EBK AUDITING & ASSURANCE SERVICES: A SY
11th Edition
ISBN: 9781260687668
Author: Jr
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
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Chapter 3, Problem 3.23MCQ
To determine
Concept Introduction:
Quality review is the internal process of checking the audit engagement performed by a partner of the audit firm. The quality review is generally performed by the independent partner of the audit firm.
To choose: The purpose of the quality review.
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The audit director in charge is available for
consulting and he approves the audit engagement
before its completion.
This is part of what quality assurance activity?
Select one:
O a. Peer review
O b. Leadership responsibility for quality within the
audit fırm
O c. Engagement performance
O d. Monitoring
O e. Human resources
Explain why the decision to accept a client is important and describe the primary features of client acceptance and continuance, including the purpose and content of an audit engagement letter.
The understanding with the client should include all of the following except:
a. The type of opinion which will be issued.
b. Management's responsibilities.
c. The objective of the engagement.
d. The limitations of the engagement.
Chapter 3 Solutions
EBK AUDITING & ASSURANCE SERVICES: A SY
Ch. 3 - Prob. 3.1RQCh. 3 - Prob. 3.2RQCh. 3 - Prob. 3.3RQCh. 3 - Prob. 3.4RQCh. 3 - Prob. 3.5RQCh. 3 - Prob. 3.6RQCh. 3 - Prob. 3.7RQCh. 3 - Prob. 3.8RQCh. 3 - Prob. 3.9RQCh. 3 - Prob. 3.10RQ
Ch. 3 - Prob. 3.11RQCh. 3 - Prob. 3.12RQCh. 3 - Prob. 3.13RQCh. 3 - Prob. 3.14RQCh. 3 - Prob. 3.15RQCh. 3 - Prob. 3.16MCQCh. 3 - Prob. 3.17MCQCh. 3 - Prob. 3.18MCQCh. 3 - Prob. 3.19MCQCh. 3 - Prob. 3.20MCQCh. 3 - Prob. 3.21MCQCh. 3 - Prob. 3.22MCQCh. 3 - Prob. 3.23MCQCh. 3 - Prob. 3.24MCQCh. 3 - Prob. 3.25MCQCh. 3 - Prob. 3.26PCh. 3 - Prob. 3.27PCh. 3 - Prob. 3.28PCh. 3 - Prob. 3.29PCh. 3 - Prob. 3.30PCh. 3 - Prob. 3.31PCh. 3 - Prob. 3.32P
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- Identify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more than one element.) Use the following elements in providing your response: Reasonable assurance • Planning and supervision • Materiality ⚫ Risk assessment • Audit evidence a. Evaluating the effectiveness of the client's internal control in preventing or detecting misstatements. b. Obtaining an understanding of the client's business and industry. c. Acknowledging that the risk of failing to detect a material misstatement cannot be reduced to zero. d. Obtaining confirmations from the client's customers as to the ending balances in accounts receivable. e. Preparing a written audit plan. f. Designing audit procedures to identify misstatements that would have a significant effect on financial statement users' decisions. g. Considering the likelihood that the account balance contains a material…arrow_forwardList three reasons management may ask for an operational audit to be performed, and explain how the audit program would be impacted by each of them.arrow_forwardWhen establishing an understanding with an audit client, that understanding should be documented Group of answer choices: a. Through a management representation letter. b. In a manner completely based on the auditor’s seasoned professional judgment. c. Either orally or in writing with the client. d. Through use of an engagement letter.arrow_forward
- Information Risk Analyst (IT Controls Audit) will help the organization assess risk controls and their effectiveness for current and future design improvements. To be successful in this career path YOU must be familiar with the concept Information Risk. a. Explain the term ‘information risk’ in your own words. b. Discuss three (3) causes of information risk. c. Discuss the three (3) main ways to reduce information risk. d. Differentiate between ‘assurance services’ and ‘non-assurance services,’ giving examples of each.arrow_forwardThe engagement letter must include the: * O Objectives of the engagement Management's responsibility O Auditor's responsibility O All of the above None of the abovearrow_forwardExamples of assurance services include All of the following except......Select one: a. Compliance engagement. b. Financial engagement. c. Due diligence engagement. d. Training engagement.arrow_forward
- Define what is meant by an audit trail and explain how it can beaffected by the client’s integration of IT.arrow_forward•Read the text below and fill in the missing words, making your choice from the words given. You will not need to use all the words. •WORDS AS OPTIONS •Internal, threat, profession, revision, demands, sensitive, future, power, interest, promise, reject, accountability, dynamic, mend, mechanism, competence, changing, mobile, needs, role, expectation, groups, social and society. Text/Passage •The audit is a …(a).. control…(b)..for securing the …(c)..of the company and its directors. The audit function is a product of the …(d)..of …(e)..and as such it is a …(f)..not a static one. The profession must continue to be …(g)..to the …(h)..needs of the various…(i)..groups. The emergence of the kind of …(j)..gap to which reference has already been made, represents a potential …(k)..to the future of the …(l).. As auditors and the apparent users of audited financial statement change, society may …(m)..roles formerly considered acceptable. Professional groups, such as auditors, must continually be…arrow_forwardThe audit plan is more detailed than the overall audit strategy in that it includes the nature,timing and extent of audit procedures to be performed by engagement team members True or False?arrow_forward
- Assume your firm has decided to move forward. Referring to your evaluation of internal and external factors. explain why it would be appropriate for the external audit team to accept the client audit request. using examples to support your responsearrow_forwardExplain two (2) types of information that will assist the engagement partner in determining whether the conclusions reached regarding the acceptance and continuance of client relationships and audit engagements are appropriate.arrow_forwardExplain the process of completing the field work of auditor?arrow_forward
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