Questions from Auditing and Assurance

Q: Where can an auditor find a client’s documentation of the accounting system

Where can an auditor find a client’s documentation of the accounting system?

Q: When auditing an investment in another company, an auditor most likely

When auditing an investment in another company, an auditor most likely would seek to conduct which audit procedure to help satisfy the valuation assertion? a. Inspect the stock certificates evidencing...

Q: What are the general characteristics of significant transactions that are typically computerized

What are the general characteristics of significant transactions that are typically computerized?

Q: Define audit trail. How could a computerized system’s transaction audit trail

Define audit trail. How could a computerized system’s transaction audit trail in an advanced system differ from one in a simple system or a manual system?

Q: What are CAATs?

What are CAATs?

Q: What advantages are derived from using CAATs in the financial statement audit

What advantages are derived from using CAATs in the financial statement audit? When answering this question please specifically consider performing when an auditor has to perform recalculations and se...

Q: What information would you expect to find in a permanent audit file

What information would you expect to find in a permanent audit file?

Q: Spreadsheet software would be most useful for which of the following audit

Spreadsheet software would be most useful for which of the following audit activities? a. Testing internal controls over computerized accounting applications. b. Preparing an audit plan. c. Preparing...

Q: A material weakness is a situation in which a. It

A material weakness is a situation in which a. It is probable that an immaterial financial statement misstatement would not be detected on a timely basis. b. There is a remote likelihood that a materi...

Q: When completing the audit of internal controls for an issuer, the

When completing the audit of internal controls for an issuer, the severity of an internal control deficiency depends on a. Whether there is a reasonable possibility that the company’s controls will fa...