Public Entity Nonpublic Entity a. Understanding Yes Yes b. Documenting Yes Yes c. Evaluating control risk Yes Yes d. Test controls Yes Yes

Q: Discuss with examples, what are substantive audit procedures.

A: Audit procedures are the steps that auditors take to gather all information about the quality of…

Q: Which of the following is a valid reason for testing the operating effectiveness:…

A: Please see the next step for the solution

Q: Transactions need to be classified appropriately. This internal control objective relates to all of…

A: Internal control objectives are desired goals or conditions which we want a system to satisfy. The…

Q: Reliability means that data are reasonably complete and accurate. Accuracy refers to the extent that…

A: Assessing the reliability of audit evidence: The reliability of audit evidence would increase when…

Q: Identify each of the following as a (a) purpose of an internal control system, (b) principle of…

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: Which of the following is not part of the control process? a) Monitoring of actual activity b)…

A: Control Process Control process begins after the planning function is done Controlling basically…

Q: determine whether true or false S1- The extent of planning will vary accordingly to the size of the…

A: The answers and relevant explanation for the True or false questions are presented hereunder : The…

Q: A principle that is concerned with information that should be significant enough to affect…

A: Accounting Principles: These are the methods, guidelines, and rules that shall be followed by the…

Q: COnroI TISK. Required: For each illustrat trated. The comp Components of A a. Control risk b.…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: Performance Principle. Identify how each of the following statements relates to the performance…

A: Performance Principle The guiding principle known as the performance principle defines the general…

Q: What are objectives? What three categories of objectives are set forth in the COSO framework?

A: COSO ERM framework defines internal control in an organisation as “a. process, effected by an…

Q: grity of information. policies, plans, procedures, law ssets. efficiency of onerations

A: Segregation of duties is an internal control measure. It refers to the division of duties among more…

Q: From the list of assertions provided, select the relevant assertion(s) to each control objective.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Neutrality of information in the fi nancial statements most closely contributes to which qualitative…

A: The qualitative characteristic of the financial information refers to that attribute of the…

Q: an engagement is classified as a limited assurance engage ic a roduuction in assurance engagement…

A: Step 1 The Scope of Assurance Engagement is based on what type of assurance services is to be given,…

Q: element of an assurance engagement

A: Option a is wrong because the appropriate subject matter is an element of assurance engagement. The…

Q: 3. Risk registers would normally detail which of the following: (Select all that apply.) A. Risk…

A: Risk registers are used to keep a track of the risks and other setbacks in a project and how to…

Q: All auditing standards have:  Select one: a. An executive summary b. An objective c. A summary d.…

A: Audit is the process of checking and verifying books of account of the business in order to ensure…

Q: What are the 5 components of the COSO framework? A. Risk assessment, control environment, control…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Which of the following is typically NOT part of an ERP’s OLAP applications? a. decision support…

A: ERPs OLAP Application:   OLAP stands for Online Analytical Processing which helps in analyzing…

Q: Which of the following statements best describes the phrase, “evaluating the design of a control”?…

A: "Evaluating the design of control" means Considering whether the control, individually or in…

Q: Which of the following is not a component of internalcontrol?a. Environmental assessmentb. Control…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: internal audit function acts as a higher level of control to determine that the internal control…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: Briefly explain the main purpose of Risk Governance Framework (RGF)

A: Every organisation maintains risk governance framework.It has certain objectives and purposes in…

Q: developed the IPSASs? d.What are the scopes of the IP

A: International Public Sector Accounting Standards (IPSAS) are a collection of accounting standards…

Q: 4. Overall risk management arrangements are the main preoccupation of the internal auditor who is…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: Assessing control risk begins with understanding entity-level controls.   a. True

A: Control risk is the risk that occurred due to the misstatement in the financial statement that would…

Q: When completing the audit of internal controls for a public company, AS 2201 requires auditors to…

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: Q3. Auditing involves the following except___   a. Systematic process b. Objectively obtaining…

A: SOLUTION- Auditing is defined as the on-site verification activity, such as inspection or…

Q: controls are relevant to the auditor’s risk assessment

A: The statement S1 is true because the objectives are concerned about the plans or ideas regarding…

Q: Providing timely information about transactions in sufficient detail to permit proper classification…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Provide one example of a threat to the Reporting objective and one example of a threat to the…

A: Answer: COSO framework is implemented so that there is proper internal control in any business…

Q: 5. Which of the following statements is corrèct? I. The Conceptual Framework sets out the standards…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Q: Which of the following management assertions is not associated with classes of transactions and…

A: Rights and obligations represent that the company has the right to use the assets and obligation to…

Q: Knowledge Audit looks only in to the strengths of knowledge management Select one: O True O False

A: A knowledge audit is evaluating or determining formally, where and how knowledge is being used in…

Q: What is the audit assertion underlying the vouching procedure?

A: Assertions are the management representation. Assertions are the claims which management makes in…

Q: Which of the following is considered different and more limited in objectives than theothers?a.…

A: Auditing is basically an inspection or checking of books of accounts maintained by the business.…

Q: Safeguarding resources against loss is an example of operations objectives Select one : a . True . b…

A: The answer is as fallows

Q: 3. When a threat to independence arises, an auditor should consider:  Select one: a. Required lack…

A: Audit is the process of checking and verifying books of account and financial information of…

Q: True or false The definition of Control is under the PFRS 3 standard.

A: As per accounting standard PFRS 3 /PFRS 10 Following is answer

Q: An item or information is said to be material if misstatement of which can influence the ___ a.…

A: A material misstatements refers to an incorrect information depicted on the financial statements.…