**Objective Question:** Which type of audit primarily focuses on ensuring that an organizationcomplies with relevant laws, regulations, and internal policies? A) External audit B) Tax audit C)Compliance audit D) Forensic audit

The question is asking to identify the type of audit that is primarily concerned with ensuring that…

Answered: **Objective Question:** Which type of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Waterway Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable $0 Accumulated Depreciation-Equipment 9,000 Interest Payable 0 Notes Payable 22,000 Prepaid Insurance 2,520 Salaries and Wages Payable 0 Supplies 3,800 Unearned Service Revenue 53,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Waterway Company borrowed $22,000 by signing a 12%, one-year note on August 1, 2020. 2. 3. A count of supplies on December 31, 2020, indicates that supplies of $910 are on hand Depreciation on the equipment for 2020 is $1,800. 4. Waterway Company paid $2,520 for 12 months of insurance coverage on May 1, 2020. 5. On November 1, 2020, Waterway collected $53,000 for consulting services to be performed from November 1, 2020, through March 31, 2021 6. Waterway performed consulting services for a client in December 2020. The client will be billed $6,400. 7. Waterway Company pays its employees total…
Financial audit Q&A In the process of obtaining audit evidence, the strongest audit evidence is inquiry, while the weaker audit evidence is a written document (Yes/No).
For my Auditing class: what type of test would I use to assess appropriate assertions for designated high-risk business transactions.
Service organization control (SOC) reports may be requested by auditors when a service organization processes transactions related to a client's (user organization) internal control over financial reporting. Required: For each of the following statements related to Service Organization Control (SOC) reports, indicate whether it is appropriately related to a Type 1 report (T1), Type 2 report (T2), both a Type 1 and Type 2 report (B), or neither a Type 1 or Type 2 report (N). a. Disclaims an opinion on the fairness of the entity's financial statements. b. Provides a description of the service organization's internal control over financial reporting. c. Summarizes tests of operating effectiveness of controls at the service organization. d. Expresses an opinion on the suitability of design of internal controls over financial reporting. B e. Use of the service auditor's report is restricted to specified parties. f. Would be requested when client is an issuer. g. Disclaims an opinion on the…
Management's assertions in the financial statements are of relevance to the audit process because a. they are the procedures that will be performed by the audit team. b. they are utilized by auditors in developing proper tests and procedures c. they are direct evidence that management has prepared financial statements in accordance with GAAS. d. they relate more to the audit while the financial statenent belong to the author.
which of the following areas would an internal audit be required to have proficiency when carrying out an audit of corporate governance processes? a. management and financial accounting b. computerized management information systems c. internal auditing standards, procedures, and techniques d. Fundamentals of commercial law
How does Federal Law impact the scope, methodologies, and reporting requirements for integrated, performance, and other audits conducted within the public sector, and what are the key challenges auditors face in ensuring compliance with legal mandates while maintaining audit quality and transparency
(2) ( ) Which of the following audit procedures for obtaining audit evidence is correctly described? A. Recalculation involves the auditor's independent execution of procedures or controls which were originally performed as part of the entity's internal control B. Confirmation consists of seeking information of knowledgeable persons, within the company or outside the company C. Reperformance consists of checking the mathematical accuracy of documents or records D. Observation consists of looking at a procedure or process being performed by others ) Of the following, which is the most reliable type of audit evidence? (3) ( A. Confirmations mailed by outsiders to the auditors via the client. B. Copies of the sales contract held by the suppliers to demonstrate the purchase transactions of the client. C. Copies of sales invoices inspected by the auditors. D. Canceled checks returned in the year-end bank statement directly to the client. (4) ( ) Which of the following attributes is likely…
What type of audit objectively obtains and evaluates evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria? This type also communicates the results to interested users.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

**Objective Question:** Which type of audit primarily focuses on ensuring that an organization complies with relevant laws, regulations, and internal policies? A) External audit B) Tax audit C) Compliance audit D) Forensic audit

Objective Question: Which type of audit primarily focuses on ensuring that an organization complies with relevant laws, regulations, and internal policies? A) External audit B) Tax audit C) Compliance audit D) Forensic audit