Please respond promptly:                                                                                                                                        When auditing a private company, the auditor should obtain an understanding of internal control sufficient to___________. Select one: a. Provide a method for safeguarding assets, checking the accuracy and reliability of accounting data, promoting operational efficiency, and encouraging adherence to prescribed managerial policies. b. Provide reasonable protection against client fraud and defalcations by client employees. c. Assess control risk. d. Provide a basis for suggestions to the client for improving the accounting system.

Q: Auditors’ understanding of the internal control in an entity provides information fora. Determining…

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Q: Which of the following best describes the operational audit? Select one: a. It requires the constant…

A: Operational audit is the examination and verification of all the operations of the business…

Q: As IT auditors, it's critical that we establish a common "risk" language with management.…

A: IT auditors and management can communicate and make decisions more effectively when they have a…

Q: Independent auditors perform audits on the financial reports of public companies. This type of…

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Q: An External Auditor would have which of the following Obligations in the Financial Statement of the…

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Q: Which of the following activities should the internal audit function NOT be involved in? a.…

A: Lets understand the meaning of internal audit here. Internal audit is a auditing design for the…

Q: Prior to accepting a new audit engagement, a public accounting firm shoulda. Attempt to contact the…

A: Auditing:   Examining the company’s financial records for accuracy by maintaining Accounting…

Q: type of the auditors

A: Audit of internal controls is done to ensure whether control function regarding each transaction is…

Q: An independent audit aids in the communication of economic data because the audit ________.…

A: The role of the auditor is to determine whether the reports prepared by the management follow the…

Q: Assume that a CPA serves as an audit client’s business consultant and performs each of the following…

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Q: Using your selected objective, create an audit plan of the organization's financial statements that…

A: Audit planning is one of the basic principles for governing an audit.Auditor should plan his work to…

Q: Financial statements that have been audited and verified by an external auditor are considered more…

A: Financial statements are the indicator of financial position of the business. It includes Income…

Q: Internal control system comprises the company's policies, practices and procedures which are…

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: When planning the audit of internal controls for an issuer, the audit team shoulda. Identify…

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: How can an audit add value to financial statements and management's internal control reports? Is an…

A: This question explains about financial statements and management's internal control reports

Q: The primary objective of compliance auditing is toa. Give an opinion on financial statements.b.…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Why deos the auditor obtain an understanding of the clients business, enviroment and related risk of…

A: Obtaining an understanding of the client’s business is key to an effective and efficient audit.…

Q: Select the appropriate control activities for each of the following definitions. Definitions Control…

A: a. Physical control

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 of the following is an attribute of the internal control procedure—assignment of​…

A: The process by which the operational efficiency and effectiveness in the organizational objectives…

Q: Analytical procedures are one of many financial audit processes which help an auditor understand the…

A: Introduction:- Analytical procedures are one of many financial audit processes which help an auditor…

Q: Which of the following is NOT a requirement in management’s report on the effectiveness of internal…

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Q: The following are various activities an auditor doesduring audit planning.1. Determine the likely…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: When planning the audit, the auditor should make inquiries of management in order to do the…

A: Inquiry is an audit procedure that is used extensively throughout the audit and often is…

Q: Why is Responsibility Accounting necessary and how is it implemented? 2) Determination of control…

A: Responsibility accounting is a system for accumulating and reporting financial information about the…

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: In making client acceptance and continuance decisions, the auditor will perform various procedures…

A: ISA 210 Agreeing the terms of Audit Engagement: This Standard deals with the preconditions for…

Q: Prepare a broad audit plan: 1. What material types of transactions and transaction cycles are…

A: Audit Plan: When performing an audit, it is necessary to follow a precise plan, which is called the…