Which of the following accurately describes a characteristic of key audit matters (KAMs)?a. KAMS concern any matters communicated to the audit committee.b. KAMs involve simple, objective management judgment.c. All public companies will have the same number of KAMs.d. Accounts with a large balance where the auditor spends a significant of time gatheringevidence will become KAMS.Hide FeedbackIncorrectCheck My Work FeedbackReview the section on key audit matters in Chapter 15.

Key Audit Matters (KAMs) are significant matters in the audit of financial statements, and they…

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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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{Auditing} 8. One of the duties of an auditor is to prepare an audit plan for the smooth conduct of audit with due care and to detect fraud and errors. What other duty an auditor is expected to perform from options given below: a. Suggests changes in financial statements, if necessary b. Responsible to form opinion c. All the options d. To certify about the accuracy of financial statement
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2. Standards requires auditors to obtain sufficient knowledge of the organization’s risk assessment procedures to understand how management identifies, prioritizes and manages financial reporting risk. List five circumstances that can cause risks to arise or change. Please answwer this thank youuuuu:)
ONS I Discuss the meaning of 'sufficient approprate audit evidence. 2 Describe the sources of audit evidence and levels of reliability 3 Distinguish the different types of audit proeedures that might be used by auditors to obtain audit evidence. 4 Discuss the different categories of audit procedures and how they are being categorized. s Explain the relationship between specific audit objectives and management anertions. CASE 6 Your firm was recently appointed as the auditor of Eccah Sdn Bhd, a company manufacturing and supplying engines to the car industry, The company manufactures made-to-order car engines for its regular customers and has good relationships with its local suppliers. The company has a December year-end and uses a computerized accounting system. You have heen assigned to review the audit working papers of the company. Extract from the company's financial statements as at 31 December 2016: 2016 2015 RM RM Trade payables 9,350,000 12,345,000 Information of the trade…
Impact of Changing Rules. Many companies outsource their internal audit function to CPA firms.Required:a. What benefits might be gained from having a CPA firm provide its internal audit services?b. What benefits might be gained from having an in-house internal audit department?c. What concerns might arise from having a CPA firm provide its internal audit services?
Which of the following can be used as a fundamental source of information in an audit? a. Money in the safe b. Oral testimony of the person responsible for accounting c. An e-mail from a supplier d. None e. Income statement
Documentation of an Audit Data Analytic (ADA), should be sufficient enough such that: O An experienced auditor, with no prior connection to the engagement could understand the conclusions reached and significant judgments made An experienced auditor, who is familiar with the engagement could understand the conclusions reached and significant judgments made O An investor looking into the company could understand the conclusions reached and significant judgments made O Both "An investor looking into the company could understand the conclusions reached and significant judgments made" and "An experienced auditor, with no prior connection to the engagement could understand the conclusions reached and significant judgments made" are correct
S1: Assurance engagements performed by professional accountants are intended to improve the operating efficiency and effectiveness of the responsible parties.S2: An auditor is required to understand all the aspects of internal control of the client. Group of answer choices Only S1 is correct. Both S1 and S2 are incorrect. Only S2 is correct. Both S1 and S2 are correct.
Explain all the five steps involved in the information system based audits in your own words. How would an auditor verify the source documents while auditing accounting information systems where business is conducted fully online?
A document created by the organization and requested from the organization by an internal auditor would provide what level of reliability? A) High B Medium C Low D) Absolute

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