Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Question
Chapter 20, Problem 32OQ
To determine
Select the most likely CPA engagement for the given situation.
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Students have asked these similar questions
Match the following terms and descriptions.
1.
Audit planning
2.
Preventive Controls
3.
System Evaluation and
Selection
4.
Recovery Operations Centre
(ROC)
5.
The Sarbanes/Oxley Act
Section 404
Identify optimal solution from alternatives.
Involves feasibility study and cost-benefit
analysis steps.
In the event of a major disaster, a
subscriber can occupy the premises and,
within a few hours, resume processing critical
applications.
The auditor's objective is to obtain sufficient
information about the firm to plan the other
phases of the audit.
Requires the management of public
companies to assess the effectiveness of
their organization's internal controls
Passive techniques designed to reduce the
frequency of occurrence of undesirable
events.
Auditing and Assurance Services T321
Which one of the following services provides a moderate level of assurance about the client's financial statements?
Select one:
O a. review
O b. forecasts and projections
O c. compliance
O d. audit
Compile a full set of notes which you will use to prepare for the training session that you are
required to present. The notes should include:
a) The steps a professional accountant should take in applying the conceptual framework
approach.
b) An explanation of the five categories of threats suggested by the code.
c) A brief description of six general safeguards in an audit firm’s work environment that
will ensure that threats to compliance with the fundamental principles are addressed
appropriately
Chapter 20 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - Prob. 6RQCh. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - Prob. 9RQCh. 20 - Prob. 10RQ
Ch. 20 - Prob. 11RQCh. 20 - Prob. 12RQCh. 20 - Prob. 13RQCh. 20 - Prob. 14RQCh. 20 - Prob. 15RQCh. 20 - Prob. 16RQCh. 20 - Prob. 17RQCh. 20 - Prob. 18RQCh. 20 - Prob. 19RQCh. 20 - Prob. 20RQCh. 20 - Prob. 21RQCh. 20 - Prob. 22RQCh. 20 - Prob. 23RQCh. 20 - Prob. 24QRACh. 20 - Prob. 25QRACh. 20 - Prob. 26QRACh. 20 - Prob. 27QRACh. 20 - Prob. 28QRACh. 20 - Prob. 29AOQCh. 20 - Prob. 29BOQCh. 20 - Prob. 29COQCh. 20 - Prob. 29DOQCh. 20 - Prob. 29EOQCh. 20 - Prob. 29FOQCh. 20 - Prob. 29GOQCh. 20 - Prob. 29HOQCh. 20 - Prob. 29IOQCh. 20 - Prob. 29JOQCh. 20 - Prob. 29KOQCh. 20 - The assurance services that address user and...Ch. 20 - Prob. 30OQCh. 20 - Prob. 31OQCh. 20 - Prob. 32OQCh. 20 - Prob. 33OQCh. 20 - Prob. 34PCh. 20 - Prob. 35PCh. 20 - Prob. 36ITCCh. 20 - Prob. 37RDC
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Similar questions
- •Read the text below and fill in the missing words, making your choice from the words given. You will not need to use all the words. •WORDS AS OPTIONS •Internal, threat, profession, revision, demands, sensitive, future, power, interest, promise, reject, accountability, dynamic, mend, mechanism, competence, changing, mobile, needs, role, expectation, groups, social and society. Text/Passage •The audit is a …(a).. control…(b)..for securing the …(c)..of the company and its directors. The audit function is a product of the …(d)..of …(e)..and as such it is a …(f)..not a static one. The profession must continue to be …(g)..to the …(h)..needs of the various…(i)..groups. The emergence of the kind of …(j)..gap to which reference has already been made, represents a potential …(k)..to the future of the …(l).. As auditors and the apparent users of audited financial statement change, society may …(m)..roles formerly considered acceptable. Professional groups, such as auditors, must continually be…arrow_forwardYour must be four typed pages. a) What do you understand by the concept of audit and other assurance engagements? b) What is the difference between externalk audit and internal audit? (Give at least six differences)arrow_forwardPrepare your answer using three columns headed - The Issue, Ethical threats and Auditor’s response respectivelyarrow_forward
- create a fictional audit company and client. Prepare an Audit engagement letter for your fictional client. The engagement letter must be a typed document and at least one page in length. While some paragraphs are standard and can be taken from the auditing standards,arrow_forwardChoose the one correct answer. The following are usually considered in the preparation of management letter [I] the letter should indicate that it is only for management's use [II] A description of the reportable conditions discovered [III] Auditor's suggestion to improve the client's internal control. *yes, no, yesno, yes, yesyes, yes, noyes, yes, yesarrow_forwardfast plz Which of the following is a valid reason for testing the operating effectiveness: Communicate findings and recommendations Authorization based on information provided by the management observations Review the results for periodic reconciliation Authorization based on the information provided by internal sourcearrow_forward
- Which of the following statements is true?a. Journal vouchers detailing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted to the journal voucher history file. b. Journal vouchers summarizing transaction activity flow from the accounting department into the GLS, where they are independently reconciled and posted to the general ledger accounts. c. Journal vouchers summarizing transaction activity flow from various operational departments into the GLS, where they are independently reconciled and posted to the general ledger accounts. d. Journal vouchers summarizing transaction activity flow from various operational departments into the GLS, where they are indepen dently reconciled and posted to the journal voucher history file.arrow_forwardInformation Risk Analyst (IT Controls Audit) will help the organization assess risk controls and their effectiveness for current and future design improvements. To be successful in this career path YOU must be familiar with the concept Information Risk. a. Explain the term ‘information risk’ in your own words. b. Discuss three (3) causes of information risk. c. Discuss the three (3) main ways to reduce information risk. d. Differentiate between ‘assurance services’ and ‘non-assurance services,’ giving examples of each.arrow_forwardThe audit director in charge is available for consulting and he approves the audit engagement before its completion. This is part of what quality assurance activity? Select one: O a. Peer review O b. Leadership responsibility for quality within the audit fırm O c. Engagement performance O d. Monitoring O e. Human resourcesarrow_forward
- Please use the below format for your submitted answers, using a table or spreadsheet: Response Spreadsheet or Table Format 1. Segregation of II. Subsidiary ledger Duties errors A1. COSO objective A2. Design adequacy or Operational effectiveness A3. Insignificant, Significant, or Material A4. Overall conclusions B1. IA reporting B2. Management reporting III. Untimely reconciliationsarrow_forwardIn order of increasing level of rigour, auditors generally offer 4 types of assurance services. What is the lowest level of assurance? Select one:A. Review engagementB. 100% assuranceC. Financial report auditD. Agreed-upon proceduresarrow_forwardAn IS auditor conducting a compliance audit of a healthcare organization operating an online system that contains sensitive health care information. Which of the following should an IS auditor first review? () IT infrastructure and IS department organization chart () legal and regulatory requirements regarding data privacy () adherence to organization policies and procedures () network diagram and firewall rules surrounding the online systemarrow_forward
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