Discuss the essential elements of a good audit document. a) Sufficient b) Relevant c) Reliable
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Discuss the essential elements of a good audit document.
- a) Sufficient
- b) Relevant
- c) Reliable
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- 11. An entity's integrated report failed in its predicting the 3rd year's financial loss. What could have gone wrong? Why?3. Following COSO Framework, the board's responsibilities for effective reporting of risks should include which of the following? a. Inserting specific engagements relating to risk management into the annual audit plan b. Assuring success in management of key risks c. Selecting the specific techniques regarding event identification to be considered in the risk management process d. Regularly reviewing the key risks against risk appetite1. Which of the following statements correctly describes why internal auditors are well positioned to coach management on responding to risk? a. Internal audit may have been responsible for identifying the management's current response to risk is an area of weakness within the risk management framework b. Internal audit's analytical training and audit experience enable it to find solutions for weak systems or controls c. Internal audit has appropriate experience and skill set in governance and risk management to teach management about the areas in ERM that are not working and need improvement d. Internal auditors are accustomed to dealing with confidential matters and thus provide a safe environment in which a client can talk about all matters of concern without fear of repercussion 2. Which of the following is not a benefit of risk mapping and prioritization? a. The results help an enterprise to communicate better its risk aggregated risk profile to key external…
- 87 In connection with a varlable-rate application, a lender must provide which of the following documents? A) An initial escrow statement B) A variable-rate periodic statement disclosure C) A list of Federal Housing Administration (FHA) home equity conversion mortgage counselors D) A booklet entitled "Consumer Handbook on Adjustable-Rate Mortgages"3. In preparing for an integrated report, and the cost outweigh the benefit, can still integrated reporting be opt? Explain.The following is a partial audit program for the audit of salestransactions.1. Foot the sales journal for one month and trace the postings to the general ledger.2. Review the sales journal for any large or unusual transactions.3. Examine sales order for evidence of credit approval prior to shipment.4. Vouch entries in sales journal to sales invoice and shipping document.5. Examine evidence on sales invoice that the prices were agreed to the approvedprice list.6. Recompute extensions of price and quantities on the sales invoice.7. Trace entries in sales journal to entry in accounts receivable master file.a. Identify which audit procedures can be tested by using attributes sampling.b. What is the appropriate sampling unit for the tests in part a.?c. List the attributes for testing in part a.d. Assume an ARO of 5% and a TER of 6% for tests of controls and 5% for substantivetests of transactions. The EPER for tests of controls is 1.0%, and for substantive testsof transactions it is 0.5%.…
- Why abstract is considered as an important aspect of esearch report? Elaborate the key contents of an abstract with suitable exampleWould you prefer an official audit report instead of an owner-produced report when evaluating a firm for purchase?CVP Analysis; Commissions; Ethics Lionel Corporation manufactures pharmaceutical products sold through a network of sales agents in the United States and Canada. The agents are currently paid an 18% commission on sales; that percentage was used when Lionel prepared the following budgeted income statement for the fiscal year ending June 30, 2019: Lionel Corporation Budgeted Income Statement For the Year Ending June 30, 2019 ($000 omitted) Sales $28,500 Cost of goods sold Variable $12,825 Fixed 3,500 16,325 Gross profit $12,175 Selling and administrative costs Commissions $ 5,130 Fixed advertising cost 800 Fixed administrative cost 2,150 8,080 Operating income $ 4,095 Fixed interest cost 705 Income before income taxes $ 3,390 Income taxes (30%) 1,017 Net income $ 2,373 Since the completion of the income statement, Lionel has learned that its sales agents are requiring a 5% increase in their commission rate (to 23%) for the upcoming year. As a result, Lionel’s president has…
- In an IMS, an advantage is Select one: a. External audits should be performed only. b. Internal audits should be performed only. c. Identifies objectives and priorities to be met.4.2 - The evidence that is gathered by an auditor plays a crucial role in the results of the audit and the recommendations that are provided to management. There are TWO (2) attributes with regard to evidence that an auditor will need to meet before concluding the audit. What are these attributes and why are they important?The section of the annual report titled "Management Discussion and Analysis" is: Multiple Choice Required by the Securities and Exchange Commission (SEC). Not required, but it may be included by management. Required by generally accepted accounting principles (GAAP). Reported to the Securities and Exchange Commission (SEC), but it is not included in the annual report.