Questions from Auditing and Assurance

Q: Explain the benefits of using audit engagement management software.

Explain the benefits of using audit engagement management software.

Q: The two components of professional skepticism are a questioning mind and a

The two components of professional skepticism are a questioning mind and a critical assessment of the audit evidence. How do these components help an auditor distinguish an unintentional misstatement...

Q: Discuss the importance of the control environment, or “setting the

Discuss the importance of the control environment, or “setting the tone at the top,” in establishing a culture of honesty and integrity in a company.

Q: Accounting standards require that companies provide footnote disclosures that enable a reader

Accounting standards require that companies provide footnote disclosures that enable a reader to understand the nature, timing, amount, and uncertainty surrounding revenue and cash flows arising from...

Q: How does the auditor use information obtained from the control risk assessment

How does the auditor use information obtained from the control risk assessment and testing of controls to plan audit procedures?

Q: If the auditor assesses control risk as high for a transaction-

If the auditor assesses control risk as high for a transaction-related audit objective, what does that imply for detection risk and the level of substantive testing?

Q: Assume that the client’s internal controls over the recording and classifying of

Assume that the client’s internal controls over the recording and classifying of fixed asset additions are considered deficient because the individual responsible for recording new acquisitions has in...

Q: Table 13-3 (p. 427) illustrates variations in

Table 13-3 (p. 427) illustrates variations in the emphasis on different types of audit tests. What are the benefits to the auditor of identifying the best mix of tests? Table 13-3:

Q: Explain the relationship between the methodology for designing tests of controls and

Explain the relationship between the methodology for designing tests of controls and substantive tests of transactions in Figure 13-5 (p. 429) and the methodology for designing tests of details of bal...

Q: Identify risks for extensive IT-based accounting systems.

Identify risks for extensive IT-based accounting systems.