Principles of Auditing & Other Assurance Services Chapter 7 Exam Bank Solution Manual Already Passed
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Principles of Auditing & Other Assurance Services
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Principles Of Auditing & Other Assurance Services
Principles of Auditing & Other Assurance Services Chapter 7 Exam Bank Solution Manual Already Passed
As of date - Answers A concept applied to internal control reporting by Sarbs and PCAOB Standard No . The internal control reports of both management and the auditors are as of the final day of th...
Principles of Auditing & Other Assurance Services Chapter 7 Exam Bank Solution Manual Already
Passed
As of date - Answers A concept applied to internal control reporting by Sarbs and PCAOB Standard No .
The internal control reports of both management and the auditors are as of the final day of the
reporting period - the "as of date"
Assessed level of control risk - Answers The level of control risk used by the auditors in determining
acceptable detection risk for a financial statement assertion and, accordingly, in deciding on the nature,
timing, and extent of substantive procedures
Audit decision aid - Answers a standard checklist, form, or computer program that assists auditors in
making audit decision by ensuring that they consider all relevant information or that aids them in
weighting and combiining the information to make a decision
Compensating control - Answers A control that reduces the risk that an existing or potential control
weakness will result in a failure to meet a control objective (avoiding misstatements). Ordinarily controls
performed to detect, rather than prevent, the original misstatement from occurring
Complementary controls - Answers Controls that function together to achieve the same control
objective
Control Risk - Answers the possibility that a material misstatement due to error or fraud in a financial
statement assertion will not be prevented or detected by the client's internal control
Corrective control - Answers A control established to remedy control problems (eg misstatements) that
are discovered thought detective controls
Deficiency in internal control - Answers A situation in which the design or operation of a control does
not allow management or employees, in the normal course of performing their functions, to prevent or
detect misstatements on a timely basis. A deficiency in design exists when either a control necessary to
meet a control objective is missing or the existing control is not designed to operate effectively. A
deficiency in operation exists when a properly designed control does not operate as designed, or when
the person performing the control does not possess the necessary authority or qualifications to perform
the control effectively.
Detective controls - Answers Designed to discover misstatements after they have occurred
Fidelity bonds - Answers A form of insurance in which a bonding company agrees to reimburse an
employer for losses attributable to theft or embezzlement by bonded employees
Foreign corrupt practices act - Answers Federal legislation prohibiting payments to foreign officials for
the purpose of securing business. The act also requires all companies under SEC jurisdiction to maintain
a system of internal control providing reasonable assurance that transactions are executed only with the
knowledge and authorization of management
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