Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Chapter 21, Problem 43HOQ
To determine
Identify the appropriate answer related to CPA’s engagement to attest to compliance with laws and regulations.
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All of the following are objectives of internal control excepta. to ensure accurate and reliable accounting records.b. to comply with legal requirements.c. to maximize net income.d. to safeguard assets.
Who has responsibility for internal control in an organization? According to guidelines set forth in Section 404 of the Sarbanes-Oxley Act, what role does the auditor play in internal control?
A transaction-level internal control activity is best described asa. An action taken by auditors to obtain evidence.b. An action taken by client personnel for the purpose of preventing, detecting, and correcting errors and frauds in transactions to eliminate or mitigate risks identified by thecompany.c. A method for recording, summarizing, and reporting financial information.d. The functioning of the board of directors in support of its audit committee.
Chapter 21 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 21 - Prob. 1RQCh. 21 - Prob. 2RQCh. 21 - Prob. 3RQCh. 21 - Prob. 4RQCh. 21 - Prob. 5RQCh. 21 - Prob. 6RQCh. 21 - Prob. 7RQCh. 21 - Prob. 8RQCh. 21 - Prob. 9RQCh. 21 - Prob. 10RQ
Ch. 21 - Prob. 11RQCh. 21 - Prob. 12RQCh. 21 - Prob. 13RQCh. 21 - Prob. 14RQCh. 21 - Prob. 15RQCh. 21 - Prob. 16RQCh. 21 - Prob. 17RQCh. 21 - Prob. 18RQCh. 21 - Prob. 19RQCh. 21 - Prob. 20RQCh. 21 - Prob. 21RQCh. 21 - Prob. 22RQCh. 21 - Prob. 23RQCh. 21 - Prob. 24RQCh. 21 - Prob. 25RQCh. 21 - Prob. 26RQCh. 21 - Prob. 27RQCh. 21 - Prob. 28RQCh. 21 - Prob. 29RQCh. 21 - Explain how major federal assistance programs are...Ch. 21 - Describe what is meant by a questioned cost.Ch. 21 - Distinguish between a subrecipient and a primary...Ch. 21 - Prob. 33RQCh. 21 - Prob. 34QRACh. 21 - Steve Ankenbrandt, president of Beeb Corp., has...Ch. 21 - Prob. 36QRACh. 21 - Prob. 37QRACh. 21 - Prob. 38QRACh. 21 - Prob. 39QRACh. 21 - Prob. 40QRACh. 21 - Prob. 41QRACh. 21 - Prob. 42QRACh. 21 - Prob. 43AOQCh. 21 - Prob. 43BOQCh. 21 - Prob. 43COQCh. 21 - Prob. 43DOQCh. 21 - Prob. 43EOQCh. 21 - Prob. 43FOQCh. 21 - Prob. 43GOQCh. 21 - Prob. 43HOQCh. 21 - Prob. 43IOQCh. 21 - Prob. 43JOQCh. 21 - Prob. 43KOQCh. 21 - Prob. 43LOQCh. 21 - Prob. 44OQCh. 21 - Prob. 45OQCh. 21 - Prob. 46PCh. 21 - Devry Corporation has established an independent...Ch. 21 - Prob. 48PCh. 21 - Prob. 49PCh. 21 - Prob. 50ITC
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- Who is responsible to set policies on internal control? Chief Executive Officer Audit Committee External Auditor Managementarrow_forwardWhich department is IN charge in overseeing the External Audit Activity? Audit Committee Internal Audit Department Accounting Department Human Resource Departmentarrow_forwardWhich of the following audit types is designed to add value and improve the organization's operations and internal controls? a. External audit b. Internal audit c. Statutory audit d. Government auditarrow_forward
- what are some examples of internal controls? How are internal controls related to the Sarbanes-Oxley legislation? Separately, what is the role of the internal audit function in an organization, and how does this function relate to internal control?arrow_forwardInternal controls are crucial to ensuring that financial transactions are authorized and company records are maintained properly. Please explain some of the internal control procedures that accounting departments utilize to achieve the aforementioned goals. How do these internal controls help accounting departments achieve their objectives?arrow_forward9. Procedures that can be used in obtaining a sufficient understanding of Internal Control include the combination of any of the following procedures, except; a. Inquiry of the profile and appropriateness of the client's personnel b. Future engagement plan with the client c. Review of the accounting manuals and organizational structure of the client d. Observation of the activities of the client e. Previous experience with the clientarrow_forward
- What is meant by internal control based on the professional standards of a public accountant is:a. A process carried out by the Board of Directors and the Board of Commissioners which is designed to provide adequate assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.b. A process carried out by the Board of Commissioners, management and other personnel of the entity that is designed to provide reasonable assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.c. A process carried out by all members of the internal audit department of a company to detect errors in the processes run by the companyd. B and C are correcte. All wrongarrow_forwardIdentify which of the major fundamental principles (responsibilities, performance, or reporting) is most closely related to each of thefollowing:a. The need for auditors to consider their financial relationships with prospective clients.b. An auditor has raised some questions with respect to management’s response to various inquiries concerning pending litigation facing the client.c. The auditors’ consideration of the effectiveness of the entity’s internal control on the nature, timing, and extent of substantive procedures.d. The auditors’ evaluation of the magnitude of a misstatement that would impact perceptions of the entity’s profitability. e. The auditors’ issuance of a disclaimer of opinion because of a significant scope limitation.f. Relevant education and experience requirements for CPA licensure.g. The inability of an audit examination to provide absolute assurance with respect to detecting all material misstatements.h. The requirement that auditors possess the skills and…arrow_forward7. The following items are the auditor's primary consideration with respect to the components of Internal control, except: Complexity of the operations Size of the Organization Ownership Structure Nature of the business Legal and regulatory requirements Qualifications of the key officers and mangers of the organizationarrow_forward
- Companies are required to follow the laws and regulations including company law, tax law and environmental protection regulations. Which of the following category of internal control objectives is mentioned in the above statement? Financial reporting Government reporting Effective operations. Compliancearrow_forwardSignificant deficiencies in internal control are required to be reported a. Management of the unit in which they occurred. b. Internal auditors of the entity. c. The audit committee of the board of directors. d. Creditors which the client has debt to.arrow_forwardThe internal control system provides reasonable assurance that the company’s objectives are being met in all of the following areas EXCEPT which one? effectiveness and efficiency of the company’s operations reliability of financial reporting consolidation of departments within the accounting function compliance with applicable laws and regulationsarrow_forward
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