Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 11, Problem 3RQ
To determine
Identify the part that helps in understanding internal controls and associated risk in the planning phase of audit. Also, list the preceding and succeeding parts of understanding and assessing controls.
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In which stage of audit the audit program will be created ?
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What are the three goals of an internal control system according to the COSO report? Which of thethree is most important to auditors
Chapter 11 Solutions
Auditing And Assurance Services
Ch. 11 - Prob. 1RQCh. 11 - Prob. 2RQCh. 11 - Prob. 3RQCh. 11 - Prob. 4RQCh. 11 - Prob. 5RQCh. 11 - Prob. 6RQCh. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQ
Ch. 11 - Prob. 11RQCh. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. 16RQCh. 11 - Prob. 17RQCh. 11 - Prob. 18RQCh. 11 - Prob. 19RQCh. 11 - Prob. 20.1MCQCh. 11 - Actions, policies, and procedures that reflect the...Ch. 11 - Prob. 20.3MCQCh. 11 - Prob. 21.1MCQCh. 11 - Prob. 21.2MCQCh. 11 - Prob. 21.3MCQCh. 11 - Prob. 22.1MCQCh. 11 - Prob. 22.2MCQCh. 11 - Which of the following correctly describes an...Ch. 11 - Prob. 23DQPCh. 11 - Prob. 24DQPCh. 11 - The following are misstatements that have occurred...Ch. 11 - Prob. 26DQPCh. 11 - Prob. 27DQPCh. 11 - Prob. 28DQPCh. 11 - Prob. 29DQPCh. 11 - Prob. 30DQPCh. 11 - Prob. 31DQPCh. 11 - Prob. 32C
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Similar questions
- 1. What are the objectives of Audit Planning? 2. Explain SIX (6) planning procedures.arrow_forwardDescribe the four phases performed by the auditor when obtainingan understanding of internal control and assessing control risk.arrow_forward1. What are objectives? What three categories of objectives are set forth in the COSO framework? 2. What does the control environment comprise? 3. What are control activities? What types of control activities are present in a well-designed system of internal controls? 4. When are monitoring activities most effective? Who performs monitoring activities? What distinguishes separate evaluations from ongoing monitoring activities? 5. How does internal auditors' perspective of internal control differ from management's perspective? 6. How does COSO define risk? How does ISO define risk? 7. What are the five COSO ERM components? 8. How does COSO define risk appetite? 9. What are some ERM assurance activities the internal audit function may perform? What are some ERM consulting activities the internal audit function may perform if appropriate safeguards are implemented? What ERM activities should the internal audit function not perform? 10. What are COSO's five categories of risk…arrow_forward
- Which of the following internal control components involves the ongoing evaluation of the implementation and operation of internal audit? a. Monitoring Activities b. Control Environment c. Risk Assessment d. Control Activitiesarrow_forwardABOUT AUDITING The process of selecting and developing policies and procedures to help mitigate risks to an acceptable level is part of which component in the COSO Framework? a. Control environment b. Risk assessment c. Control activities d. Monitoringarrow_forwardWhich of the following is the on-going evaluation of the implementation and operation of the five various components of internal audit? a. Monitoring Activities b. Control Activities c. Control Environment d. Risk Assessmenarrow_forward
- Which of the following audit phases would generally be conducted last in relation to the others? * Auditing business processes and related accounts. Preliminary assessment of materiality and audit risk. O Preliminary analytical procedures. Consideration of internal control systems.arrow_forwardAfter obtaining a sufficient understanding of internal control, the auditor: a. Determines the preliminary assessment of control risk b. Determine the assessed levels of detection risk and inherent risk c. Assess detection risk to determine the acceptable level of inherent risk d. Assess the need to apply GAASarrow_forward20. An assurance engagement of risk management processes by the internal audit activity should start by doing all of the following, except a. Identifying inherent risks and residual risks b. Gaining knowledge of the risk appetite, risk capacity, and risk tolerance c. Understanding the internal and external environment d. Proposing revision of the entity's mission, strategy, and objectives 21. Which of the following is not one of the formal components of COSO ERM Framework? a. Consider how objectives can be achieved by assessing the likelihood and probability of events that may affect the achievement of objectives b. An entity's tone at the top, ethical values, and operating style will help management establish a risk management philosophy and risk appetite c. Management must consider internal and external events that create threats and opportunities d. Risk appetite is defined and communicated as part of the entity's mission statement 24. Review or audit of…arrow_forward
- What are the three major phases in the audit team's evaluation of internal control? How does the use of information technology affect the procedures performed in those phases?arrow_forwardDiscuss the types of internal controls and explain how each is important to the auditing process. Explain and give examples of the four main categories of COSO framework regarding management objectives. Please provide refences if there is any.arrow_forward3. This identifies what the internal audit function will review based on available resources and the needs and priorities of the organization. Group of answer choices Audit Plan Operations Manual Audit Checklist Audit Manualarrow_forward
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