Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk. Definition of Internal control.

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Answer 1

Question

Chapter 6, Problem 6.25P

(a)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Definition of Internal control.

(b)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit planning: It is the part of audit process which includes the way of doing the audit,its hierarchy and work allocation. It also includes the time for each and every process to complete.

Use of Internal control in planning audit

(c)

To determine

Introduction: Internal control is important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit documentation: Audit documentation are the paper work part of audit process. It includes gathering of various proofs, worksheets, company’s structures and other key documents which are required for audit.

Requirement of audit documentation in respect to entity’s internal control system and the assessed level of control risk.

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2. An auditor is required to obtain sufficient understanding of each component of an entity’s internal control system to plan the audit of the entity’s financial statements and to assess control risk for the associated assertions in the account balance, transaction class, and disclosure components of the financial statements. a. Define Internal Control b. For what purpose should an auditor’s understanding of the internal control components be used in planning an audit? c. What are an auditor’s documentation requirements concerning an entity’s internal control system and the assessed level of control risk

Tests of controls in a GAAS audit are required fora. Obtaining evidence about the financial statement assertions.b. Accomplishing control over the occurrence of recorded transactions.c. Applying analytical procedures to financial statement balances.d. Obtaining evidence about the operating effectiveness of client control activitie

Answer 2

Question

Chapter 6, Problem 6.25P

(a)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Definition of Internal control.

(b)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit planning: It is the part of audit process which includes the way of doing the audit,its hierarchy and work allocation. It also includes the time for each and every process to complete.

Use of Internal control in planning audit

(c)

To determine

Introduction: Internal control is important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit documentation: Audit documentation are the paper work part of audit process. It includes gathering of various proofs, worksheets, company’s structures and other key documents which are required for audit.

Requirement of audit documentation in respect to entity’s internal control system and the assessed level of control risk.

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Answer 3

Question

Chapter 6, Problem 6.25P

(a)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Definition of Internal control.

(b)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit planning: It is the part of audit process which includes the way of doing the audit,its hierarchy and work allocation. It also includes the time for each and every process to complete.

Use of Internal control in planning audit

(c)

To determine

Introduction: Internal control is important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit documentation: Audit documentation are the paper work part of audit process. It includes gathering of various proofs, worksheets, company’s structures and other key documents which are required for audit.

Requirement of audit documentation in respect to entity’s internal control system and the assessed level of control risk.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 6.25P

(a)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Definition of Internal control.

(b)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit planning: It is the part of audit process which includes the way of doing the audit,its hierarchy and work allocation. It also includes the time for each and every process to complete.

Use of Internal control in planning audit

(c)

To determine

Introduction: Internal control is important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit documentation: Audit documentation are the paper work part of audit process. It includes gathering of various proofs, worksheets, company’s structures and other key documents which are required for audit.

Requirement of audit documentation in respect to entity’s internal control system and the assessed level of control risk.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 6.25P

(a)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Definition of Internal control.

(b)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit planning: It is the part of audit process which includes the way of doing the audit,its hierarchy and work allocation. It also includes the time for each and every process to complete.

Use of Internal control in planning audit

(c)

To determine

Introduction: Internal control is important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit documentation: Audit documentation are the paper work part of audit process. It includes gathering of various proofs, worksheets, company’s structures and other key documents which are required for audit.

Requirement of audit documentation in respect to entity’s internal control system and the assessed level of control risk.

Answer 6

Chapter 6, Problem 6.25P

(a)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Definition of Internal control.

Answer 7

Chapter 6, Problem 6.25P

(a)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Definition of Internal control.

Answer 8

(b)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit planning: It is the part of audit process which includes the way of doing the audit,its hierarchy and work allocation. It also includes the time for each and every process to complete.

Use of Internal control in planning audit

Answer 9

(b)

To determine

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit planning: It is the part of audit process which includes the way of doing the audit,its hierarchy and work allocation. It also includes the time for each and every process to complete.

Use of Internal control in planning audit

Answer 10

(c)

To determine

Introduction: Internal control is important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit documentation: Audit documentation are the paper work part of audit process. It includes gathering of various proofs, worksheets, company’s structures and other key documents which are required for audit.

Requirement of audit documentation in respect to entity’s internal control system and the assessed level of control risk.

Answer 11

(c)

To determine

Introduction: Internal control is important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Audit documentation: Audit documentation are the paper work part of audit process. It includes gathering of various proofs, worksheets, company’s structures and other key documents which are required for audit.

Requirement of audit documentation in respect to entity’s internal control system and the assessed level of control risk.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 6 - Prob. 6.1RQ Ch. 6 - Prob. 6.2RQ Ch. 6 - Prob. 6.3RQ Ch. 6 - Prob. 6.4RQ Ch. 6 - Prob. 6.5RQ Ch. 6 - Prob. 6.6RQ Ch. 6 - Prob. 6.7RQ Ch. 6 - Prob. 6.8RQ Ch. 6 - Prob. 6.9RQ Ch. 6 - Prob. 6.10RQ

Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk. Definition of Internal control.

Solution Summary: The author explains that internal control is an important part of the system in a company.

Concept explainers

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Definition of Internal control.

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Chapter 6 Solutions

Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk. Definition of Internal control.

Solution Summary: The author explains that internal control is an important part of the system in a company.

Concept explainers

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk. Definition of Internal control.

Want to see the full answer?

Chapter 6 Solutions

Introduction: Internal control is an important part of the system in a company. It helps the auditor to understand the internal control of an entity and to access the control risk.

Definition of Internal control.