2.You are an external auditor and you have agreed on a task completion a task with required outcomes to obtain a fee. Which of the following threat it will arise?Single choice. Self review threat Intimidation threat Advocacy threat Familiarity threat

2.You are an external auditor and you have agreed on a task completion a task with required outcomes to obtain a fee. Which of the following threat it will arise?Single choice. Self review threat Intimidation threat Advocacy threat Familiarity threat

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Who will benefit from an audit strategy memo? Is there anything specific that needs to be included?

A: The answer:

Q: Identify each of the following as relating to (a) the control environment, (b) risk assessment, or…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Following is a list of internal controls. Select the COSO component that best matches each internal…

A: The COSO framework consists of five interrelated components that work together to help organizations…

Q: 4. Overall risk management arrangements are the main preoccupation of the internal auditor who is…

A: Answer 4: Correct option is A. i.e. Similarity.

Q: policies and procedures О vacation policy О development of control activities information technology

A: Internal Control System-Internal controls are accounting and auditing processes used in a company's…

Q: f Which of the following is NOT part of the methodology used in designing substantive tests of…

A: Substantive tests are procedures performed by auditors to detect material misstatements in the…

Q: Which of the following is an example of an input control?a. making sure that output is distributed…

A: Under these systems, the cost of the product is calculated on the basis of the recalculate the…

Q: Explain how client internal controls can be improved through the proper installation of IT.

A: Internal controls are defined as the procedures, mechanisms and rules executed through company in…

Q: 1. Explain how client internal controls can be improved through the proper installation of IT. 2.…

A: Implementation of Access Controls: IT systems can enforce strict access controls, ensuring that only…

Q: Question 1 Which of these would be a reason for adopting a predominantly substantive approach?…

A: An auditor should choose a predominantly substantive approach when he is aware about the internal…

Q: What is Competitive Advantage b. What is Competitive Disadvantage c. What is Risk Management and…

A: "Since you have posted multiple questions, we will solve first question for you. If you want any…

Q: Calculate planning materially in a dollar ($) amount. You must include a breakdown of your…

A: Control risk seems to be the possibility of a major misrepresentation in a firm's financial…

Q: The audit team is currently debating whether they should be using static or dynamic reports. Which…

A: Static and Dynamic Audit Report Static reports have a particular importance because they are based…

Q: Question 4 options: information and communication control environment risk assessment…

A: SOLUTION- INTERNAL CONTROL IS A PROCESS WHICH ENSURES CONTINUOUS RELIABILITY OF ACCOMPLISHMENT OF A…

Q: 1. Standards requires auditors obtain an understanding of an organization’s control environment.…

A: Answer: There are various auditing standards that are to be followed by auditors as a part of…

Q: Which one of the following actions would you advise against the client doing? Collect…

A: The RFP stands for request for proposal. This is the technique that is used by the company when they…

Q: An IT auditor is performing an application development audit for a high risk web-based application.…

A: In the digital world of today, information technology (IT) serves a key part in many organizations'…

Q: An auditor can receive one of three types of report from a Service Organizations when providing…

A: SOC 2 reports are issued by auditors regarding controls in service organisations

Q: Discuss the audit expectation gap. Your answer should include the following: the main causes of the…

A: Audit expectation gap: The expectation gap is the difference among the actual and real roles and…

Q: Explain how a strategic understanding of a client’s business may increase the value of the audit…

Q: software

A: Ans. Their are various benefits of using audit engagement management software few of them are…

Q: 1. Data under a traditional ledger system is authenticated by a central authority while data under a…

A: “Since you have posted a many question, we will solve first question for you. To get the remaining…

Q: Consider the “control environment.” Asses why it is important for auditors to understand a client’s…

A: A control environment, also called "Internal control environment", is a term of financial audit,…

Q: Performance Principle. Identify how each of the following statements relates to the performance…

A: Performance Principle The guiding principle known as the performance principle defines the general…

Q: Explain how client internal controls can be improved through the proper installation of IT.

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: In scanning environment, why the strategic auditor focuses more on external environment rather than…

A: Environmental scanning refers to the possession and utilization of knowledge regarding different…

Q: Question 1 To what does the following relate: The Internal Auditors perform random testing on…

A: “Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: What are objectives? What three categories of objectives are set forth in the COSO framework?

