Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? a. To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. b. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. c. To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions. d. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice.

The responsibility for the financial statements rests A. jointly with the auditor and management B. solely with management C. with the internal audit function D. solely with the external auditor

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?…

PLEASE ANSWER THIS ASAP. THANK YOU SO MUCH. 1.Which of the following statements is incorrect? a. Management assertions are implied or expressed representations by management about classes of transactions, account balances and presentation and disclosures contained in the financial statements. b. Transaction cycles may vary from one entity to another and may also be affected by the nature of industry of the client. c. The primary goal of an auditor in an audit is to issue an opinion that the financial statements of an entity are fairly stated, in all material respects, in accordance with the applicable financial reporting framework.  d. Reasonable assurance is moderate but not absolute level of assurance that the financial statements are free from material misstatements.  2. Which of the following statements does not pertain to responsibilities of management and those in charge of governance? a. Establish and implement internal controls relevant to the preparation of financial reports.…

Aligning the                               to the organization's strategic objectives links the entire audit process to business objectives and enterprise-wide risks.  To effectively allocate audit resources, audit departments should develop a risk-based                               that takes into consideration the full audit universe and the risks associated with each audit universe item, including any departmental resource constraints. a) audit department; audit strategy  b) risk assessment; audit plan c) audit universe; audit approach  d) audit charter; audit budget

14.Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions.

Which of the following accurately describes a characteristic of a management letter? Select all that apply. written on the auditor's letterhead O addressed to management or those charged with governance O reports internal control weaknesses O includes documentation of materiality and the audit plan O signed by management