Exam 5: Risk Assessment: Internal Control Evaluation

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Generally accepted auditing standards (GAAS)give auditors considerable discretion to decide the amount of work required to satisfy auditing standards guiding internal control evaluation and related audit planning.Which of the following descriptions best expresses the minimum amount of work permitted by GAAS for nonpublic companies?

(Multiple Choice)

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Question 121

The overall attitude and awareness of an entity's board of directors concerning the importance of the client's internal control usually is reflected in its

(Multiple Choice)

4.9/5

(30)

Question 122

_____________________________ to assets and important records,documents,and blank forms should be limited to authorized personnel in a well-controlled company.

(Short Answer)

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Question 123

Effectiveness of audit procedures would be reduced by

(Multiple Choice)

4.8/5

(30)

Question 124

Control activities intended to ensure that transactions are recorded in the right period are designed to achieve the ASB assertion of

(Multiple Choice)

4.7/5

(39)

Question 125

Showing 121 - 125 of 125

The overall attitude and awareness of an entity's board of directors concerning the importance of the client's internal control usually is reflected in its

_____________________________ to assets and important records,documents,and blank forms should be limited to authorized personnel in a well-controlled company.

Effectiveness of audit procedures would be reduced by

Control activities intended to ensure that transactions are recorded in the right period are designed to achieve the ASB assertion of

Auditing and Assurance Services

Professional Standards

Engagement Planning

Management Fraud and Audit Risk

Employee Fraud and the Audit of Cash

Revenue and Collection Cycle

Acquisition and Expenditure Cycle

Production Cycle

Finance and Investment Cycle

Completing the Audit

Reports on Audited Financial Statements

Other Public Accounting Services

Professional Ethics

Legal Liability

Internal Governmental and Fraud Audits

Overview of Sampling

Attributes Sampling

Variables Sampling

Auditing in a Computerized Environment

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