Auditing and Assurance Services (16th Edition)
16th Edition
ISBN: 9780134065823
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
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Chapter 2, Problem 14.3MCQ
To determine
Identify the option that provides reasonable assurance of achieving the objective given.
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A certification by a qualified institution pursuant to 29 CFR 2520.103-5(c) must
Select one:
a.
state that the information is accurate.
b.
be signed by any senior manager
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state that the information is complete.
d.
state that the information is complete and accurate.
Identify the relevance of “Professional Competence and Due Care” with one of the following options.
a.
Duty of Auditor
b.
Powers of auditor
c.
Code of Ethics for professional accountants
d.
Role of Regulatory and professional bodies
The standards are divided into attribute, performance and implementation guidance. Classify the following standards according to attribute and performance standards:A) Chief Audit Executive Roles Beyond Internal Auditing.B) Engagement Planning.C) Continuing Professional Development.D) Requirements of the Quality Assurance and Improvement Program.E) External Service Provider and Organizational Responsibility for Internal Auditing.F) Due Professional Care
Chapter 2 Solutions
Auditing and Assurance Services (16th Edition)
Ch. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - Prob. 10RQ
Ch. 2 - Prob. 11RQCh. 2 - State what is meant by the term peer review. What...Ch. 2 - Prob. 13.1MCQCh. 2 - Prob. 13.2MCQCh. 2 - Prob. 13.3MCQCh. 2 - Prob. 14.1MCQCh. 2 - Prob. 14.2MCQCh. 2 - Prob. 14.3MCQCh. 2 - Prob. 15.1MCQCh. 2 - Prob. 15.2MCQCh. 2 - Prob. 15.3MCQCh. 2 - Prob. 16DQPCh. 2 - Prob. 17DQPCh. 2 - Prob. 18DQPCh. 2 - Prob. 19DQPCh. 2 - Prob. 21DQP
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- 31. Which of the following statements is true regarding involvement of the CAE in a consulting engagement? a. CAE must determine if the scope of the engagement is sufficient to achieve the desired objectives before committing to the task b. CAE must determine if there is expertise in internal audit to conduct the engagement on its own c. CAE is ultimately responsible for the objectives and scope of the engagement d. CAE should ensure that the objectives, scope, and approach of the consulting engagement are achievable within a month 33. Objectives of the risk management process include all of the following, except a. To look for ways to take advantage of opportunities b. To link growth, risk, and return c. To comply with laws and regulations d. To act as a reasonable "brake" on strategic growth 34. How is the COSO ERM framework different from ISO 31000 guide? a. COSO Framework describes ERM as an iterative process and ISO Guidance describes ERM as a serial…arrow_forward1. Professional competence, due professional care, planning and supervision, and sufficient relevant data are general standards for MAS practice, including Role of MAS practitioner c. Association with forecasts Understanding with client d. Communication of results 2. Which of the following is not one of the steps in MAS engagement? Implementation c. Analysis Informal meeting with client d. Design 3. A certified public accountant’s scope of mgt. services is broad and covers all of the following except audit engagement c. Re-engineering job computerization engagements d. Change mgt. engagements 4. Which of the following is not an area in MAS practice Conducting special studies Reviewing and suggesting improvement of policies , procedures, systems and methods, etc. Marketing and public relations work Introducing new ideas, concepts…arrow_forwardUnder AICPA rules, which of the following services would generally be permitted to be provided to an audit client provided the general requirements are met? Firm accepting responsibility for monitoring client's IT controls (e.g., through automated tool) Providing advice and recommendations related to the application of an accounting standard Staff augmentation services Leading or supervising the audit client's accounting standards implementation teamarrow_forward
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- Understand the role of a system of quality control and monitoring efforts in enabling public accounting firms to meet appropriate levels of professional qualityarrow_forwardWhich of the following elements of a system of quality control is related to firms receiving independence confirmations from its professionals with respect to clients?a. Acceptance and continuance of client relationships and specific engagements.b. Engagement performance.c. Monitoring.d. Relevant ethical requirements.arrow_forwardWhat are the advantages of a CPA over members of other professions in rendering management advisory services or consulting work? Explain. Enumerate the practice standards in MAS and explain each.arrow_forward
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