Questions from Auditing and Assurance

Q: What is meant by the term quality control as it relates to

What is meant by the term quality control as it relates to a CPA firm?

Q: Describe the types of overall responses by auditors to address fraud risk

Describe the types of overall responses by auditors to address fraud risk.

Q: What three auditor actions are required to address the potential for management

What three auditor actions are required to address the potential for management override of controls?

Q: What is the primary focus of the monitoring component of internal control

What is the primary focus of the monitoring component of internal control?

Q: What do auditing standards require the auditor to consider when assessing the

What do auditing standards require the auditor to consider when assessing the risk of material misstatements in revenue?

Q: Explain how control risk assessment differs for an integrated audit versus a

Explain how control risk assessment differs for an integrated audit versus a financial statement-only audit.

Q: Describe which two factors of the audit risk model relate to the

Describe which two factors of the audit risk model relate to the risk of material misstatement at the assertion level.

Q: Identify the traditionally segregated duties in IT systems.

Identify the traditionally segregated duties in IT systems.

Q: Compare the risks associated with network systems and database systems to those

Compare the risks associated with network systems and database systems to those associated with centralized IT functions.

Q: Assume that Xinran Wang, CPA, is using 5 percent of

Assume that Xinran Wang, CPA, is using 5 percent of net income before taxes, current assets, or current liabilities as her major guideline for evaluating materiality. What qualitative factors should s...