A: COSO ERM framework defines internal control in an organisation as “a. process, effected by an…

Q: An internal auditor is examining the effectiveness of procedures management established to protect…

A: "Independent examination of financial information of any company, whether profit-oriented or not,…

Q: Which of the following is driving the need for assurance maps? a. Risk managers. Incorrect. b.…

A: Assurance maps offer a visual representation of the organization's risk coverage, and help identify…

Q: In order to eliminate ethical fraud concerns, what procedures or policies should be implemented

A: Fraudulent Accounting: Accounting fraud is explained as the deliberate manipulation of financial…

Q: 8 Answer is not complete. a. Evaluating the effectiveness of the client's internal control in…

A: Risk Assessment: The client’s internal control is evaluated to get the effectiveness of it. It is…

Q: Standards for monitoring risk includes: Group of answer choices D. Both A & B C. Manager errors and…

A: Financial markets are the places where the buyers and sellers of financial assets, securities, and…

Q: 35. Which of the following type of evidence is the is most persuasive? a. prenumbered client…

A: Persuasive evidence contemplate to be strong and compelling, and that supports the auditor's…

Q: Enterprise risk management A. Guarantees achievement of organizational objectives. B. Requires…

A: Enterprise risk management :- It provides framework for risk management. It Involves the…

Q: What information may auditors use to make a decision on whether or not to accept a new customer

A: After considering the information| of the data| of knowledge listed below, auditors will decide…

Q: The purpose of ____________ is to help manage and control risk appropriately rather than to…

A: Internal accounting is the process of preparation of accounting for business transactions. Internal…

Q: ______________________is a possible safeguard implemented by the client that might mitigate an audit…

A: Audit: It is the examination of each and every financial transaction. so that auditor can make their…

Question

2.You are an external auditor and you have agreed on a task completion a task with required outcomes to obtain a fee. Which of the following threat it will arise?Single choice.

Self review threat

Intimidation threat

Advocacy threat

Familiarity threat

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Management's Assessment of Internal Control

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Briefly explain the threats to an external auditor’s independence with examples.
What sources of information can auditors use in connection with deciding whether to accept a new client?
2002/sTAudit risk modela. what it isb. where and when it is used by the auditor c. how it affects the work of the auditorδ. What are the components of the model and what do they mean?
Auditor's goal is to better assist their clients by learning about a client's internal control.
Continuous assurance auditing will send signals or messages deviated from an audit limit or parameter to internal auditors. What auditing standards and methods are necessary to ensure the effectiveness and efficiency of continuous auditing services?
Define what is meant by an audit trail and explain how it can beaffected by the client’s integration of IT.
If control risk is assessed at the maximum, the auditor is required to obtain knowledge about the: Design of Control Policies and Procedures Yes O No OYes O No Whether Control Policies and Procedures Have been Implemented No Yes Yes No
What is the guiding principle of scientific management? O Experimentation OFluid working relationships Freedom of association One best way to do the job.
2. How do you measure risk in an audit engagement?
1. What are the evidence garthering techniques Used in Information System Auditing by Internat auditors? 2. What are the evidence garthering techniques Used in Information System Auditing by external auditors? 3. what is the different between Internal and external auditors and what privilleges do internal auditors has than external. 4. By answering these questions use accessible reference and provide their link for me to read after, prefereable references are from ResearchGate, IEE and other accademic repository. 5. Use intext citations.
Can the firm still perform the attest engagement if it has been determined that there is a significant familiarity threat to the “Independence Rule” because one or more senior personnel3 has served on the attest engagement team for a long period of time? Group of answer choices Yes or No
tch the type of risk with the related definition.A. Detection riskB. Control riskC. Inherent riskD. Audit risk___ 1. The probability that an auditor will give an inappropriate opinion on financial statements.___ 2. The probability that audit procedures will fail to produce evidence of material misstatements.___ 3. The probability that the client's internal control policies and procedures will fail to detect material misstatements if they have entered the accounting system.___ 4. The probability that material misstatements have occurred in transactions entering the accounting system.