QUESTION 4Which of the following strategies in implementing the Team's Initial Audit is associated with"Death by Workshop?"1. Strategy A2. Strategy B3. Strategy C4. Strategy D

The scope, time, and direction of an audit are determined by its audit strategy. The development of…

Answered: QUESTION 4 Which of the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Case 7.1 Anne Aylor Inc. Determination of Planning Materiality and Performance Materiality by Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt Please answer what is required number 1 and 2 REQUIRED [1] Review Exhibits 1 and 2; audit memos G-3 and G-4; and audit schedules G-5, G-6 and G-7. Based on your review, answer each of the following questions: [a] Why are different materiality bases considered when determining planning materiality? [b] Why are different materiality thresholds relevant for different audit engagements? [c] Why is the materiality base that results in the smallest threshold generally used for planning purposes? [d] Why is the risk of management fraud considered when determining performance materiality? [e] Why might an auditor not use the same performance materiality amount or percentage of account balance for all financial statement accounts? [f] Why does the combined total of individual account performance materiality commonly exceed the…
29 Which of the following documenting the auditor's understanding of internal controls is the best: ut of Select one: o a internal control questionnaires. b. flowcharts. O c. depend on the auditor. d. Narratives
Problem 3-31 For each of the following scenarios, perform the three steps in the materiality process: (1) Determine overall materiality, 2) Determine tolerable misstatement (3) Evaluate the audit findings.
Henrietta Lombardi assessed control risk to be low. What is the appropriate audit strategy she should adopt? a) predominantly substantive audit approach b) control testing strategy c) combined audit strategy d) substantive year end testing
37-Planning involves establishing the overall audit strategy and developing the audit plan. Identify an option against planning from the following: O a. It assists auditor to devote more time on important area and less on unimportant. O b. It helps auditor in timely resolving problems O c. It not pervasive process O d. It assists in coordination of audit work
6 Which of the following types of audits are supported by data analytics? a. Information systems auditing b. Forensic audits in the case of fraud c. All of them. d. Process efficiency and effectiveness.
30. Which of the following are true regarding internal auditors and the adequacy of an organization’s risk management process I. Internal auditors must understand the risk assessment process and the tools used to make the assessment II. Internal auditors should determine the level of risks acceptable to the organization III. Internal auditors need to be satisfied that the key objectives of risk management processes are being met IV. Internal auditors should evaluate management’s risk processes the same way they analyze risk when planning an engagement Group of answer choices I, II and III only None of the choices I, II, III and IV I and III only I and II only
Question 32 An audit team's responsibility would not include: Documentation of understanding of a client's internal controls. Communicating internal control deficiencies to management. Designing client's internal controls. Assessing the effectivenesses of a client's internal controls.
Prepare Natura Company's journal entries to record the following transactions involving its short-term investments in held-to-maturity debt securities, all of which occurred during the current year. a. On June 15, paid $180,000 cash to purchase Remed's 90-day short-term debt securities ($180,000 principal), dated June 15, that pay 7% interest. b. On September 16, received a check from Remed in payment of the principal and 90 days' interest on the debt securities purchased in transaction a. Note: Use 360 days in a year. Do not round your intermediate calculations. View transaction list Journal entry worksheet < 1 2 On June 15, paid $180,000 cash to purchase Remed's 90-day short-term debt securities ($180,000 principal), dated June 15, that pay 7% interest. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
Adverse agreed upon procedures assertion attestation risk Consistent measurements Control criteria Financial forecast Quantitative or qualitative Responsible party SOC 3 Trust Services
3 Which of the following is not one of the tasks undertaken during the phase of the audit? A) Understand internal control B) Asses the risk of material misstatement C) Develop preliminary audit strategies 4021
24-Out of the three requirements of analytical procedure what is the third requirement? O a. Investigating the results of analytical procedure O b. Substantive procedure O c. Test of control O d. Analytical procedures that assists when forming an overall conclusion

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QUESTION 4 Which of the following strategies in implementing the Team's Initial Audit is associated with "Death by Workshop?" 1. Strategy A 2. Strategy B 3. Strategy C