An auditor can receive one of three types of report from a Service Organizations when providing Assurance or Auditing services for a client. A Type 2 or SOC 2 service auditor's report addresses: Group of answer choices   Only management's description and design of its controls.   Management's description and design of its controls and control operating effectiveness.   Only control operating effectiveness.   Control operating effectiveness and primary assertion reliability.

Q: Which of the following is a common monitoring control? Multiple Choice O audit committee inquiries…

A: Internal controls are the rules and procedures implemented by a company to ensure compliance with…

Q: Information Risk Analyst (IT Controls Audit) will help the organization assess risk controls and…

A: Risk The possibility of occurring a loss in a business is known as a risk. It is very important to…

Q: 1. Standards requires auditors obtain an understanding of an organization’s control environment.…

A: Answer: There are various auditing standards that are to be followed by auditors as a part of…

Q: TWO components of internal control

A: Audit refers to the process of checking books of accounts. It is very important to have an audit of…

Q: What does it mean the audit documentation should be self-explanatory? O a. It shall be sufficient to…

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

Q: 3. S1-It is necessary for the audit team members to have a collective knowledge needed to carry out…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which of the following is not a scope of internal auditors? Efficient Use of Resources Services to…

A: The scope of internal audit means the range of activities and records which can be subjected to…

Q: Consider the “control environment.” Asses why it is important for auditors to understand a client’s…

A: A control environment, also called "Internal control environment", is a term of financial audit,…

Q: Performance Principle. Identify how each of the following statements relates to the performance…

A: Performance Principle The guiding principle known as the performance principle defines the general…

Q: Question 1 To what does the following relate: The Internal Auditors perform random testing on…

A: “Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: What are objectives? What three categories of objectives are set forth in the COSO framework?

A: COSO ERM framework defines internal control in an organisation as “a. process, effected by an…

Q: Which of the following is driving the need for assurance  maps? a. Risk managers. Incorrect.  b.…

A: Assurance maps offer a visual representation of the organization's risk coverage, and help identify…

Q: 8 Answer is not complete. a. Evaluating the effectiveness of the client's internal control in…

A: Risk Assessment: The  client’s internal  control  is evaluated to get the effectiveness of it. It is…

Q: S1: Audit debriefing process should be led by the audit manager. S2: An audit benefits the public.…

A: Audit debriefing process relates to the review of the results of the audit so that the process may…

Q: A service organizations has an auditor issue one of two types of reports on their operations: 1)…

A: Service organization It is organization which have not started for the sole purpose of making…

Q: If control risk is assessed at the maximum, the auditor is required to obta knowledge about the:…

A: Lets understand the basics.Control risk is a risk which arise due to failing of control mechanism of…

Q: An assurance service is defined as a service thata. Provides auditing services to nonfinancial…

A: Assurance service: It is aimed at improving the quality of information for the individual making…

Q: Statement 1: As part of obtaining an understanding of internal control, an auditor is required to…

A: Internal control: In order to gain a thorough understanding of the controls that are relevant to…

Q: 1. List three reasons management may ask for an operational audit to be performed and explain how…

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

Q: What are the three goals of an internal control system according to the COSO report? Which of…

A:

Q: Auditors must consider these five components of COSO internal controls when understanding the client…

A: Segregation of duties is not component of COSO internal controls. however, Segregation of duties is…

Q: The user auditor is required to obtain a sufficient understanding of the nature and significance of…

A: The user auditor is responsible for obtaining a sufficient understanding of the nature and…

Q: controls are relevant to the auditor’s risk assessment

A: The statement S1 is true because the objectives are concerned about the plans or ideas regarding…

Q: Internal control provides reasonable assurance means that ?         internal control has its…

A: Lets know briefly about the reasonable assurance. Reasonable assurance means a assurance which…

Q: Identify how each of the following statements relates to the performance principle by considering…

A: Risk Assessment: The  client’s internal  control  is evaluated to get the effectiveness of it. It is…

Q: Auditors identify and assess the risk of material misstatement at these two levels Select an answer…

A: According to SA 315, Auditor should assess about the business environment and the entity controls of…

Q: Which of the following would generally not be used ? Select one : O a. Re -perform client procedures

A: Internal control procedures means control procedures that are used for safeguarding of assets of the…

Q: onal structure. sting.

A: To given the correct option as,

Q: When testing a control activity’s operating effectiveness, procedures the auditor performs totest…

A: The answer is provided as follows:

Q: A document created by the organization and requested from the organization by an internal auditor…

A: Internal documents describes the records, memos, reports, and other documents that are produced,…