Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting with their management. Their target is to conduct the audit during one week. The auditors have started their work. identify which of the folowing is related to their audit process. O a Discussing coective action plan O b. identifying the risk Oc Conduct interviews O d. Create audit procedure and plan

Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting with their management. Their target is to conduct the audit during one week. The auditors have started their work. identify which of the folowing is related to their audit process. O a Discussing coective action plan O b. identifying the risk Oc Conduct interviews O d. Create audit procedure and plan

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 19RQSC

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Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting with their management. Their target is to conduct the audit during one week. The auditors have started their work. Identify which of the following is related to their audit process. Identifying the risk Conduct interviews Create audit procedure and plan Discussing corrective action plan
The Sarbanes-Oxley Act (SOX) requires that an auditor must issue an internal control report following the evaluation of internal controls. provide continuous consulting services to help prevent fraud. issue a sustainability report along with the internal control report. rotate who can lead an audit every three years.
A representative of the PMO emailed you to notify you of an internal audit they want to perform on your project. Later in the day, you brainstorming with your team about the possible reasons for the audit. Which of the reasons below can you eliminate as a possible reason for this audit? A regulatory organization has asked for the audit The PMO is preparing for an annual audit from an accounting company The PMO wants to know if project templates are being used appropriately The PMO wants to know if the team is doing their job well
Fast plz Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting with their management. Their target is to conduct the audit during one week. The auditors have started their work. Identify which of the following is related to their audit process. Conduct interviews Discussing corrective action plan Create audit procedure and plan Identifying the risk
You are auditing a client that supplies electrical products to retail stores and electrical contractors throughout the country.The client keeps its accounts receivable records on a computer system, which is updated at the end of each business day.You plan to audit accounts receivable balance as at the end of the financial year, and you have a generalised audit software (GAS) package available to help in this task.Required:Identify ten (10) substantive audit procedures that you could perform using generalised audit software (GAS) in relation to auditing the accounts receivable account.
Which of the following BEST (select one) describes why auditing can be viewed as a continuous cyclical process? a) The audit plan is used to develop the audit schedule. b) Many audit departments review the same areas each year as part of the audit plan. c) Historical and current information from audits should be incorporated into the risk assessment. d) Businesses go through economic cycles, so audit plans must go through cycles.
The audit firm shall communicate the results of the monitoring of its system of quality control to engagement partners and other appropriate individuals within the firm: A. Quak Quarterly B. Occasionnally C. Every month D. At least annually
Course Name: Auditing (Accounting) Write a concise answer between 500 to 550 words for each question. 3. The form and content of the audit engagement letter may vary for each company. Write a sample audit engagement letter and highlight the key areas .
Patrick Houghton was meeting with his manager to plan audit strategy in order to determine the amount of time to spend testing the client's internal controls and conducting detailed testing of transactions and account balances. Determining the audit strategy occurs during which phase of the audit? a. client acceptance stage b. planning stage c. performing stage d. reporting stage
Audit risks for particular accounts and disclosures can be conceptualized in the model: Audit risk (AR) = Inherent risk (IR) × Control risk (CR) × Detection risk (DR). Use this model as a framework for considering the following situations and deciding whether the auditor’s conclusion is appropriate.a. Paul, CPA, has participated in the audit of Tordik Cheese Company for five years, first as an assistant accountant and the last two years as the senior accountant. Paul has never seen an accounting adjustment recommended and believes the inherent risk must be zero.b. Hill, CPA, has just (November 30) completed an exhaustive study and evaluation of the internal controls of Edward Foods Inc. (fiscal year ending December 31). Hill believes the control risk must be zero because no material errors could possibly slip through the many error-checking procedures and review layers that Edward used.c. Fields, CPA, is lazy and does not like audit jobs in Philadelphia. On the audit of Philly…
Task #2 Best Wood Furniture, Inc., a non-issuer that produces wood furniture, is undergoing a year 2 audit. The situations below describe changes made during year 2 that may or may not contribute to audit risk. For each situation, select the impact, if any, that the situation has on a specific component of audit risk for the year 2 audit. Selections are for once, more than once, or not at all. Consider each situation independently. Situation Impact on audit risk In year 2, the auditor noted that the company's newly hired purchasing agent was not obtaining competitive bids for all major purchase requisitions as required. Early in year 2, the company expanded its warranty program to cover additional major products in an effort to increase sales. The audit partner decided that the audit team needed to perform additional tests of detail over payroll in addition to the substantive analytical procedures done last year over payroll.…
Large audits are usually split into two phases. Close to the end of the year interim audits consisting of transaction testing and system assessment work are carried out. The final audit takes place after the year end and this involves testing of items of statement of financial position and the balance of the work. Required: (a). Identify FOUR key benefits that may arise as a result of spreading the audit work across interim audit and final audit. (b). Explain FOUR audit procedures required to be carried out during final audit and audit procedures carried out during Interim Audit. (c). According to ISA 300, certain procedures must only be performed at or after a year end. Identify TWO of these procedures.