Prepare a Preliminary Audit Plan based on a Case StudyDavid Thompson
Auditing and Professional Practice
The engagement partner has requested a meeting tomorrow to discuss audit plan for MTI She has requested several documents for that meeting. 1. A preliminary audit plan assessing internal control risk and providing preliminary judgment for detection risk. 2. A description of specific substantive procedures that could be conducted for the WIP inventory. You are required to justify the audit plan by referring to theoretical grounds learnt from this unit. Expected length: 2,500 words
Prepare a Preliminary Audit Plan based on a Case StudyDavid Thompson
Auditing and Professional Practice
The engagement partner has requested a meeting tomorrow to discuss audit plan for MTI She has requested several documents for that meeting. 1. A preliminary audit plan assessing internal control risk and providing preliminary judgment for detection risk. 2. A description of specific substantive procedures that could be conducted for the WIP inventory. You are required to justify the audit plan by referring to theoretical grounds learnt from this unit. Expected length: 2,500 words
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ACC 576 Final Exam Study
Question 1 (IFTC-0112)
Controls in the information technology area are classified into the preventive, detective, and corrective categories. Which of the following is a preventive control?
Question 2 (IFTC-0082)
An organization relied heavily on e-commerce for its transactions
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ACC 576 Final Exam Study
Question 1 (IFTC-0112)
Controls in the information technology area are classified into the preventive, detective, and corrective categories. Which of the following is a preventive control?
Question 2 (IFTC-0082)
An organization relied heavily on e-commerce for its transactions
Second Party Audit and External Third Party AuditShantanuThakre3
Second Party Audit:- Second-party audit is when a company performs an audit of a supplier to ensure that they are meeting the requirements specified in the contract.
External Third Party Audit:-
A third-party audit occurs when a company has decided that they want to create a Quality Management System (QMS) that conforms to a standard set of requirements, such as ISO 9001 and hire an independent auditing company to perform an audit to verify that the company has succeeded in meeting these standards.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Introduction to AI for Nonprofits with Tapp Network
Uop acc 544 week 6 quiz internal controls new
1. UOP ACC 544 Week 6 Quiz (Internal Controls) NEW
Check this A+ tutorial guideline at
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week-6-quiz-internal-controls-new
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• Question 1 Which of the following payroll control activities
would most effectively ensure that payment is made only for
work performed?
• Question 2 Effective internal control over the payroll
function would include which of the following?
• Question 3 One of the auditor’s objectives in observing the
actual distribution of payroll checks is to determine that every
name on the payroll is that of a bona fide employee. The payroll
observation is an auditing procedure that is generally
performed for which of the following reasons?
• Question 4 A large retail enterprise has established a policy
which requires that the paymaster deliver all unclaimed
payroll checks to the internal auditing department at the end of
each payroll distribution day. This policy was most likely
adopted in order to
• Question 5 In the audit of which of the following types of
profit-oriented enterprises would the auditor be most likely to
place special emphasis on testing the controls over proper
classification of payroll transactions?
• Question 6 The reliance placed on substantive tests in
relation to the reliance placed on internal control varies in a
relationship that is ordinarily
• Question 7 An auditor uses the assessed level of the risk of
2. material misstatement to
• Question 8 The purpose of segregating the duties of hiring
personnel and distributing payroll checks is to separate the
• Question 9 An audit client failed to maintain copies of its
procedures manuals and organizational flowcharts. What
should the auditor do in an audit of financial statements?
• Question 10 As a result of tests of controls, an auditor
assesses control risk too high. This incorrect assessment most
likely occurred because
• Question 11 To provide assurance that each voucher is
submitted and paid only once, an auditor most likely would
examine a sample of paid vouchers and determine whether
each voucher is
• Question 12 A client erroneously recorded a large purchase
twice. Which of the following controls would be most likely to
detect this error in a timely and efficient manner?
• Question 13 A client’s materials-purchasing cycle begins with
requisitions from user departments and ends with the receipt
of materials and the recognition of a liability. An auditor’s
primary objective in reviewing this cycle is to
• Question 14 The company being audited has an internal
auditor that is both competent and objective. The independent
auditor wants to assign tasks for the internal auditor to
perform. Under these circumstances, the independent auditor
may
• Question 15 An effective control that protects against the
preparation of improper or inaccurate disbursements would be
to require that all checks be
• Question 16 During a financial statement audit an internal
auditor may provide direct assistance to the independent CPA
in performing
• Question 17 When assessing internal auditors' objectivity, an
independent auditor should
• Question 18 Which of the following factors most likely would
3. assist an independent auditor in assessing the objectivity of the
internal auditor?
• Question 19 Which of the following is the most effective
control to detect vouchers that were prepared for the payment
of goods that were not received?
• Question 20 Miller Retailing, Inc. maintains a staff of three
full-time internal auditors who report directly to the controller.
In planning to use the internal auditors to provide assistance
in performing the audit, the independent auditor most likely
will
• Question 21 The accounts payable department receives the
purchase order form to accomplish all of the following except
• Question 22 The independent auditor should acquire an
understanding of the internal audit function as it relates to the
independent auditor’s consideration of internal control
because
• Question 23 For effective internal control purposes, the
vouchers payable department generally should
• Question 24 For which of the following judgments may an
independent auditor share responsibility with an entity’s
internal auditor who is assessed to be both competent and
objective?
• Question 25 If the independent auditor decides that the work
performed by internal auditors may have a bearing on the
independent auditor’s own procedures, the independent
auditor should consider the objectivity of the internal auditors.
One method of judging objectivity is to
• Question 26 While obtaining an understanding of a client’s
risk assessment policies, an auditor ordinarily considers how
management
• Question 27 Management’s attitude toward aggressive
financial reporting and its emphasis on meeting projected
profit goals most likely would significantly influence an entity’s
control environment when
4. • Question 28 Which of the following statements is correct
regarding internal control?
