s for a public company, the PCAOB requires auditors to audit internal controls over:     Operations     Compliance with regulations     Financial Reporting     All of the answers provided

Auditing Sales/Revenue Transactions When an auditor needs to obtain an understanding of the overall internal control of a company, the auditor first needs to consider the elements of the control environment. To assist the auditor in assessing the level of control risk, the following tests of controls were designed to allow the auditor to determine if the company’s related controls were operating effectively in the revenue cycle.         Determine which of the four management assertion(s) apply to each individual sales (revenue) control being discussed. Hint: many have more than one assertion. Management Assertions: Existence & Occurrence, Rights, Completeness, Valuation    5. The computer assigns a number to every sales invoice. Which management assertions apply to this control?                                  6. Input validation checks (application controls) are applied to every bill to ensure the accuracy of the billing process. Which management assertions apply to this control?…

Financial audit Q&A What is the process used by auditors in conducting tests of control in testing documents and supporting control files?

Question 18 According to the PCAOB, during the audit of internal controls for an issuer (public company), the ultimate objective of testing the design effectiveness of internal controls is to:     Determine whether the company's controls are processing data effectively.     Determine whether the company's controls will satisfy control objectives and prevent or detect errors or fraud that could result in material misstatements to the financial statements.     Determine that the company's employees are processing the controls according to policy and procedures manuals at the company.     None of the answers provided are correct..