In determining the operating effectiveness of the internal control policy or procedure, the auditor is concerned with the following: I. How the policy or procedure was applied II. Whether there is consistency in the application of the policy or procedure III. The personnel involved in applying the policy or procedure * A. I, II B. I,III C. II, III D. I,II,III

Q: S1: Regarding communications between auditors, the predecessor auditor has the duty to initiate…

A: Business organizations are required to audit their financial statements so as to ascertain their…

Q: Direction:  summarize the concept of the following audit considerations. 1. Competence 2. Laws and…

A: Audit considerations are the factors to be considered by the auditor while conducting audit. This is…

Q: Which of the following internal control components involves the ongoing evaluation of the…

A: Internal controls are implemented to prevent fraud in the organization. These are the rules or…

Q: What are considerations you will observe in evaluating the internal control of an audit engagement?…

A: Internal control refers to the activities performed by the management of the organization to ensure…

Q: n which of the following audit type the operational area of the audit is determined by management?

A: The correct answer is b. Internal Audit

Q: The auditor shall communicate with those charged with governance an overall approach and scope of…

A: Auditor shall communicate to the management regarding its scope of audit.

Q: Which of the following stakeholders rely on internal audit report? a. General public b. Investors c.…

A: Audit is the examination or review of books of account in order to ensure that whether these…

Q: Internal auditors are responsible for:   A) Issuing a certification report on the internal…

A: Internal Control: The process by which an organization develops the rules and regulations for the…

Q: It is a primary environment of a company to engage in the audit process in an effective manner. This…

A: Independent auditor plan, reports as well as conduct the outcome of the audit under GAAS ( Generally…

Q: Identify the type of evidence the auditor would gather in assessing the integrity of management?…

A: Auditor is the person who is responsible for auditing and verifying books of accounts and records 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: To test the operating effectiveness of a control, an audit team might use a combination ofeach of…

A: Internal control: It can be defined as a system that includes the policies, rules, and procedures…

Q: The auditor shall communicate with those charged with governance an overall approach and scope of…

A: The auditor shall communicate with those charged with governance an overall approach and scope of…

Q: When testing IT controls, which of the following BEST (select one) describes the IT auditor's focus:…

A: IT controls audit is the process of evaluating an organization's IT controls to determine their…

Q: ist any five  questions that the internal auditor can include in the internal control questionnaire…

A: solution dear student as per the bartleby guideline we are required to solve the first question…

Q: When testing IT controls, which of the following BEST (select one) describes the IT auditor's…

A: IT controls audit is the process of evaluating an organization's IT controls to determine their…

Q: determine whether true or false S1- The extent of planning will vary accordingly to the size of the…

A: The answers and relevant explanation for the True or false questions are presented hereunder : The…

Q: Which of the following type of auditors reviews the routine activities and provide suggestion for…

A: Routine activities are those activities which are carried out by the organization on daily basis.…

Q: The auditor should review information provided by those charged with governance and management…

A: As per the related parties standard, The auditor should review information provided by those charged…

Q: Mention Four types of procedures are used to examine the operation of internal controls by the…

A: Introduction:- An audit is a "independent study of financial information of any organisation,…

Q: Identify the correct order of steps for an auditor when applying a top-down approach to select…

A: The top-down approach is used to detect risks in the internal controls and gain an overall…

Q: What are the objectives of ISA 520? O a. To obtain evidence from third parties O b. To obtain the…

A: SOLUTION- ISA 520- IT DEALS WITH THE AUDITORS USE OF ANALYTICAL PROCEDURES AS SUBSTANTIVE PROCEDURES…

Q: Which of the following audit types is designed to add value and improve the organization's…

A: Auditing is a process of examining the financial statements and internal control system of an…

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: Introduce and explain the principles of independence and objectivity, and explain how they apply to…

A: Principle of INDEPENDENCE -  This principle states that the auditor should perform independently…

Q: According to the professional standards of practice, Internal Auditors demonstrate due professional…

A: Actions that adhere to moral norms and conduct guidelines are referred to as ethical behavior.…

Q: describe the objective of audits of fi nancial statements, the types of audit reports, and…

A: The main objective of a financial report audit is to enable auditors to re-examine the financial…

Q: To obtain an understanding of the relevant policies and procedures of internal control, the auditor…

A: INTERNAL CONTROLS ARE THE RISK MITIGATION STEPS TAKEN TO STRENGTHEN THE ORGANIZATION'S SYSTEMS AND…

Q: Which of the following documents or/ and procedures should be used by the auditor to gain a better…

A: Audit is the process of verifying and examining the financial statements and control procedures…

Q: Which one of the following section of the auditor's report gives a description of an audit conducted…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: Reading BOD minutes of meeting by the internal auditors is an example of an audit procedures called:…

A: An auditor is a person appointed to check the accuracy of the financial statements of the company.

Q: The management letter is used: A) to list all reportable conditions with respect to internal…

A: The audit is the exam or inspection of numerous book bills through an auditor observed through…

Q: Describe the four phases performed by the auditor when obtainingan understanding of internal control…

A: Control risks Control risks can be defined as possible risks and errors that can exist after the…

Q: In an audit in accordance with Government Auditing Standards, the auditors are required to provide a…

A: Government Auditing Standards (GAS) are a set of auditing standards issued by the U.S. Government…