Questions from Auditing and Assurance

Q: The first element in management’s process for assessing the effectiveness of internal

The first element in management’s process for assessing the effectiveness of internal control is determining which controls should be tested. Describe the process management might use to identify the...

Q: Describe how management and the auditor decide on which locations or business

Describe how management and the auditor decide on which locations or business units to test.

Q: Which of the following is correct concerning required auditor communications about fraud

Which of the following is correct concerning required auditor communications about fraud? a. Fraud that involves senior management should be reported directly by the auditor to the audit committee reg...

Q: Management must document its assessment of internal control. What would such

Management must document its assessment of internal control. What would such documentation include?

Q: List the steps in the auditor’s process for an audit of ICFR

List the steps in the auditor’s process for an audit of ICFR.

Q: How does the auditor evaluate the objectivity and competence of others who

How does the auditor evaluate the objectivity and competence of others who perform work for management?

Q: Describe the steps in obtaining an understanding of ICFR using a top

Describe the steps in obtaining an understanding of ICFR using a top-down, risk based approach.

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: Define audit sampling. Why do auditors sample instead of examining every

Define audit sampling. Why do auditors sample instead of examining every transaction?

Q: How should the results of a non statistical test of controls sample

How should the results of a non statistical test of controls sample be evaluated in terms of considering sampling risk?