How will this situation affect the evidence you should accumulate in auditing fixed assets as compared with another audit in which the controls are excellent? Be as specific as possible.

Q: What should an auditor do if they discover they have forgotten to perform a substantive procedure?

A: Audit Procedure: A specific procedure undertaken by an auditor to procedure evidence in a particular…

Q: Minimum benefit from independent internal verification is obtained when: Select one: a.…

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

Q: If an IT auditor discover irregular & illegal acts during the course of his audit, what should the…

A: Answer: It is the responsibility of the auditor to report independence opinion on any audit…

Q: Explain why professional skepticism would be critical in assessing and responding to the risk of…

A: Professional skepticism is a fundamental mindset that auditors and other professionals must adopt…

Q: In which one of the following circumstances is the improper description of accounting policies and…

A: A error or misstatement in a financial statement is said to be material if it can affect the…

Q: n auditor does not need to test the effectiveness of automated controls in a computerized system.…

A: Auditors are responsible are maintaining the account and checking accounts and checking accuracy of…

Q: Explain why deficiencies in internal controls might not always result in significant misstatements…

A: Internal controls are the systems, rules, and processes implemented by a company to ensure the…

Q: In performing a risk-based audit, when developing audit recommendations, the IT auditor should: a)…

A: A risk-based audit is one that priorities and assesses risks in order to identify the organisational…

Q: Is it necessary for an auditor to get a knowledge of a client's internal controls if the auditor…

A: An auditor is required to express an opinion on the true and fair view of the state of affairs and…

Q: Owing to the inherent limitations of an audit, there is an unavoidable risk that some material…

A: This statement is true and reflects the inherent risk of an audit. It is important to note that an…

Q: Which statement is false

A: Meaning of Internal control The process designed, implemented and maintained by those charge with…

Q: i need the answer quickly

A: Analyzing the optionsa) Confirm more accounts receivable than earlier planned: This option would not…

Q: Give some instances of the dangers to the independence of an external auditor in your explanation.

A: This question deals with the dangers to the independence of an external auditor in your explanation:…

Q: The auditor only obtains understanding of internal control related to significant risks identified…

A: Internal control process is related with effective and efficient use of available resources and it…

Q: which of the following is correct about the appropriateness of evidence? A. Audit evidence from…

A: Audit is the process of checking the financial statement and identifying the errors and…

Q: The FBI employs deception to collect information during its investigations. Do you believe it is…

A: In the context of auditing, deception refers to the use of false or misleading information or…

Q: When it comes to control systems and materiality, why could fraud examiners' views vary from those…

A: Misstatements and judgments are taken into account when determining materiality in the design and…

Q: The risk that material errors will not be detected is directly controllable by the auditor through…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: Which of the following would a fraudster perceive as a pressure?A. lack of management oversightB.…

A: Internal control techniques are those procedures or techniques which will ensure that objectives of…

Q: 10. Which of the following situations would lead an auditor to test controls over long-lived assets?…

A: Introduction:- Long live assets means, Which are are look forward to contribute future economic…

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: A company's records for auditing have been destroyed. Would it be okay if the auditor asked the…

A: Auditing is the investigation, inspection, or examination of the financial statements of an…

Q: The following questions deal with assessing controlrisk in a financial statement audit. Choose the…

A: Internal controls can be defined as the procedures to be followed in order to ensure the accounting…

Q: EXPLAIN.Which of the following is not done by an auditor when obtaining an understanding of an…

A: Internal controls are the mechanisms and standards that businesses use to protect their sensitive…

Q: Segregation of duties is one of the most important control activities to minimize incompatible…

A: Segregation of duty is a control mechanism that is implemented and used in order to reduce the risk…

Q: When it comes to control systems and materiality, why may fraud examiners' perspectives be different…

A: Auditor : He is a firm employee tasked with conducting an audit, verifying all of the company's…

Q: When obtaining an understanding of an entity’s internal control, an auditor should concentrate on…

A: An entity's board of directors, management, and other people are the ones who carry out the process…

Q: materiality

A: The first statement is true because the transactions of personal capacity affect the business entity…

Q: Must all observations identified by an internal audit team during an assurance engagement be acted…

A: Internal auditing is an unbiased, impartial assurance and consultation process intended to enhance…

Q: the heightened risk of material misstatement. d. The auditor would perform all of the above…

A: Auditing is the detailed process of checking and verifying books of accounts and assets of the…

Q: Which of the following is most likely to be presumed to represent fraud risk on an audit?

A: The correct answer is: (D) improper revenue recognition. There are a few different types of fraud…

Q: Of the objectives of internal controls, which are the auditors most concerned about: a. Compliance…

A: The accounting and auditing procedures utilized by a company's finance department to guarantee…

Q: n the aftermath of the initial stage of examining a client's computer controls, an auditor might…

A: Computer control refers to the set of measures, policies, and procedures implemented by an…

Q: ZZZ best fraud case, auditors obtained third party confirmation to support the contract, reviewed…

A: Audit procedure: Auditor applies procedures to perform audit engagement. These procedures include…

Q: When and why are analytical procedures performed by an auditor? Select all that apply. risk response…

A: Analytical procedures are a critical part of the audit process, helping auditors gain insights into…

Q: If an auditor does not intend to rely on internal controls in the audit, does the auditor need to…

A: Audit is the process of checking and verifying the authenticity of the financial statements of the…

Q: When the risk of material misstatement due to fraud is considered high in a particular area, which…

A: The risk of substantial misstatement due to fraud refers to the possibility of financial statements…

Q: Which of the following statements is FALSE? A. Irregularities are intentional misrepresentations…

A: A. An accounting irregularity is an entry or statement that does not conform to the normal laws,…

Q: true when the auditor determines the client has a low risk of material

A: First option is wrong because risk of material misstatements is judged not only based on the…

Q: Which of the following statements is not correct? A) There are many ways an auditor can accumulate…

A: Lets understand the basics. Auditing is a verifying books of account to check whether it shows true…

Q: Obtaining an understanding of an entity's internal control is more likely to be performed more…

A: Internal controls are a set of preventive measures that are put in place with the purpose of…

Q: Indicate which of the following claims is true and which is untrue. Separating asset recordkeeping…

A: It tells about weather the given statement is true or false.

Q: Can the auditor obtain more audit evidence to compensate for the lack of perceived appropriateness…

A: The information that auditors rely on to back up their findings and judgements on the financial…

Q: s it necessary for an auditor to understand the client's internal control if the auditor does not…

A: Answer: Concept: Audit is independent check of any entity to derive the conclusion which are true…