PRINCIPLES OF AUDITING & OTHER ASSURANC
21st Edition
ISBN: 9781264007202
Author: WHITTINGTON
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 21, Problem 43COQ
To determine
Identify the appropriate answer related to the preliminary purpose of operational audit.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Which of the following BEST describes the purpose of the audit planning phase?
a) To determine the timing of the audit work.
b) To communicate the results of the audit.
c) To document the scope, objective(s), preliminary risk assessment and plan for the audit.
d) To document the plan for substantive audit requirements.
Which of the following is the major purpose of performing analytical procedures in internal audits?
a. To perform additional audit procedures.
b. To plan the audit engagement.
c. To obtain audit evidence.
d. To study relationships among elements of information.
Which of the following BEST (select one) describes the purpose of the audit work program?
a) To communicate the results of the audit.
b) To document the plan, scope and objectives of the audit.
c) To document that sufficient and reliable evidence was obtained to support the audit objectives.
d) To verify and substantiate the results of the preliminary field work.
Chapter 21 Solutions
PRINCIPLES OF AUDITING & OTHER ASSURANC
Ch. 21 - Prob. 1RQCh. 21 - Prob. 2RQCh. 21 - Prob. 3RQCh. 21 - Prob. 4RQCh. 21 - Prob. 5RQCh. 21 - Prob. 6RQCh. 21 - Prob. 7RQCh. 21 - Prob. 8RQCh. 21 - Prob. 9RQCh. 21 - Prob. 10RQ
Ch. 21 - Prob. 11RQCh. 21 - Prob. 12RQCh. 21 - Prob. 13RQCh. 21 - Prob. 14RQCh. 21 - Prob. 15RQCh. 21 - Prob. 16RQCh. 21 - Prob. 17RQCh. 21 - Prob. 18RQCh. 21 - Prob. 19RQCh. 21 - Prob. 20RQCh. 21 - Prob. 21RQCh. 21 - Prob. 22RQCh. 21 - Prob. 23RQCh. 21 - Prob. 24RQCh. 21 - Prob. 25RQCh. 21 - Prob. 26RQCh. 21 - Prob. 27RQCh. 21 - Prob. 28RQCh. 21 - Prob. 29RQCh. 21 - Explain how major federal assistance programs are...Ch. 21 - Describe what is meant by a questioned cost.Ch. 21 - Distinguish between a subrecipient and a primary...Ch. 21 - Prob. 33RQCh. 21 - Prob. 34QRACh. 21 - Steve Ankenbrandt, president of Beeb Corp., has...Ch. 21 - Prob. 36QRACh. 21 - Prob. 37QRACh. 21 - Prob. 38QRACh. 21 - Prob. 39QRACh. 21 - Prob. 40QRACh. 21 - Prob. 41QRACh. 21 - Prob. 42QRACh. 21 - Prob. 43AOQCh. 21 - Prob. 43BOQCh. 21 - Prob. 43COQCh. 21 - Prob. 43DOQCh. 21 - Prob. 43EOQCh. 21 - Prob. 43FOQCh. 21 - Prob. 43GOQCh. 21 - Prob. 43HOQCh. 21 - Prob. 43IOQCh. 21 - Prob. 43JOQCh. 21 - Prob. 43KOQCh. 21 - Prob. 43LOQCh. 21 - Prob. 44OQCh. 21 - Prob. 45OQCh. 21 - Prob. 46PCh. 21 - Devry Corporation has established an independent...Ch. 21 - Prob. 48PCh. 21 - Prob. 49PCh. 21 - Prob. 50ITC
Knowledge Booster
Similar questions
- An audit plan is : a. The blueprint for conducting the audit and accomplishing the audit objectives. b. The flowchart for conducting the audit and accomplishing the audit objectives. c. The footprint for conducting the audit and accomplishing the audit objectives. d. The gannchart for conducting the audit and accomplishing the audit objectives.arrow_forwardYou have been asked by the audit manager to undertake preliminary analytical procedures. a) Identify the most important reasons for performing analytical procedures. b) Describe the broad purposes of analytical procedures.arrow_forwardIn which stage of audit the audit program will be created ? a. Fieldwork b. Reporting c. Planning d. Followuparrow_forward
- Analytical procedures can be used in which of the following ways?a. As a means of overall review near the end of the audit.b. As “attention-directing” methods when planning an audit at the beginning.c. As substantive audit procedures to obtain evidence during an audit.d. All of the above.arrow_forwardOnce the overall audit strategy has been established, what can be developed to address the various matters identified in the overall audit strategy, taking into account the need to achieve the audit objectives through the efficient use of the auditor’s resources. A.audit strategy B.audit plan C.audit plan and audit strategy D.audit note bookarrow_forwardHow are the substantive procedures performed by the audit team related to the objective of MUS?arrow_forward
- Explain how analytical procedures are useful in: (1) The risk assessment stage of the audit. (2) The substantive procedures stage of the audit. (3) Near the end of the audit.arrow_forwardList three reasons management may ask for an operational audit to be performed, and explain how the audit program would be impacted by each of them.arrow_forwardThe scope of an audit includes: a. Reliable Information b. Legal Requirements c. Entity Aspects d. All options are correctarrow_forward
- During an audit, the internal auditor should consider the following factor(s) in determining the extent to which analytical procedures should be used: a. Adequacy of the system of internal control. b. Significance of the area being examined. c. Precision with which the results of analytical audit procedures can be predicted. d. All of the above.arrow_forwardThe phases in the internal audit process are: determining audit assignment and overall plan; planning the internal audit (engagement planning); performing the engagement (fieldwork) and audit reporting and follow up. Based on scenario B, name which phase of the internal audit process each of the activities (a - f) listed fallsarrow_forwardWhich of the following BEST (select one) describes the purpose of preliminary planning: a) To gain an understanding of detailed testing requirements such as sample sizes. b) To formulate a preliminary assessment of the key risks and controls in the area under review in order to formulate the audit scope and objectives. c) To provide management with a timeline of audit activity. d) To determine and plan for substantive audit requirements.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub