ASIC October 2022 | REP 743 Audit inspection report: 1 July 2021 to 30 June 2022. on the basis of this audit report. could u tell me what audit evidence auditor used?
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- 2022/Ε 1. Audit evidence and reliability2. Indicative going concern factorsAU-C 500 Audit Evidence, in the AICPA auditing standards refers to information produced by the entity. What must the auditor do to evaluate whether information provided by the client is sufficiently reliable?Refer to Exhibit 2.5 and answer the following questions. a. (Sections 101, 104, and 105) How does the establishment and operation of the PCAOB help to ensure quality external audits? How will audit firm inspections and investigations by the PCAOB help ensure high audit quality? b. (Sections 201-203) How do Sections 201-203 address audit ()r independence concerns? c. (Section 206) What is a cooling-off period, and how does it address auditor independence concerns? d. (Section 301) How do the audit committee requirements help ensure effective corporate governance? e. (Sections 302 and 906) How do the officer certification requirements help to address the risk of fraud in publicly traded organizations? What is the likelihood that a CFO who is committing fraudulent financial reporting would sign the certification falsely, and what are your reactions to that possibility? f. (Section 401) How does this section relate to the Enron fraud? g. (Section 404) How do the management assessment and audit or attestation of internal controls contained in this section help to address the risk of fraud in publicly traded organizations? h. (Section 407) Why is it important that at least one member of the audit committee be a financial expert? What are the financial reporting implications if the audit committee does not have any individuals serving on it who possess financial expertise? i. (Section 802) How does this section relate to the Enron fraud?
- 10 Population is the set of accounts or transactions from which the auditor intends to draw a conclusion from Question 10 options: a) True b) FalseDetermine the following as a result of your audit: subquestion a. How much is the correct amount of interest expense that should be reported in its Statement of Comprehensive Income for the period ending December 31, 2023? subquestion b. As an audit manager, you review the working papers of your audit staff and senior auditor and summarized the proposed adjusting entries (PAJE’s): Your proposed adjusting journal entry will include a credit to premium on note payable of? please show solution.What does FASB believe is the best way to search GAAP? (RAB 10) Using Investopedia for a basic reference, then searching the rules Using the advanced search function within the ASC Attending trainings by FASB's experts Using the built in logic to move from ASC topic & subtopic to section & paragraph Which of the following organizations creates the rules provided in the ASC ? (RAB 9) FASB SEC IRS EITF
- RM1. State the procedures Majova and Partners should carry out to meet their responsibilities to the existing auditor of DataTech Ltd if they intend to make themselves available for the appointment. Your answer should be in terms of the Code of Professional ConductA(n) ________ is the detailed instruction that explains the audit evidence to be obtained during the audit Select one: a. audit program b. audit procedure c. audit assertion d. audit objective(a) ISA 700 Forming an Opinion and Reporting on Financial Statements requires auditors to produce an auditor's report. This report should contain a mnumber of consistent elements so that users are able to understand what the auditor's report means. Required: (i) Identify what a key audit matter (KAM) is and explain how the auditor determinesand communicates KAM. (ii) Select any (5) FIVE elements of an unmodified auditor's report and for each explain why they are included.
- (a) ISA 700 Forming an Opinion and Reporting on Financial Statements requires auditors to produce an auditor’s report. This report should contain a number of consistent elements so that users are able to understand what the auditor's report means. Required: (i) Identify what a key audit matter (KAM) is and explain how the auditor determinesand communicates KAM. (ii) Select any (5) FIVE elements of an unmodified auditor's report and for each explain why they are included.Examination - Trimester 3 2021 Trimester 3 2021 Final Online Ex The auditor decides to increase the calculated level of control risk based on the results of the test of control. In order to achieve an overall audit risk level that is substantially the same as the planned audit risk level, the auditor should: estion Select one: a. Increasing materiality levels. b. Decrease the likelihood of detection. c. Increasing inherent risk. d. Substantive testing can be reduced TA O SJS VivoBook4
