a. Is it necessary for the auditor to obtain evidence of effectiveness for the entire year covered

Question:

a. Is it necessary for the auditor to obtain evidence of effectiveness for the entire year covered by the financial statements?

b. What actions should be taken by the auditor when significant changes in the ICS have occurred since the interim tests of controls were performed?

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

Step by Step Answer:

Related Book For book-img-for-question

Modern Auditing

ISBN: 9780471596875

6th Edition

Authors: William C. Boynton, Walter G. Kell

See More Books

Question Posted: May 10, 2024 02:01 AM

See More Questions

Section 404 of the Sarbanes- OxleyAct of2002 requires public companies to report on the effectiveness of their internal control over financial reporting. Section 404 also requires companies to hire...
MULTIPLE-CHOICE QUESTIONS 1. The auditor is testing the operating effectiveness of controls in the revenue cycle and notes the following: (a) the organization does not regularly follow its credit...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
The Regina Company, Inc. BALANCE SHEET (In Thousands) ASSETS Cash Accounts Receivable Inventories Other Current Assets Total Current Assets Fixed Assets Accum Depreciation Other Assets TOTAL ASSETS...
The resistance of a conductor is 19.8 at 15.0C and 25.0 at 85.0C. What is the temperature coefficient of resistance of the material?
Arnold owns and runs an electrical goods store. He provides the following information: 1. Sales for the week 3,642 paid into the business bank account. 2. Wages paid in cash 784. 3. Arnold repairs a...
Evaluation of development is critical but difficult. It is most effective when built into the design of the development activity rather than tagged on at the end. k-1
Boots R Us produces a variety of products for the fashion industry. Cowboy-type boots are among its most popular products. The companys controller spoke to the companys president at a meeting last...
4.1 List the five (5) elements of financial statements. (5) 4.2 Discuss the objectives of financial statements according to the accounting framework. 4.3 List five (5) components of the financial...
What factors should be considered by the auditor in evaluating the work done by internal auditors under a a. Coordination of work arrangement? b. Direct assistance arrangement?
What effect will the auditor's planned assessed level of control risk have on the extent of tests of controls? b. What factors should be considered by the auditor in using evidence of effectiveness...
You want to lease a set of golf clubs from Pings Ltd. The lease contract is in the form of 24 equal monthly payments at an APR of 9.7 percent, compounded monthly. Since the clubs cost $3,100 retail,...
The following information pertains to the inventory of Parvin Company for Year 3: January 1 April 1 October 1 Beginning inventory 400 units @ $22 Purchased 2,600 units @ $27 Purchased 1,200 units @...
Using partial fraction decomposition to find the partial fractions of the function 26x2 +270x+404 f(x) = f(x) = 30x3 20x2-330x 280 Hint: The denominator of f(x) can be factored as (3x+7) (5x+5)(2x-8)...
Question 1: How do strategy and tactical action relate to each other in an organization? Question 2: How can you improve the implementation of strategy in this business organization?...
Question 1 Consider the function g (x) = x-6x+1. The discriminant is [Select] [Select] and therefore the graph has x-intercepts.
Han Wu Manufacturing uses a job order cost system and applies overhead to production on the basisof direct labour hours. On January 1, 2023, Job no, 50 was the only job in process. The costs incurred...
Working individually or in groups, you are to develop a short programmed learning program on the subject Guidelines for Giving a More Effective Lecture.
U.S. households have become smaller over the years. The following table from the 2010 GSS contains information on the number of people currently aged 18 years or older living in a respondent's...
Q2. At Royall Manufacturing Company, a supervisor in the factory collects the time cards from workers in her department and reviews and approves the hours worked for the week. She sends the time...
Target Corporation prepares its financial statements according to U.S. GAAP. Targets financial statements and disclosure notes for the year ended February 3, 2018, are available in Connect. This...
PLEASE ANSWER ELABORATELY AND FAST Question 2 HappyDay Sdn Bhd produces 20,000 units of product SMILE per month. The selling price per unit of product SMILE is RM80 and the cost per unit is as...

a. Is it necessary for the auditor to obtain evidence of effectiveness for the entire year covered

Question:

Step by Step Answer:

a Is it necessary for the auditor to obtain evidence of effectiveness for the entire year covered by the financial statements No it is not necessary f...View the full answer

Modern Auditing

Students also viewed these Business questions