Question 1

Once auditors determine that entity level controls are designed and placed in the operation, they

Accepted Answer

A)  make a preliminary assessment for each transaction-related audit objective for each major type of transaction. 
B)  make a preliminary assessment of control risk. 
C)  obtain an understanding of the design and implementation of internal control. 
D)  prepare audit documentation in order to express their opinion on the company's internal control system. 
A)  make a preliminary assessment for each transaction-related audit objective for each major type of transaction. 
B)  make a preliminary assessment of control risk. 
C)  obtain an understanding of the design and implementation of internal control. 
D)  prepare audit documentation in order to express their opinion on the company's internal control system.

Question 2

Before making the final assessment of internal control at the end of an audit, the auditor must

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 3

An auditor traces the sales prices to the authorized price list in effect at the date of the transaction. Which of the following procedures has the auditor performed?

Accepted Answer

A)  inquiry 
B)  observation 
C)  reperformance 
D)  examination 
A)  inquiry 
B)  observation 
C)  reperformance 
D)  examination

Question 4

Discuss the advantages and benefits of using generalized audit software.

Accepted Answer

Advantages and benefits of using general

Once auditors determine that entity level controls are designed and placed in the operation, they

Before making the final assessment of internal control at the end of an audit, the auditor must

An auditor traces the sales prices to the authorized price list in effect at the date of the transaction. Which of the following procedures has the auditor performed?

Discuss the advantages and benefits of using generalized audit software.

The Demand for Audit and Other Assurance Services

The CPA Profession

Audit Reports

Professional Ethics

Legal Liability

Audit Responsibilities and Objectives

Audit Evidence

Audit Planning and Materiality

Assessing the Risk of Material Misstatement

Fraud Auditing

Internal Control and Coso Framework

Overall Audit Strategy and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Payroll and Personnel Cycle

Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

Filters

Exam 12: Assessing Control Risk and Reporting on Internal Controls

Once auditors determine that entity level controls are designed and placed in the operation, they

Before making the final assessment of internal control at the end of an audit, the auditor must

An auditor traces the sales prices to the authorized price list in effect at the date of the transaction. Which of the following procedures has the auditor performed?

Discuss the advantages and benefits of using generalized audit software.

The Demand for Audit and Other Assurance Services

The CPA Profession

Audit Reports

Professional Ethics

Legal Liability

Audit Responsibilities and Objectives

Audit Evidence

Audit Planning and Materiality

Assessing the Risk of Material Misstatement

Fraud Auditing

Internal Control and Coso Framework

Overall Audit Strategy and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Payroll and Personnel Cycle

Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

Filters