If recommendations are made to the audit report noted problems and weaknesses, written responses detailing the following are requested from the audit client: a. A corrective action plan to resolve the problem and its root cause. b. The person responsible for implementing the corrective action. c. An expected implementation date. d. All of the options

If recommendations are made to the audit report noted problems and weaknesses, written responses detailing the following are requested from the audit client: a. A corrective action plan to resolve the problem and its root cause. b. The person responsible for implementing the corrective action. c. An expected implementation date. d. All of the options

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter7: Planning The Audit: Identifying, Assessing, And Responding To The Risk Of Material Misstatement

Section: Chapter Questions

Problem 23RQSC

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Similar questions

Depending on the severity of the audit issue, follow-up activities could include all of the following EXCEPT: Re-auditing the processes that originally led to the audit issue Reviewing updated procedures or documentation Interviewing staff Discussion with the stakeholders On which one of the following ways can the services of internal auditor be availed?
Which of the following BEST describes the purpose of the audit planning phase? a) To determine the timing of the audit work. b) To communicate the results of the audit. c) To document the scope, objective(s), preliminary risk assessment and plan for the audit. d) To document the plan for substantive audit requirements.
In which stage of audit the audit program will be created ? a. Fieldwork b. Reporting c. Planning d. Followup
Which of the following BEST (select one) describes the purpose of the audit work program? a) To communicate the results of the audit. b) To document the plan, scope and objectives of the audit. c) To document that sufficient and reliable evidence was obtained to support the audit objectives. d) To verify and substantiate the results of the preliminary field work.
List 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.
When an auditor is planning an audit, the auditor should: Consider whether the extent of substantive procedures may be reduced based on the results of internal control questionnaire, Make preliminary judgments about materiality levels for audit purposes, Conclude whether changes in compliance with prescribed control procedures justifies reliance on them, Prepare a preliminary draft of the management representation letter
Analytical procedures can be used in which of the following ways?a. As a means of overall review near the end of the audit.b. As “attention-directing” methods when planning an audit at the beginning.c. As substantive audit procedures to obtain evidence during an audit.d. All of the above.
Which of the following BEST (select one) describes the purpose of preliminary planning: a) To gain an understanding of detailed testing requirements such as sample sizes. b) To formulate a preliminary assessment of the key risks and controls in the area under review in order to formulate the audit scope and objectives. c) To provide management with a timeline of audit activity. d) To determine and plan for substantive audit requirements.
Once the overall audit strategy has been established, what can be developed to address the various matters identified in the overall audit strategy, taking into account the need to achieve the audit objectives through the efficient use of the auditor’s resources. A.audit strategy B.audit plan C.audit plan and audit strategy D.audit note book
37. 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
Auditors identify and assess the risk of material misstatement at these two levels Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Financial Statement level and Information Process Goals level b Financial statement level and Operations Process Goals level c Information Process Goals level and Operations process goals level d Financial Statement Level and Relevant Assertion Level
What are the objectives of an audit risk assessment? Explain why a risk assessment performed during audit planning sets the tone for the entire audit engagement. Also comment on how the concept of ‘risk assessment’ might be useful for any accountant at the outset of any assignment, including non-audit work.