Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 26, Problem 12RQ
To determine
Define the three phases of an operational audit.
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Identify five audit procedures normally done as a part of thereview for subsequent events.
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1. What are the objectives of Audit Planning?
2. Explain SIX (6) planning procedures.
Chapter 26 Solutions
Auditing And Assurance Services
Ch. 26 - Prob. 1RQCh. 26 - Prob. 2RQCh. 26 - Prob. 3RQCh. 26 - Prob. 4RQCh. 26 - Prob. 5RQCh. 26 - Prob. 6RQCh. 26 - Prob. 7RQCh. 26 - Prob. 8RQCh. 26 - Prob. 9RQCh. 26 - Prob. 10RQ
Ch. 26 - Prob. 11RQCh. 26 - Prob. 12RQCh. 26 - Prob. 13RQCh. 26 - Prob. 14RQCh. 26 - Prob. 15.1MCQCh. 26 - Prob. 15.2MCQCh. 26 - Prob. 15.3MCQCh. 26 - Prob. 16.1MCQCh. 26 - Prob. 16.2MCQCh. 26 - Prob. 16.3MCQCh. 26 - Prob. 17.1MCQCh. 26 - Prob. 17.2MCQCh. 26 - Prob. 17.3MCQCh. 26 - Prob. 18.1MCQCh. 26 - Prob. 18.2MCQCh. 26 - Prob. 18.3MCQCh. 26 - Prob. 19DQPCh. 26 - Prob. 20DQPCh. 26 - Prob. 21DQPCh. 26 - Prob. 22DQPCh. 26 - Prob. 23DQPCh. 26 - Prob. 24DQP
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- In which stage of audit the audit program will be created ? a. Fieldwork b. Reporting c. Planning d. Followuparrow_forwardState five strategies to ensure the EKSA implementation meets the auditing elements.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_forward
- Please answer all 3 subparts. Question 1 (i) What are the 5 components of the COSO framework? A. Risk assessment, control environment, control activities, information and communication, monitoringB. Control environment, risk assessment, control activities, information and communication, monitoring.C. Control activities, monitoring, information and communication, control environment monitoringD. Control activities, control environment, risk assessment, monitoring, information and communication (ii) An opinion which is given by the auditor when the financial statements give a true and fair view except for a particular matter, which the auditor explains is called:A. An adverse opinionB. An unmodified opinionC. A qualified opinionD. A disclaimer opinion (iii) Which of the following is NOT a reason why linking reward to performance may not solve remuneration problems?A. Unsuitable measures of performance may be selected B. Many performance measures are based on the short term resultsC.…arrow_forwardPerformance audits usually include [two answers]a. Financial audits.b. Economy and efficiency audits.c. Compliance audits.d. Program auditsarrow_forwardBased on the information in scenario C, classify the information (1-8) according to the elements of an audit finding (criteria, condition,cause, effect and recommendations)arrow_forward
- A specific internal audit assignment or project that includes multiple tasks or activities designed to accomplish a specific set of objectives is called: Select one : a . COSO O b. Outsourcing c. Engagement d. Systematic processarrow_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_forwardChoose three of the skills required for effective operational audits and explain the importance and why these skills are necessary.arrow_forward
- 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_forwardState the six transaction-related audit objectives.arrow_forwardThe following (1 through 18) are the balance-related, transactionrelated, and presentation and disclosure-related audit objectives.Balance-Related Transaction-Related Presentation and DisAudit Objectives Audit Objectives closure Audit Objectives1. Existence 9. Occurrence 15. Occurrence and2. Completeness 10. Completeness rights3. Accuracy 11. Accuracy 16. Completeness4. Classification 12. Classification 17. Accuracy and5. Cutoff 13. Timing valuation6. Detail tie-in 14. Posting and 18. Classification and7. Realizable value summarization understandability8. Rights and obligationsIdentify the specific audit objective (1 through 18) that each of the following specific auditprocedures (a. through l.) satisfies in the audit of sales, accounts receivable, and cashreceipts for fiscal year ended December 31, 2013.a. Examine a sample of duplicate sales invoices to determine whether each one has ashipping document attached.b. Add all customer balances in the accounts receivable trial balance and…arrow_forward
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