Question

1- Explains the need for reliable information? 2- Describes how auditors reduce information risk. 3- Describes...

1- Explains the need for reliable information?

2- Describes how auditors reduce information risk.

3- Describes the various assurance services.

4- Describes how audit standards are set.

5- Describes the regulatory environment of auditing.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Ans 2

Auditors tend to assess the risk of material misstatement in a firm's financial reports. Without a system that of internal auditing, a firm may fail to create a reliable financial reports for its stakeholders. Thus, it would lead to a failure to decide how to allocate or reallocate firms resources.

Ans.3

Types of Assurance Services

Risk Assessment. Entities are subjected to greater risks and more precipitous changes in fortune than ever before.

Business Performance Measurement.

Information Systems Reliability.

Electronic Commerce.

Healthcare Performance Measurement.

Ans 4

Generally accepted auditing standards (GAAS) are a set of principles that auditors follow when reviewing a company's financial records. GAAS helps to ensure the accuracy, consistency, and verifiability of an auditors' actions and reports.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. In communications with clients, when should CPAs refer to themselves as auditors: a) During any...
1. In communications with clients, when should CPAs refer to themselves as auditors: a) During any type of engagement (Assurance or Attestation) b) Only for review and audit attestation engagements c) Only for audit attestation engagements d) For all compilation, review and audit engagements 2. A compilation report that omits substantially all notes and disclosures: a) Is not allowed b) Includes an adverse opinion c) Must indicate that management has elected to omit such information d) Includes a qualified opinion...
1. Which of the following best describes the reason why independent auditors report on financial statements?...
1. Which of the following best describes the reason why independent auditors report on financial statements? A management fraud may exist and it is more likely to be detected by independent auditors. An audit provides credibility to the financial statements. A misstatement of account balances may exist and it is generally corrected as the result of the independent auditors' work. Poorly designed internal controls may be present. 2. Audits of financial statements are designed to obtain reasonable assurance of detecting...
Which of the following statements is most correct regarding the independent auditor's reliance on the tests...
Which of the following statements is most correct regarding the independent auditor's reliance on the tests of controls performed by the internal auditors to reduce their substantive testing? 1-The independent auditor must obtain assurance of the independence of the internal auditors but need not test their work. 2-It is not acceptable for the independent auditor to rely upon the work of the internal auditors. 3-There are no restrictions in relying upon the work of internal auditors. 4-The independent auditor must...
1. If your accounting firm is hired to examine a public company’s gift card program for...
1. If your accounting firm is hired to examine a public company’s gift card program for compliance with regulations. Which type of service is your firm providing? Select one: a. Assurance b. Attestation c. Auditing d. Review 2. Near the end of an audit, the application of analytical procedures is Select one: a. recommended by auditing standards. b. not mentioned by auditing standards. c. not useful, since detailed substantive procedures have already been performed. d. required by auditing standards. 3....
The following three risk situations have been identified in the audit of Tatua. Situation 1 2...
The following three risk situations have been identified in the audit of Tatua. Situation 1 2 3 Acceptable Audit Risk 7% 6% 6% Inherent Risk 30% 30% 50% Control Risk 40% 50% 25% Planned Detection Risk ? ? ? Required: Calculate the planned detection risk for each situation.                             Provide your answer for question (a) in the below table. Situation 1 2 3 Provide your workings here Planned detection risk In which situation auditors need to do more audit...
. For each of the matters below, indicate through the appropriate letter the group of generally...
. For each of the matters below, indicate through the appropriate letter the group of generally accepted auditing standards to which the matter is most closely related (10 points). A. General standards B. Standards of field work C. Standards of reporting (1) The mental attitude and impartiality of auditors. (2) Auditors' overall conclusion of the fairness of the client's financial statements. (3) The use of an audit program to identify audit procedures to be performed during the engagement. (4) Auditors'...
Auditors need to use a top-down approach to identify controls to test. This approach starts at...
Auditors need to use a top-down approach to identify controls to test. This approach starts at the top of an organization (financial statements and entity-level controls) and helps to link the financial statements to significant accounts, relevant assertions, and major classes of transactions. Entity-level controls are included in the control environment or via monitoring components. Examples that have a pervasive effect on internal control include tone at the top, assignment of authority and responsibility, and corporate codes of conduct. Haun...
Questions 1.Assume you have evaluated an event and given it a score of 2 for probability...
Questions 1.Assume you have evaluated an event and given it a score of 2 for probability and 3 for impact. Another event was given a score of 3 for probability and 2 for impact. What can be said about the two events given they both had scores of 5. A.The event with the highest probability should be given the most concern B.The event with the highest impact should be given the most concern c. Judgment of the auditor determines which...
Auditors need to know the terms regarding their internal control examination of an organization. It is...
Auditors need to know the terms regarding their internal control examination of an organization. It is requested: For each term, select the category that clearly defines it or that includes it. Categories can be chosen once, more than once or none at all. Term: 1. Accounting information system. 2. Control environment 3. Flow diagram 4. Operational efficiency controls 5. Significant deficiency in the design of internal control 6. Monitoring 7. Questionnaire 8. Review 9. Very significant deficiency in the design...
1. A. What do auditing standards require of the auditor regarding the assessment of material misstatement...
1. A. What do auditing standards require of the auditor regarding the assessment of material misstatement due to fraud? B. Define professional Skepticism. Explain the two ways that auditor demonstrate/practice professional skepticism? C. List and briefly explain the five (5) sources of information gathered to assess fraud risks 2. A. Define and completely describe the effect that each of the following have on the audit of inventory               -- FOB              -- Consignment B. Why is knowledge/understanding of an audit...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT