Question 61 Which of the following statements is true about an auditors

Question 61 which of the following statements is true

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Question: 61Which of the following statements is true about an auditor’s communication with those charged with
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governance?C.This communication should include disagreements with management about audit adjustments, whether or not satisfactorily resolvedQuestion: 62It would not be appropriate for the auditor to initiate discussion with the audit committee concerningC.Details of the procedures that the auditor intends to applyQuestion: 63Which of the following is true about the auditor’s communication with those charged with governance?C.The communication should be a two-way discourse between the auditor and those charged with governance.Question: 64A service auditor’s report on internal control may be issued on management’s description of a service organization system and the suitability of the design of controls or management’s description of a service organization system and the suitability and operating effectiveness of controls. Which of the following is true about a type 1 report?A.It should state that the auditor did not test the effectiveness of the controlsQuestion: 65Dunn, CPA, is auditing the financial statements of Taft Co. Taft uses Quick Service Center (QSC) to process its payroll. Price, CPA, is expressing an opinion on management’s description of the controls implemented and their suitability of design at QSC regarding the processing of its customers’ payroll transactions. Dunn expects to consider the effects of Price’s report on the Taft engagement. Price’s report should contain a(n)C.Description of the scope and nature of Price’s procedures.Question: 66In an audit engagement, should an auditor communicate the following matters to those charged with governance?Auditors’ JudgmentsIssues DiscussedAbout the Quality ofwith Managementthe Client’sPrior to theAccounting PrinciplesAuditor’s RetentionYesYesQuestion: 67Which of the following is a true statement concerning an attest engagement to examine an entity’s internalcontrol over financial reporting?C.The responsible party evaluates the effectiveness of internal control.Question: 68In obtaining an understanding of an issuer’s internal control, an auditor does all the following exceptA.Send confirmations to customers.Question: 69In the integrated audit of an issuer, which of the following would not be considered an entity-level control?C.The outside auditor’s assessment process of internal auditor competence and objectivity.Question: 70An auditor is auditing a mutual fund company that uses a transfer agent to handle accounting forshareholders. Which of the following actions by the auditor would be most efficient for obtaining informationabout the transfer agent’s internal controls?
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