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26. The purpose of using analytical procedures in auditing is to: a. identify inefficiencies in operations. b. test internal controls. c. identify unexpected fluctuations and relationships. d. none of the above. 27. Which of the following would not be considered an analytical procedure? a. comparing source dockets with journal entries. b. comparing payroll costs with the number.

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22. When the audit is an initial engagement, the auditor needs to ensure that: a. opening balances do not contain misstatements that materially affect the current period’s financial statements. b. the previous period’s closing balances have been correctly brought forward. c. appropriate accounting policies are consistently applied. d. all of the above. 23. Section 302.

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16. When the auditor performs an audit or review of half-year financial statements, they are not required to: a. circulate the audit report to entity members. b. consider aspects of the audit process relevant to the current audit for the forthcoming full-year financial statements. c. treat each half-year as a discrete reporting period. d..

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16. Which of the following is an example of how an auditor might document the understanding of internal control? a. internal control questionnaire. b. flow chart and narrative memoranda. c. both of the above. d. none of the above. 17. Which of these is not a major advantage of the internal control questionnaire? a. it may.

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11. Which of these would not be part of a typical audit team? a. an audit partner. b. an audit manager. c. internal auditors. d. an audit senior. 12. The main purpose of the audit engagement letter is to: a. avoid litigation. b. confirm the terms of the engagement. c. outline the cost of the audit d. all of.

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Short Answer 8-6 Identify whether the following high risk conditions are an example of incentives/pressures, opportunities or attitudes/rationalisation risk factors: 1 The company is very vulnerable to interest rate fluctuations 2 Management has significant financial interests in the entity 3 Many asset values are based on significant estimates that involve subjective judgements 4 Management does.

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31. Working papers could be expected to contain all of the following except: a. a working trial balance. b. schedules and analyses. c. audit memoranda and corroborating information. d. a complete copy of all the auditing standards. 32. Which of these would be considered an audit adjusting entry? a. a significant amount of inventory was found.

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Short Answer 9-2 List the fundamental concepts that are embodied in the definition of internal control as per the COSO report: …a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: reliability of financial reporting; compliance with.

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11. Which of the following are the international auditing standards? a. international standards on auditing (ISAs). b. international standards on assurance engagements (ISAEs). c. international standards on related services (ISRSs). d. all of the above. 12. The primary reasons for the existence of Auditing Standards is: a. They are necessary to maintain a cost-effective service. b. They.

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6. Which of the following is a benefit of the ASIC register of company auditors? a. the register contains a code of ethics that auditors must follow b. the register provides assurance of the qualification, level of competence and experience of the auditor. c. the register facilitates disciplinary procedures against auditors d. all of.

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16. Setting materiality levels, assessing audit risk and its components and obtaining an understanding of the internal control structure are all part of which audit stage? a. client evaluation. b. audit planning. c. collecting audit evidence d. issuing the audit report. 17. The reliance on client internal audit personnel on the audit is: a. strictly prohibited.

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