Recommendations should be included in final audit communications to: Group of answer choices Ensure that problems are resolved in the manner suggested by the auditor Guarantee that audit observations are addressed, regardless of cost Provide management with options for addressing audit observations Minimize the amount of time required to correct audit observations

Q: Discuss the audit expectation gap. Your answer should include the following: the main causes of the…

A: Audit expectation gap: The expectation gap is the difference among the actual and real roles and…

Q: During an audit, the internal auditor should consider the following factor(s) in determining the…

A: Audit procedures are the techniques, processes, and methods that auditors use to obtain reliable…

Q: multiple choice When an independent auditor decides that the work performed by internal auditors may…

A: An auditor is a professional who conducts an independent examination and evaluation of  fiscal…

Q: If the tests of controls indicate certain controls are not as effective as the auditor originally…

A: Test of controls are performed  to determine the effectiveness of the control to detect and correct…

Q: Which of the following matters most likely would be included in a management representation letter…

A: A letter from a company's management to the auditor is known as a management representation letter.…

Q: Required: When evaluating internal control design effectiveness during the internal control over…

A: Types of Financial Statement Assertions:Existence/Occurrence: This assertion confirms that assets,…

Q: Describe financial statement audits requiring an adverse report and identify the appropriate audit…

A: A financial statement audit is an independent examination of a company's financial statements and…

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: During substantive procedures, performing analytical procedures satisfies which primary audit…

A: Substantive Procedures Inspection techniques or strategies used to identify or avoid errors in…

Q: The decision to audit an entire population is usually dependent upon management's express written…

A: Audit sampling is the use of an audit procedure on a selection of the items within an account…

Q: All deficiencies, regardless of severity, must be communicated to the audit committee. Group of…

A: A qualified committee having the charge of overseeing the financial statements and reports of a…

Q: The main objective of audit planning is to ensure appropriate attention is given to all areas of the…

A: Audit means checking and examining the accuracy and authenticity of financial statements by…

Q: Speculate on which type of risk creates the most uncertainty for the auditor and recommend at least…

A: An audit occurs when a professional analyses or inspects multiple books of accounts, followed by a…

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: The internal audit risk assessment process:

A: It refers to the systematic and recurring process for evaluating and identifying events that affect…

Q: Please access PCAOB Auditing Standard No. 12 "Identifying and Assessing Risks of Material…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: Which must the auditor communicate to management? A. B. C. D. Known Material Weaknesses Yes Yes No…

A: The written communication should be made prior to the issuance of the auditor's report on internal…

Q: audit function: a) Risk assessment provides a framework for allocating limited resources to achieve…

A: Risk: It refers to the price paid for earning maximum returns. In business risk there is probability…