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  • What is the main purpose of a letter of representation?
    What is the main purpose of a letter of representation?
    A letter of representation is also known as a management representation letter. The answer to this is letter A. This will serve as an introduction to company personnel and authorization to examine the records. This is usually signed after the fieldwork and the checking is already completed. The letter is a representation that all of the details that are written in the letter are authentic. This means that the records and other data are not falsified and have been checked before submission. This is also given as a support for the data completed by the auditing team. Take note that there are still other letters that are needed in the financial side of the business.

  • How do the tests of controls and substantive tests of transactions affect the tests of details of balances?
    How do the tests of controls and substantive tests of transactions affect the tests of details of balances?
    Tests of details of balances are designed to determine the reasonableness of the balances in sales, accounts receivable, and other account balances that are affected by the sales and collection cycle. such tests include confirmation of accounts receivable, and examining documents supporting the balance in these accounts.tests of controls and substantive tests of transactions for the sales and collection cycle are intended to determine the effectiveness of internal controls and to test the substance of the transactions that are produced by this cycle. such tests consist of activities such as examining sales invoices in support of entries in the sales journal, reconciling cash receipts, or reviewing the approval of credit.the results of the tests of controls and substantive tests of transactions affect the procedures, sample size, timing and items selected for the tests of details of balances (i.e., effective internal controls will result in reduced testing when compared to the tests of details required in the case of inadequate internal controls). the results of tests of controls also affect the public company auditors report on internal controls over financial reporting.

  • Why it is common for auditors to send confirmation requests with zero balances on the clients accounts payable listing but uncommon to follow the same approach in verifying accounts receivable.
    Why it is common for auditors to send confirmation requests with zero balances on the clients accounts payable listing but uncommon to follow the same approach in verifying accounts receivable.
    This type of approach may be considered more conservative but will be absolutely necessary to make sure that people will be paying for the items that they have ordered on time. Accounts payable means a credit account while the accounts receivable may be considered as a savings account. Let us say that you have purchased some materials and items through your accounts payable. The time may come when you do not have enough credits to make some purchases anymore. It is only natural that you will be notified so that you will have enough credits again. For the accounts receivable, it will be different because you will not have any debt when you do not have any money in your own account.

  • What should an auditor do to exercise due professional care?
    What should an auditor do to exercise due professional care?
    An auditor is a person who conducts the assessment of a business or a workplace. He needs to act in a professional manner such that the assessment has minimal external influence and is fair. Moreover, an audit is not a one man job. There are many other people who take part in conducting the audit. It is the job of the auditor to critically review the judgment of fellow personnel assisting in the audit as well as their work. This enables a fair chance for everyone and is likely to result in better and more accurate results than a biased performance.

  • What does information asymmetry refer to?
    What does information asymmetry refer to?
    Asymmetry often refers to the imbalance of the details and information acquired by the stockholders and the management of the company. There are moments when this occurs because of mismanagement or because the wrong information has been passed. The stockholders would always like to know the current state of the company. Usually, the stockholder who has the highest percentage of the company’s stocks will have a lot of power about the decisions that the company would have in the future. For example, there are some stockholders who will have the power to decide who they want to lead the company as president and CEO. Undergoing asymmetry may be a big thing for the stockholders and the company managers.

  • Which is not one of the five directives from the IIA's Statement of Responsibilities of Internal Auditing that are included in most charters?
    Which is not one of the five directives from the IIA's Statement of Responsibilities of Internal Auditing that are included in most charters?
    The answer to this question is letter E. It is not the responsibility of Internal Auditing to create operations, or programs to ascertain whether results are consistent with established objectives and goals, and whether the operations or programs are being carried out as planned. All of the other statements that are mentioned above are responsibilities of the Internal Auditing. Internal auditing should always make it a point to check the current data that they acquire from different departments of the company. It is their goal to make sure that the finances are all in good, working order. If the internal audit would not do a good job, there are some illegal transactions that may go by undetected until such time when it would truly be problematic for the company.

  • Which of the following statements best describes an auditor's responsibility to detect errors, fraud, and illegal acts?
    Which of the following statements best describes an auditor's responsibility to detect errors, fraud, and illegal acts?
    An audit is an assessment of a business or a company that analyzes the place and assess whether it is functioning at certain standards or not. When it comes to an auditor’s responsibility, he should seriously assess the risk that certain errors may cause to the company. Also, they need to detect sources of error especially any likely cause off material misstatements. They also need to design the audit in such a way as to make certain and assure every one of their capability in detecting any material errors or any fraud. This helps in other businesses assessing that particular business and interact with it also helps people decide whether they want to work together or not.

  • What major considerations sould the auditor take into account in determining how extensive the review of subsequent events should be?
    What major considerations sould the auditor take into account in determining how extensive the review of subsequent events should be?
    The major considerations the auditor should take into account in determining how extensive the subsequent events review should be are: the companys financial strength and stability of earnings the effectiveness of the companys internal controls the number and significance of the adjustments made by the auditor the length of time between the balance sheet date and the completion of the audit changes in key personnel auditors of public companies should be aware that pcaob standard 2 requires them to also inquire about changes in internal control over financial reporting occurring subsequent to the end of the fiscal period that might significantly affect internal control over financial reporting.

  • Which of the following best describes the relationship between attestation services and audit services?
    Which of the following best describes the relationship between attestation services and audit services?
    Letter c is the proper answer to this question. This will help state the opinion regarding the data that has been gathered. For example, there will be an opinion regarding the financial statements that were received. Were they fair? It is best that you understand what attestation means. This is also known as evidence or proof. Other times, attestation also refers to a claim that matters given the current subject matter. Auditing is important for companies because they have to make sure that fraud is not occurring within the company. It has already happened so many times that auditing has managed to weed out people who were trying to embezzle money from the companies they work for.

  • Which of the following statements is false related to the auditors responsibility to document its risk assessment?
    Which of the following statements is false related to the auditors responsibility to document its risk assessment?
    1. The level of risk must be set quantitatively (i.e. inherent risk is 60%)

  • The auditor obtains an understanding of the entity and its environment by performing all of the following assessment procedures except:
    The auditor obtains an understanding of the entity and its environment by performing all of the following assessment procedures except:
    Compute the level of detection risk.

  • What is the difference between Audit and Evaluation?
    What is the difference between Audit and Evaluation?
    Both audits and evaluations are carried out to ensure that there are no financial abnormalities in a financial institution. Evaluation can be performed in any organization. Audit and assessment are two essential terms for any organization and refers to means of assessing products and performance. An audit is the assessment of a person, organization, or a product to determine it’s authenticity and validity or to verify a set of predefined processes. Evaluation is about understanding a process and then making suitable changes in the process to achieve an improved result.

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