Which of the following accurately describes a characteristic of key audit matters (KAMs)?a. KAMS concern any matters communicated to the audit committee.b. KAMs involve simple, objective management judgment.c. All public companies will have the same number of KAMs.d. Accounts with a large balance where the auditor spends a significant of time gatheringevidence will become KAMS.Hide FeedbackIncorrectCheck My Work FeedbackReview the section on key audit matters in Chapter 15.

Key Audit Matters (KAMs) are significant matters in the audit of financial statements, and they…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Essay About Auditing (need 10 sentences, concise and direct to the point) Why are internal controls important in an organization? Provide specific benefits.
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Question 2 When a company has to go through the audit process, an auditor may use the term "audit engagement." This can mean different things, so it is important that the auditor clarifies what he means when he uses the term. Regardless of which definition the auditor follows, the auditor will always follows specific procedures and guidelines for handling the engagement. An audit engagement very loosely refers to an audit that an auditor performs. More specifically, it refers only to the initial stage of an audit during which the auditor notifies the client he has accepted the audit work and clarifies his understanding of the audit's purpose and scope. Even more specifically, the term audit engagement can refer to the written letter by which the auditor formally notifies the client that he will engage in audit services. You are required to discuss the three steps that are involved in performing the engagement during an audit.
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Identify just one audit risk area of listed public company from the ASX200 that is Mirvac Group. Explain the potential impact of that audit risk on the company’s financial statements with datas (statics).
Identify the drivers of audit quality as specified by the Financial Reporting Council's Audit Quality Framework. Please use the illustration below to help you answer the question.
TRUE OR FALSE. AUDITING 1. Financial statement users need to have an understanding of both the accounting and audit functions in order to better appreciate the assurance provided by an independent auditor on the fairness of the financial statements 2. The practitioner can accept an engagement if preliminary knowledge of the engagement circumstances indicate that ethical requirements regarding professional competence may not be satisfied 3. Professional competence can be satisfied by the practitioner using the work of persons from other professional disciplines referred to as experts 4. The practitioner plans and performs an assurance engagement using his professional judgment to obtain sufficient appropriate evidence about whether the subject matter information is free from material misstatement.
If the Financial Statements are prepared do not achieve fair presentation, then an auditor shall O a. Discuss the matter with third parties b. Determine whether it is necessary again to plan audit O c. Determine whether it is necessary again to engage team members O d. Discuss the matter with management
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Explain why a company would hire internal auditors if they already have an external auditor. Compare the differences between an external audit and an internal audit. Review what you have learned about compliance audits. Determine when an auditor would be hired to perform a compliance audit.
{Auditing} 8. One of the duties of an auditor is to prepare an audit plan for the smooth conduct of audit with due care and to detect fraud and errors. What other duty an auditor is expected to perform from options given below: a. Suggests changes in financial statements, if necessary b. Responsible to form opinion c. All the options d. To certify about the accuracy of financial statement
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