Questions from Auditing and Assurance

Q: Briefly summarize management’s and the auditor’s basic responsibilities under Section 404 of

Briefly summarize management’s and the auditor’s basic responsibilities under Section 404 of the Sarbanes-Oxley Act of 2002.

Q: 4-21 When is a duty to disclose fraud to parties

4-21 When is a duty to disclose fraud to parties other than the entity’s senior management and its audit committee most likely to exist? a. When the amount is material. b. When the fraud results from...

Q: The period-end financial reporting process controls are always important.

The period-end financial reporting process controls are always important. What are those controls, why are they important, and what should the auditor’s evaluation of those controls include?

Q: AS 2201 indicates that certain circumstances are indicators of a material weakness

AS 2201 indicates that certain circumstances are indicators of a material weakness. What are these circumstances, and why do you think the PCAOB assessed them as being of such importance?

Q: Describe what is meant when management remediates a material weakness. If

Describe what is meant when management remediates a material weakness. If a material weakness is remediated and sufficiently tested before the “as of” date, what can management assert about ICFR? Expl...

Q: What are the auditor’s documentation requirements for an audit of ICFR?

What are the auditor’s documentation requirements for an audit of ICFR?

Q: What are the types of reports that an auditor can issue for

What are the types of reports that an auditor can issue for an audit of ICFR? Briefly identify the circumstances justifying each type of report.

Q: What should the auditor do when a significant period of time has

What should the auditor do when a significant period of time has elapsed between the service organization auditor’s report and the date of management’s assessment?

Q: Distinguish between generalized and custom audit software. List the functions that

Distinguish between generalized and custom audit software. List the functions that can be performed by generalized audit software.

Q: Describe how the terms likelihood and magnitude play a role in evaluating

Describe how the terms likelihood and magnitude play a role in evaluating the significance of a control deficiency.