Once auditors determine that entity level controls are designed and placed in

Once auditors determine that entity level controls

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43) Once auditors determine that entity level controls are designed and placed in the operation they: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 opine on the company's internal control system.Answer: A44) Which of the following is the correct definition of "control deficiency"?45) Which of the following deficiency exists if a necessary control is missing or not properly formulated?46) Significant deficiencies and material weaknesses in internal control of a public company must be reported in writing to which of the following?47) Significant deficiencies are matters that come to an auditor's attention and should be communicated to an entity's audit committee because they represent:A) material frauds perpetrated by high-level management.*B) internal control deficiencies that could adversely affect a company's ability to initiate, record, process, or report external financial statements reliably.C) flagrant violations of the entity's documented conflict-of-interest policies.D) intentional attempts by client personnel to limit the scope of the auditor's field work.48) How must significant deficiencies and material weaknesses be communicated to those charged with governance?
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