You set the tolerable misstatement at $155,000 and expected error at $110,000. Based on this information, and assuming no other misstatements identified in the rest of the audit, issue? A Qualified Opinion B Disclaimer of Opinion C Unqualified Opinion D Adverse Opinion
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- As the acceptable level of detection risk decreases, the auditor may do one or moreof the following except change the(1) nature of audit procedures to more effective procedures.(2) timing of audit procedures, by perhaps performing them at year-end rather thanan interim date.(3) extent of audit procedures, by perhaps using larger sample sizes.(4) assurances provided by audit procedures to a lower levelSome account balances, such as those for pensions and leases, are the result ofcomplex calculations. The susceptibility to material misstatements in these types ofaccounts is defined as(1) audit risk.(2) detection risk.(3) inherent risk.(4) sampling risk.Explain the term ‘analytical procedures’ and outline the different types of analytical procedures available to the auditor indicating situations in the audit when they can be used.
- When are analytical procedures required on an audit? What is theprimary purpose of analytical procedures during the completion phase of the audit?The auditor’s tests of controls revealed that required approvals of cash disbursementswere absent for a large number of sample transactions examined. Which of thefollowing is least likely to be the appropriate auditor response?(1) The auditor will communicate the deficiency to those charged with governance.(2) The auditor will increase the planned detection risk.(3) The auditor will not select more sample items to audit.(4) The auditor will perform more extensive substantive tests surrounding cash disbursements.Which of the following steps can help a business avoid embezzlement? Group of answer choices Use independent auditors. Investigate promptly any employee whose lifestyle suddenly changes. Require co-signing of checks. All of the above.
- We want to estimate the average purchasing cost of new carspurchased in the last six months. We want a marginerror of $100 at a confidence level of 99%. Aftera preliminary deduction of 50 purchase costs, it is estimatedthe standard deviation at $725. Up to what sample size should wecontinue the investigation?Explain why inherent risk is set for audit objectives for segments(classes of transactions, balances, and presentation and disclosure) rather than for theoverall audit. What is the effect on the amount of evidence the auditor must accumulatewhen inherent risk is increased from medium to high for an audit objective?An advantage of statistical sampling over nonstatistical sampling is that statisticalsampling helps an auditor(1) minimize the failure to detect errors and fraud.(2) eliminate the risk of nonsampling errors.(3) design more effective audit procedures.(4) measure the sufficiency of the audit evidence by quantifying sampling risk.
- ( You don't have to write alot just mention few key details ) Consumer confidence reports are legally required based on the Safe Drinking Water Act Find one for your hometown (or neighboring community) (it can be any state for example: California) and identify the following: (a) name of community, (b) source of water serving the community, (c) regulated contaminants that are monitored, (d) whether violations occurred, and (e) whether and the value of the chlorine residual present (will be noted as the chlorine measurement and may be identified as MRDL).An information system (IS) auditor was asked to review the alignment between information technology (IT) and business goals for Cachero, a small but rapidly growing financial institution. The IS auditor requested information including business and IT goals and objectives; however, these were limited to a short, bulleted list for business goals and PowerPoint slides used in reporting meetings for IT goals. It was also found in the documentation provided that over the past two (2) years, the risk management committee (composed of senior management) met on only three (3) occasions, and no minutes of what was discussed were kept for these meetings. When the IT budget for the upcoming year was compared to the strategic plans for IT, it was noted that several of the initiatives mentioned in the plans for the upcoming year were not included in the budget for that year. The IS auditor also discovered that Cachero does not have a full-time chief information officer (CIO). The organizational…19. Which of the following is not a key activity that internal audit can engage in facilitating risk identification and evaluation with a management group? a. Asking the group to spontaneously come up with any risks that may exist b. Gathering data from other industry groups or from leading metrics c. Distributing a set of questions in advance to draw input from the group anonymously d. Creating a risk checklist and distributing it to the group members for ranking