Name the three procedures the auditor uses to obtain an understanding of relevant internal control policies and
Question:
Name the three procedures the auditor uses to obtain an understanding of relevant internal control policies and procedures.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
Inquiry The auditor conducts interviews and discussions with key personnel including management and ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Auditing An Assertions Approach
ISBN: 9780471134213
7th Edition
Authors: G. William Glezen, Donald H. Taylor
Question Posted:
Students also viewed these Business questions
-
1. As part of understanding internal control, an auditor is not required to a. Consider factors that affect the risk of material misstatement. b. Ascertain whether internal control policies and...
-
Describe the steps in Figure 9.7. FIGURE 9.7 Flowchart of the Lower Control Risk Approach Obtain an understanding of relevant internal control policies and procedures-document this understanding....
-
Sharon Gallagher (audit manager), Josh Thomas (audit senior), Ian Harper, and Suzie Pickering (both audit staff) are meeting to discuss their internal control assessment for Cloud 9. Sharon asks,...
-
During the year ended 30 June 2019 XYZ Pty Limited, a resident Australian private company (non BRE), received a franked dividend of $10,800 with $3,200 of attached franking credits. XYZ Pty Limited...
-
Consider the two-by-four grid in Fig. 11.34. Assign the partial Gray code A = {00, 01, 11} to the three horizontal levels: top (00), middle (01), and bottom (11). Now assign the partial Gray code B =...
-
If f (x) = x 2 and h 0, find Simplify your answer as much as possible. f(1 +h)-f(1) h
-
16. Lars operates Keep Flying Incorporated, a used airplane parts business, in Laramie, Wyoming. Lars employs sales agents that visit mechanics in all 50 states to solicit orders. All orders are sent...
-
Using the data in BE3-5, Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue....
-
Exercise 12-18 The following information is for a copyright owned by Bramble Corp., a publicly accountable entity, at December 31, 2020. Bramble Corp. applies IFRS. Cost $4,301,000 Earrying amount...
-
Your grandfather has offered you a choice of one of the three alternatives Option 1 Option 2 Option 3 $5000 today $1000 a year for eight years $12000at the end of eighth year. a.Assume you can earn...
-
What is the difference between a flowchart and an internal control questionnaire?
-
The understanding of internal control that relates to an assertion should be used to take three actions. Name these three actions.
-
a. What is a pure financial merger? b. Why might stockholders in a leveraged firm prefer a low NPV project over a higher NPV project?
-
How do different generational cohorts within the workforce perceive and contribute to organizational culture, and what steps can organizations take to create a cohesive culture that bridges...
-
How do various tools and techniques such as adding slack (padding estimates) or project buffers help project managers perform duration estimates? What are some ethical considerations when using slack...
-
How do you assess the managerial challenge posing the decision of having an organization-wide uniform package of compensation and benefits in the present context of organizations having diversity of...
-
what you have to do is make order decisions based on the sales, stock, and delivery cycle of each item. You are making decisions of marking orders from suppliers, and they will deliver the item next...
-
How do advanced relaxation techniques, such as progressive muscle relaxation or guided imagery, contribute to a comprehensive stress management plan ?
-
The partnership of Matteson, Richton, and OToole has existed for a number of years. At the present time the partners have the following capital balances and profit and loss sharing percentages:...
-
The activities listed in lines 2125 serve primarily as examples of A) Underappreciated dangers B) Intolerable risks C) Medical priorities D) Policy failures
-
Alpine Luggage has a capacity to produce 370,000 sultcases per year. The company is currently producing and selling 290,000 units per year at a selling price of $399 per case. The cost of producing...
-
On January 1, 2020, Bridgeport Company contracts to lease equipment for 5 years, agreeing to make a payment of $150,642 at the beginning of each year, starting January 1, 2020. The leased equipment...
-
Problem 10-4A (Algo) Pricing using total cost, target cost, and variable cost LO P6 Techcom is designing a new smartphone. Each unit of this new phone will require $240 of direct materials; $20 of...
Study smarter with the SolutionInn App