• Question 29 Which of the following factors is most relevant
when an auditor considers the client’s organizational structure
in the context of control risk?
• Question 30 Which of the following analytical procedures
most likely would be used during the risk assessment stage of
an audit?
• Question 31 Analytical procedures performed during the risk
assessment phase of an audit should focus on
• Question 32 Which of the following is an analytical procedure
that an auditor most likely would perform when performing
the risk assessment of an audit?
• Question 33 Which of the following most likely would cause
an auditor to consider whether a client’s financial statements
contain material misstatements?
• Question 34 To help plan the nature, timing, and extent of
substantive auditing procedures, preliminary analytical
procedures should focus on
• Question 35 When a customer fails to include a remittance
advice with a payment, it is a common practice for the person
opening the mail to prepare one. Consequently, mail should be
opened by which of the following four company employees?
• Question 36 Which one of the following would the auditor
consider to be an incompatible operation if the cashier receives
remittances from the mailroom?
• Question 37 An auditor’s tests of controls for completeness
for the revenue cycle usually include determining whether
• Question 38 An auditor reviews a client’s accounting policies
and procedures when considering which of the following
planning matters?
• Question 39 An entity with a large volume of customer
remittances by mail could most likely reduce the risk of
employee misappropriation of cash by using
5. • Question 40 An auditor has identified the controller's review
of the bank reconciliation as a control to test. In connection
with this test, the auditor interviews the controller to
understand the specific data reviewed on the reconciliation. In
addition, the auditor verifies that the bank reconciliation is
properly prepared by the accountant and reviewed by the
controller as evidenced by their respective sign-offs. Which of
the following types of audit procedures do these actions
illustrate?
• Question 41 Which of the following best represents a key
control for ensuring sales are properly authorized when
assessing control risks for sales?
• Question 42 An auditor who uses a transaction cycle approach
to assessing control risk most likely would test control
activities related to transactions involving the sale of goods to
customers with the
• Question 43 To determine whether internal control relative
to the revenue cycle of a wholesaling entity is operating
effectively in minimizing the failure to prepare sales invoices,
an auditor most likely would select a sample of transactions
from the population represented by the
• Question 44 For effective internal control, the billing function
should be performed by the
• Question 45 At which point in an ordinary sales transaction
of a wholesaling business would a lack of specific authorization
be of least concern to the auditor in the conduct of an audit?
• Question 46 Which of the following fraudulent activities most
likely could be perpetrated due to the lack of effective internal
control in the revenue cycle?
• Question 47 To verify that all sales transactions for which
shipment has occurred have been recorded, a test of
transactions should be completed on a representative sample
drawn from
• Question 48 After testing a client’s internal control activities,
6. an auditor discovers a number of significant deficiencies in the
operation of a client’s internal control. Under these
circumstances the auditor most likely would
• Question 49 Which of the following is true regarding
significant deficiencies?
• Question 50 During the audit the independent auditor
identified the existence of a significant deficiency in the client’s
internal control and communicated this finding in writing to
the client’s management and to those charged with governance.
The auditor should
• Question 51 Which of the following statements is correct
concerning an auditor’s communication on internal control
related matters noted in an audit?
• Question 52 Which of the following would not typically be a
control relied upon during an audit?
• Question 53 The auditor would be least likely to be concerned
about internal control as it relates to
• Question 54 When preparing a record of a client’s internal
control, the independent auditor sometimes uses a flowchart,
which can best be described as a
• Question 55 One important reason why a CPA, during the
course of an audit engagement, prepares internal control
flowcharts is to
• Question 56 In an audit of financial statements, an auditor’s
primary consideration regarding a control is whether the
control
• Question 57 Effective internal control requires organizational
independence of departments. Organizational independence
would be impaired in which of the following situations?
• Question 58 An auditor would most likely be concerned with
controls that provide reasonable assurance about the
• Question 59 Proper segregation of functional responsibilities
calls for separation of the
• Question 60 Which of the following sets of duties would
7. ordinarily be considered basically incompatible in terms of
good internal control?
• Question 61 A primary objective of procedures performed to
obtain an understanding of internal control is to provide an
auditor with
• Question 62 Which of the following factors is most likely to
affect the extent of the documentation of the auditor’s
understanding of a client’s system of internal controls?
• Question 63 Walk-throughs provide evidence that helps
auditors to
• Question 64 An auditor’s tests of controls over the issuance of
raw materials to production would most likely include
• Question 65 Well functioning internal control for the
inventory/production functions would provide that finished
goods are to be accepted for stock only after presentation of a
completed production order and a(n)
• Question 66 Tests of controls are performed in order to
determine whether
• Question 67 Which of the following would be least likely to be
included in an auditor’s tests of controls?
• Question 68 Which of the following is not a step in an
auditor’s decision to conclude that controls operate effectively?
• Question 69 When an auditor plans to rely on controls that
have changed since they were last tested, which of the following
courses of action would be most appropriate?
• Question 70 Which of the following is a step in an auditor’s
decision to assess the risk of material misstatement at a low
level by relying on controls?
• Question 71 A client maintains a large data center where
access is limited to authorized employees. How may an auditor
best determine the effectiveness of this control activity?
• Question 72 Which of the following is an inherent limitation of
internal controls?
• Question 73 An independent auditor has concluded that the
8. client’s records, procedures, and representation can be relied
upon based on tests made during the year when internal
control was found to be effective. The auditor should test the
records, procedures, and representations again at year-end if
• Question 74 When considering internal control to determine
whether the necessary procedures are designed and operating
effectively, an auditor must
• Question 75 Which of the following is required
documentation in an audit in accordance with generally
accepted auditing standards?