Questions from Auditing and Assurance

Q: It would be appropriate for the payroll department to be responsible for

It would be appropriate for the payroll department to be responsible for which of the following functions? a. Approval of employee time records. b. Preparation of periodic governmental reports as to e...

Q: Why is independence such an important requirement for auditors? How does

Why is independence such an important requirement for auditors? How does independence relate to the agency relationship between owners and managers?

Q: Part I. Lernout & Hauspie (L&H) was

Part I. Lernout & Hauspie (L&H) was the world’s leading provider of speech and language technology products, solutions, and services to businesses and individuals worldwide. Both Microsoft and Intel i...

Q: Which of the following audit tests would most likely be used to

Which of the following audit tests would most likely be used to test the occurrence assertion for payroll transactions? a. Trace a sample of time sheets to the payroll register. b. Re compute the math...

Q: Effective control activities over the payroll function may include a.

Effective control activities over the payroll function may include a. Reconciliation of totals on job time sheets with job reports by employees responsible for those specific jobs. b. Verification of...

Q: An auditor is most likely to perform substantive tests of details on

An auditor is most likely to perform substantive tests of details on payroll transactions and balances when a. Cutoff tests indicate a substantial amount of accrued payroll expense. b. The level of co...

Q: The objectives of internal control for an inventory management process are to

The objectives of internal control for an inventory management process are to provide assurance that transactions are properly authorized and recorded and that a. Independent internal verification of...

Q: Which of the following control activities would be most likely to assist

Which of the following control activities would be most likely to assist in reducing the control risk related to the occurrence of inventory transactions? a. Inventory manager does not have ability to...

Q: Which of the following would most likely be an internal control activity

Which of the following would most likely be an internal control activity designed to detect errors and fraud concerning the custody of inventory? a. Periodic reconciliation of work in process with job...

Q: Independent internal verification of inventory (i.e., proper segregation

Independent internal verification of inventory (i.e., proper segregation of duties) occurs when employees who a. Issue raw materials obtain materials requisitions for each issue and prepare daily tota...