Questions from Auditing and Assurance

Q: What is a management letter? What is the letter’s significance?

What is a management letter? What is the letter’s significance?

Q: Identify the five components of an organization’s internal control.

Identify the five components of an organization’s internal control.

Q: Comment on the following: The Committee of Sponsoring Organizations has issued

Comment on the following: The Committee of Sponsoring Organizations has issued frameworks on internal control and on enterprise risk management. A starting point for management of a company just begin...

Q: You have discussed with the president of Vista Corporation several material weaknesses

You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit. At the conclusion of this discussion, the...

Q: Distinguish between the two subsections of Section 404 of the Sarbanes-

Distinguish between the two subsections of Section 404 of the Sarbanes-Oxley Act of 2002.

Q: In a public company, what requirements must members of the board

In a public company, what requirements must members of the board of directors satisfy in order to serve on the audit committee?

Q: List the five stages of the auditors’ overall approach in an audit

List the five stages of the auditors’ overall approach in an audit of internal control performed in accordance with PCAOB requirements.

Q: List the principles related to an organization’s control environment.

List the principles related to an organization’s control environment.

Q: How does separation of the record-keeping function from custody of

How does separation of the record-keeping function from custody of assets contribute to internal control?

Q: Name three factors you consider of greatest importance in protecting a business

Name three factors you consider of greatest importance in protecting a business against losses through embezzlement.