Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all Q 1,2,3,4 fastly Questo 1 In which one of the following situation does the control risk said to occur? Not yet Marved

Please answer all Q 1,2,3,4 fastly image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Questo 1 In which one of the following situation does the control risk said to occur? Not yet Marved out of 100 Pag question Failure of the auditor to assess the level of nisk in the financial statements Failure of the auditor to detect a material misstatement in the financial statements Material misstatement in the financial statements arising due to absence or failure in the operation of relevant controls of the entity Material misstatement in the financial statements arising due to error or omission Question 2 Not yet answered Marked out of 100 Al Fahad Constructions LLC approached Bank Muscat to obtain loan and the banker asked security for the loan. So, the company pledged the accounts receivable as security for debt and included the information in the financial statements also. This act of Al Fahad Constructions LLC relates to which one of the following assertion Flag question Accuracy assertion Presentation and Disclosure assertion Valuation assertion Existence and occurrence assertion Question 3 Not yet answered Mt, Ibrahim, the auditor of KPL Technologies Company wants to know about the training given to the employees of the company to perform their jobs. Mr. Ibrahim also wants to understand if the business owners and managers have trained the employees to perform their duties and educated their employees on the importance of safeguarding business operations. Which one of the following methods of evaluating the internal control system should be used by Mr. Ibrahim in this situation? Marked out of 100 Flag question Questo 4 Not yet Interview management Observation process Test controls bir Shipping Corporation for the year 2020. In the section 'Auditor's Responsibilities for the Audit of Interview employees de audit report, he will be including all of the following in the section 'EXCEPT: Not yet wered Mr. Khalid is the auditor of Gulf Shipping Corporation for the year 2020. In the section 'Auditor's Responsibilities for the Audit of the Financial Statements in the audit report, he will be including all of the following in the section 'EXCEPT: Marked out of 100 Fag question Sufficient appropriate audit evidence has been obtained The address of auditor along with the name of city Evaluate the overall presentation structure and content of the financial statements The financial statements, including the disclosures give a true and fairview

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

AML Auditing Understanding Investment Banking

Authors: Bob Walsh

1st Edition

153959307X, 978-1539593072

More Books

Students also viewed these Accounting questions

Question

suggest a range of work sample exercises and design them

Answered: 1 week ago