Monitoring is done in two ways: through ongoing activities and individual evaluations. Required: A. From what sources

Question:

Monitoring is done in two ways: through ongoing activities and individual evaluations.

Required:

A. From what sources does ongoing monitoring come? What issues might be considered?

B. When doing individual evaluations what should the auditor consider?

C. What type of reports on monitoring should management receive?

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

Step by Step Answer:

Related Book For book-img-for-question

Principles of Auditing An Introduction to International Standards on Auditing

ISBN: 978-0273768173

3rd edition

Authors: Rick Hayes, Philip Wallage, Hans Gortemaker

See More Books

Question Posted: May 23, 2018 04:36 AM

See More Questions

1. Which of the following best explains the relationship between monitoring and information and communication as the terms are used in the COSO Internal Control framework? a. Monitoring must be done...
Today, eBay offers products in two ways: through auctions and through set prices. Comment on this approach.
What benefits can be achieved through the successful implementation of EHRs? What additional benefits will be gained by feeding data directly from patient monitoring devices directly into EHRs? Can...
FinCorp Inc. is exploring different portfolio allocations between two stocks. Complete the following table. Case1 Case 2 Case 3 Case 4 Case 5 $ invested in stock 1 $ invested in stock 2 Total $...
On October 1, 2015, Lyndon, Inc. purchased a computer system for $86,000 from AIT Systems. The computer system had an estimated life of five years and residual value of $3,000. Lyndon paid $2,820 for...
What is the atomic number of the as yet undiscovered element in which the 8s and 8p electron energy levels fill? Predict the chemical behavior of this element.
Are we getting smarter? When the Stanford-Binet IQ test came into use in 1932, it was adjusted so that scores for each age group of children followed roughly the Normal distribution with mean 100 and...
Explain how the goal post view of conforming to specifications differs from Taguchis loss function. Would you rather buy an automobile where suppliers used the goal post or Taguchi models? Why?
Suppose that Ramos contributes $5500/year into a traditional IRA earning interest at the rate of 3%/year compounded annually, every year after age 35 until his retirement at age 65. At the same time,...
Dorothy Stanyard has three major routes to take to work. She can take Tennessee Street the entire way, she can take several back streets to work, or she can use the expressway. The traffic patterns...
Aurello Pellegrini, Dottore Commercialista (CONSOB), is approached by his client who has just reorganised his medium-sized manufacturing company to make it more structured by giving responsibilities...
Ambazam, an airline shuttle service operating out of the Tampa, Florida, USA, airport wishes to analyse the necessary controls required for their operation. They pick up arrivals at the airport and...
a. What are the distinguishing features of debt as compared to equity? b. What is the indenture? What are protective covenants? Give some examples. c. What is a sinking fund?
Management is what tradition used to call a liberal art: "liberal" because it deals with the fundamentals of knowledge, self-knowledge, wisdom, and leadership; "art" because it is a practice and...
Draft a five hundred and twenty five- to seven hundred-word internal communication planthat appropriately details your proposed solution to the internal team at CVS PHARMACY. In your communication...
Christopher Awnings was founded by Christopher Aminim in the early days of the retirement boom in the Okanagan to build and install custom retractable awnings for retirees to keep the sun out of the...
Leaders are responsible for making decisions that have long-term ramifications; thus, making the appropriate decisions can be stressful and leaders' decisions may vary. They often enhance employee...
Employee longevity A large insurance company has developed a model to identify the factors associated with employee turnover. The dependent variable is number of years an employee stays with the...
In Exercises 7 through 26, find the indicated limit if it exists. lim 2 - 1 1 X IX
Write out the formula for the total costs of carrying and ordering inventory, and then use the formula to derive the EOQ model. Andria Mullins, financial manager of Webster Electronics, has been...
Regarding the apportionment formula used to compute state taxable income, does each of the following independent characterizations describe a taxpayer that is based in-state or out-of-state? Explain....
Megan is an accountant for KnoxCo. She is a telecommuter and works most days from her home in Tennessee. Twice a month, she travels to Georgia for a staff meeting at the employer's Atlanta...
If a producer creates a really revolutionary new product and consumers can learn about it and purchase it at a website, is any additional marketing effort really necessary? Explain your thinking.
Show that the convexity for a zero coupon bond with m payments per year is (m) n(n + -)(1+ m m
Abdul Canarte , a Central Bank economist, noticed that the total group purchasing basket of goods (CPI) has gone from $149,740.00 to $344,460.00 in 8 years. With monthly compounding, what is the...
ABC Corporation expects sales next year to be $50,000,000. Inventory and accounts receivable (combined) will increase $8,000,000 to accommodate this sales level. The company has a profit margin of 6...

Monitoring is done in two ways: through ongoing activities and individual evaluations. Required: A. From what sources

Question:

Step by Step Answer:

A Ongoing monitoring information comes from several sources exception reporting on control activitie...View the full answer

Principles of Auditing An Introduction to International Standards on Auditing

Students also viewed these Business questions