Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 9, Problem 6RQ
To determine
Identify the individual who should make inquiries as a part of risk assessment procedures and state the manner in which the individuals might be helpful in assessing risks of material misstatement.
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Students have asked these similar questions
In making client acceptance and continuance decisions, the auditor will perform various procedures in assessing the client. Which of these would most likely not be one of those procedures?
a. obtain background checks on management to assess management integrity
b. review regulatory filings and examination reports
c. analyze client financial statements and compare to industry metrics
d. submit management to a lie detector test
What are analytical procedures?
Substantive tests designed to assess control risk
Substantive tests designed to evaluate the validity of management’s representation letter
Substantive tests designed to study relationships between financial and non-financial data
All of the above
What possible actions would an auditor might take if a client’s financial statements depart from GAAP. Would the demand for assurance services increase or decrease in the future?
Chapter 9 Solutions
Auditing And Assurance Services
Ch. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - Provide two examples of factors that might...Ch. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - Prob. 9RQCh. 9 - Prob. 10RQ
Ch. 9 - Prob. 11RQCh. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - Prob. 14RQCh. 9 - Prob. 15RQCh. 9 - Prob. 16RQCh. 9 - Prob. 17RQCh. 9 - Prob. 18RQCh. 9 - Prob. 19RQCh. 9 - Prob. 20RQCh. 9 - Prob. 21RQCh. 9 - Prob. 22RQCh. 9 - Prob. 23RQCh. 9 - Prob. 24RQCh. 9 - Prob. 25.1MCQCh. 9 - Prob. 25.2MCQCh. 9 - Prob. 25.3MCQCh. 9 - Prob. 26.1MCQCh. 9 - Prob. 26.2MCQCh. 9 - Prob. 26.3MCQCh. 9 - Prob. 27.1MCQCh. 9 - Prob. 27.2MCQCh. 9 - Prob. 27.3MCQCh. 9 - Prob. 28.1MCQCh. 9 - Prob. 28.2MCQCh. 9 - Prob. 28.3MCQCh. 9 - Prob. 29DQPCh. 9 - Prob. 30DQPCh. 9 - Prob. 31DQPCh. 9 - Prob. 33DQPCh. 9 - Prob. 34DQPCh. 9 - Prob. 35DQPCh. 9 - Prob. 36DQPCh. 9 - Prob. 37DQPCh. 9 - Prob. 39C
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- In the context of your organization, evaluate its main sources of potential financial risk using suitable techniques. For each risk area you are required to recommend and justify appropriate action to reduce the exposure.arrow_forwarda)discuss the following risks: operational risk, model risk, liquidity risk, accounting risk, legal risk, tax risk, regulatory risk, settlement (Herstatt) risk, systemic risk b)compare and contrast view-driven risk management and needs-driven risk management. c)identify the key players in the risk management industry, and discuss how risk management requirements and practices differ amongst these key players. d)discuss some important organizational considerations for an effective risk management system. e)explain what is meant by enterprise risk management, and compare and contrast it with decentralized risk management.arrow_forwardWhich of the following is the best description of reliability in relation to information in financial statements? Comprehensibility to users Influence on the economic decisions Freedom from material error and bias Inclusion of degree of caution of usersarrow_forward
- Describe a situation in risk management that involves ethical aswell as financial issues.arrow_forwardNOTE: PLEASE TAKE YOUR TIME AND ANALYSE THE QUESTION VERY WELL. PROVIDE DETAILED INFORMATION ANSWERS AND INFORMATION AS YOU SOLUTION. THANK YOU. You have been approached by the financial institutions Databank Financial Services Limited and Blackstar holdings limited to be their auditors. a. Iterate the factors that can heighten ‘engagement risk’ as auditors for either of this companies and what kind of information you will require to guide your decision. b. Assuming you consider a risk-based strategy as an effective audit strategy for executing your mandate, what are the probable areas of risk you will focus on and how will you test for them?arrow_forwardWhich one of the following components of internal control over financial reporting sets the tone for the organization? a. Risk assessment. b. Control environment. c. Information and communication. d. Monitoring.arrow_forward
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