
Accounting Information Systems
11th Edition
ISBN: 9781337552127
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
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Question 27
When completing the audit of internal controls for a public company the PCAOB requires auditors to audit internal controls over:
Operations |
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Compliance with regulations |
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Financial Reporting |
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All of the answers shown |
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- Question 16 When completing the audit of internal controls for a public company, the PCAOB requires auditors to audit internal controls over: Operations Compliance with regulations Financial Reporting All of the answers providedarrow_forwardQuestion 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..arrow_forwardQUESTION 9 Match the appropriate term with each of the following definitions. ✓ Accounting standards issued by FASB in the US ✓ Auditing standards used in the US An examination of financial statements by independent CPAS Directed by the audit committee to evaluate the company's processes, systems, and internal controls ✓ Framework of rules, processes, and practice by which the company is directed and controlled QUESTION 10 Financial statements of public companies are required to be audited by an independent certified public accounting firm the Audit Committee of the Board of Directors the Chief Financial Officer all of the above none of the above A. Generally Accepted Auditing Standards B. Internal Auditors C. Generally Accepted Accounting Principles D. External Audit E. Corporate Governancearrow_forward
- Question 3 The MD&A section presents: The audited financial statements. A description of the company's business, including its main products and services. Any known trends or uncertainties that could materially affect the company's results. O Information about the most significant risks that apply to the company.arrow_forwardAccounting 20. Below is an internal control associated with some financial statement audit cycle that the auditors identified for one of their clients. Indicate the control activity that is being considered in question bonder this case. "The president of the company signs the checks once he compares the drawn check against the documents that substantiate the disbursement (underlying documents)." a. Segregation of tasks (adequate separation of duties) b. Adequate documents and records c. Physical controls over assets and records (physical controls) d. Proper authorization of transactions and activitiesarrow_forwardA review of how an organization’s management and its operating procedures are functioning with respect to their effectiveness and efficiency in meeting stated objectives. a. External Audit b. Operational Audit c. Cash Audit d. Internal Auditarrow_forward
- 10 What is the name of the individual that carries out auditing for a company or client called? ______________ Question 10 options: a) Actuarial b) Professional c) Analyst d) Auditorarrow_forward**Objective Question:** Which type of audit primarily focuses on ensuring that an organization complies with relevant laws, regulations, and internal policies? A) External audit B) Tax audit C) Compliance audit D) Forensic auditarrow_forwardRefer to Exhibit 3.9. What are the important features of management’s report on internal control over financial reporting?arrow_forward
- Refer to Exhibit 3.10 and Exhibit 3.11. Describe management’s process for evaluating internal control over financial reporting. For the control environment principles, identify evidence that management might obtain to assess the operating effectiveness of the control environment.arrow_forwardWhich one of the following components of internal control over financial reporting sets the tone for the organization? a. Risk assessment. b. Control environment. c. Information and communication. d. Monitoring.arrow_forwardProfessional guidance indicates that the auditor should consider revenue recognition to be high risk in planning an audit of a company’s financial statements. a. Identify the activities that affect the revenue cycle. b. Identify the financial statement accounts typically associated with the revenue cycle.arrow_forward
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