.…
A: Internal control is a system of organizing the company in which a set of rules, policies, and…
Q: 25-Audit of Oman oil is an example of __________ a. Statutory audit b. External Audit c. Internal…
A: A public sector audit is an audit carried out for public sector companied to ensure whether these…
Q: Who among the following professionals is assigned the task of internal auditing in the company? a.…
A: A managing director is a person who manages all the functions of the organisations and keeps an…
Q: Q2. What is operational audit? List five examples of specific operational audits that could be…
A: Auditing is the review of accounting performance by the auditor who is been appointed as an…
Q: Which of these audit evidence is more reliable for an auditor to use in gathering evidence than the…
A: Audit evidence: It includes all the information or data that is gathered by an auditor from all the…
Q: Audit committee activities and responsibilities includewhich of the following?a. Selecting the…
A: Audit is the process of checking and verifying books of accounts in order to check authenticity and…
Q: Audit staff member who coordinates similar audit programs.
A: Audit Team: An audit team is a self-contained unit inside a company that assists the auditor in…
Q: From the options given below identify the sources of audit evidence necessary to support the…
A: Auditing can be defined as the on-site inspection and examination of the process and quality system.…
Q: List the directors’ duties with regard to the going concern basis.
A: The concept of a going concern is a fundamental accounting principle. It implies that a company will…
Q: An Independent Auditor is an outsider to an entity. He had to plan out his action seriously and…
A: The answer is Option (d.) [i.e, Preparing an audit plan] Refer step 2 for explanation
Q: -Collecting evidence by observation refers to:
A: As per accounting, evidence is defined under the audit procedure, were the auditor is held…
Q: 29. What is the role of the audit committee as per the Sarbanes-Oxley Act? a) To prepare financial…
A: The Sarbanes-Oxley Act of 2002, a landmark piece of legislation enacted in response to corporate…
Q: The internal audit activity must evaluate risk exposures relating to the organization’s governance,…
A: Internal audits are conducted by the internal auditors to check if the internal controls in the…
Q: 48-Identify the final stage of overall audit process from the following a. Preparing Audit Plan b.…
A: Audit means verifying and checking the authenticity of financial statements of the business to…
Q: 12.Who is responsible for reviewing and monitoring managements’ responsiveness to the Internal Audit…
A: Ans. The companies which are required to constitute an audit committee has many responsibilities…
Q: Why are internal controls important in an organization? Provide specific benefits.
A: Internal controls help a company function more effectively and efficiently by taking into account…
Q: s for a public company, the PCAOB requires auditors to audit internal controls over:…
A: The following are the three objectives of the internal control system: 1. Financial reporting…
Q: In the given table, match the concepts related to the audit report. A. It means the group engagement…
A: An audit report is a formal document prepared by an independent auditor after conducting an…
Q: Any of the parties listed below can be responsible for providing the financial information that will…
A: Audit committee, management and engagement party are internal to an organization and hence they are…
Q: AT-C Section 315. "Compliance Attestation." allows a practitioner to perform agreed-upon procedures…
A: A professional who offers attestation or assurance services is referred to as a practitioner. These…
Q: Terms of auditing and duties and responsibilities of auditors are discussed through a. Engagement…
A: The answer for the multiple choice question and relevant explanation are presented hereunder :
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- 49 A review of how an organization’s management and its operating procedures are functioning with respect to their effectiveness and efficiency in meeting stated objectives. Group of answer choices Cash Audit Internal Audit Operational Audit External Audit40. Senior management obtains data about external events that might affect the entity and evaluates the impact of that information on its existing accounting processes. This scenario is an example of what COSO component? Group of answer choices Control environment Risk assessment Information and communication Monitoring14 Assume, Mr. A is appointed as an auditor of Jindal Steel to evaluate the internal control system by conducting the interviews of the owners and managers. Identify the type of evaluation tool which may assist him from the options given below: a. Test Control b. Interview Employees c. Observe Processes d. Interview Management
- 25 As the process of auditing is involves many stages as per ISA, the auditor after setting up a closing meeting submits the final audit report to ___________in___________ a. Owners, AGM b. The chief Accountant, AGM c. The chief Executive Officer, AGM d. The Chief Financial Officer, AGMs1: The component auditor is responsible for the direction, supervision and performance of the group audit engagement in compliance with professional standards and regulatory and legal requirements, and whether the auditor's report that is issued is appropriate in the circumstances. S2: The auditor's report on the group financial statements shall may refer to a component auditor. S3: A group have have one or more components. a. All statements are true b. All statements are false c. S1 and S2 are true d. S2 and S3 is trueWhich of the following is the objective of ISA 700? O a. To form a decision on management report O b. To form overall audit strategy O c. To form audit planning O d. To form an opinion on the financial statements
- a) ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways. Required: i) Identify and explain the five stages in audit process ii) Discuss three importance of audit planning.13. When the auditors obtain an understanding of internal control for the financing cycle documentation will frequently include a written description as well as a(n): Group of answer choices Decision table List of audit objectives Internal control questionnaire Summary of tests of controls21. 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.
- Explain FIVE differences between a financial statement and an internal audit engagementThe responsibility for the financial statements rests A. jointly with the auditor and management B. solely with management C. with the internal audit function D. solely with the external auditor22-What may be the possible purpose of using oral explanation in the audit documentation? O a. To assist conclusion reached by the auditor O b. To clarify information contained in audit documentation O c. All of the options O d. To support the work performed by the auditor
