How can planning for the audit be affected by the work of the clients internal auditors? By

Question:

How can planning for the audit be affected by the work of the client’s internal auditors? By whether the company outsources any of its processes?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing and Assurance Services Understanding the Integrated Audit

ISBN: 978-0471726340

1st edition

Authors: Karen L. Hooks

See More Books

Question Posted: Jan 21, 2015 10:31 AM

See More Questions

The auditor is planning for the audit of a specialty retail store. Inventory is material, and items range in value from $1 to over $500. The nature of the store means that the type of merchandise...
How is an auditors examination affected when a client has engaged in significant related-party transactions? What measures should an auditor take to determine that such transactions have been...
How are auditors able to begin planning an audit engagement for a first-year audit when they have not yet spent any significant time working on the client?
The best measure of a firm's sustainable income is a .income before extraordinary items. b .net income. c. income before extraordinary item and change in accounting principle. d. income from...
Describe in words how you would do each of the following preparations. Then give the molecular equation for each preparation. a. MgCl2(s) from MgCO3(s) b. NaNO3(s) from NaCl(s) c. Al(OH)3(s) from...
If you invest $10,000 in an account that pays 4% interest, compounded quarterly, how much will be in the account at the end of five years if you make no withdrawals?
(A) Compute comprehensive MHR from the following data: (a) Total cost of machine to be depreciated: Rs 2,30,000 (b) Life: 10 years (c) Depreciation on straight line (d) Departmental overheads...
Elijah Inc. produces accent stripes for automobiles in 50-inch rolls. Each roll passes through three departments (Striping, Adhesion, and Packaging) before it is ready for shipment to customers....
A partnership begins its first year of operations with the following capital balances: Winston, Capital $ 54,000 Durham, Capital 44,000 Salem, Capital 54,000 According to the articles of partnership,...
Refer back to the set of exchange rates in the "Support 3: There are no limits to arbitrage" section earlier in the chapter. Describe a profitable arbitrage strategy if x = 105.
How is the audit plan affected if the entity has a parent or subsidiary, or other entities that are related parties?
Does the work performed in audit planning change in the subsequent years of auditing the same client?
In a manufacturing process where 8% of all items are defective, an inspector at the end of the production line selects some items for inspection. Suppose that 64% of the defective items and 16% of...
How do emergent properties of complex adaptive systems manifest within organizational structures, influencing decision-making processes and strategic outcomes ?
If you were a software developer what do think would be the most important software tool to be use? (you may arrange it based on the most to least important), Briefly explain why and give an example.
in the Army what are Fallacies, how do they effect leadership decision making?
What two fundamental mistakes do many organizations make when selecting measures and metrics?Explain
1. How do volunteer organizations support the response and recovery process of a disaster? 2. Should emergency managers have a plan in place to manage volunteers during the response efforts of a...
Woodner Ltd provides a standard service. It is able to provide a maximum of 100 units of this service each week. Experience shows that at a price of 100, no units of the service would be sold. For...
Use the following data to answer the next two (2) questions: Product 1 Product 2 Product 3 Direct Material Cost $25,000 $30,000 $35,000 Direct Labor Cost $30,000 $40,000 $50,000 Direct Labor Hours...
The manufacturer of an electric table saw claims that it has a 3.0 horsepower motor. 1 horsepower is approximately $750 \mathrm{~W}$. It is designed to be used on a normal $120 \mathrm{~V}$...
A CPA firm does not guarantee the financial soundness of a client when it renders an opinion on financial statements, nor does the CPA firm guarantee the absolute accuracy of the statements. Yet the...
If a CPA firm has performed a thorough professional audit of a clients financial statements, should it not be able to issue a report dealing with facts rather than the mere expression of an opinion?...
What is a material amount from the perspective of auditors? Give an example of how that amount may differ based on the nature of the item.
An underlying asset price is at 100, its annual volatility is 25% and the risk free interest rate is 5%. A European call option has a strike of 85 and a maturity of 40 days. Its BlackScholes price is...
Prescott Football Manufacturing had the following operating results for 2 0 1 9 : sales = $ 3 0 , 8 2 4 ; cost of goods sold = $ 2 1 , 9 7 4 ; depreciation expense = $ 3 , 6 0 3 ; interest expense =...
On January 1, 2018, Brooks Corporation exchanged $1,259,000 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal...

How can planning for the audit be affected by the work of the clients internal auditors? By

Question:

Step by Step Answer:

The auditor can consider the internal auditors work in deciding on the nature ti...View the full answer

Auditing and Assurance Services Understanding the Integrated Audit

Students also viewed these Auditing questions