Question: In an integrated audit the auditor must issue an opinion on ICFR effectiveness only at managements report date which is typically at year end. Yet

In an integrated audit the auditor must issue an opinion on ICFR effectiveness only at management’s report date which is typically at year end. Yet if ICFR is to be relied upon for the financial statement audit, the ICFR effectiveness must be tested for the entire year. Is long term debt an area for which the auditor of a public company might not rely on ICFR for the financial statement audit? Why or why not? How would the audit procedures be different under the different approaches to the audit?

Step by Step Solution

★★★★★

3.45 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Long term debt transactions are typically infrequent although large in value As such t... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

395-B-A-A-A-N (3381).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

The board of directors of a public company is having its monthly meeting. One of the items on the agenda is the possible distribution of a cash dividend to shareholders. If the board decides to issue...

Under Sarbanes-Oxley, the audit committee of a public company A) Must meet on a monthly basis. B) Must be comprised entirely of financial experts. C) Is responsible for the oversight of the work of...

Please help.Read the report and note the year end for your company as the accounting principles used by the company. Please list the year end and accounting principles used by the company. 1. Find...

Chapter 8 Audit plan - Internal Control 1. In understanding a client's internal control, the most important aspect of any internal control is Hint: Think of substance versus form] a. having competent...

Hello, Would you please review the attached assignment? I know I have errors in and this assignment carries into the rest of the course so I need to get it corrected to move forward. I have attached...

Post-SOX (Sarbanes-Oxley Act) academic research on internal control focuses on the characteristics of publicly listed companies disclosing material control weaknesses or the consequences experienced...

Highlight the right answers in colors ,make sure I,ll get more than 95% Question 1 of 45 All of the following statements are true, except: A tendency for fraud may exist when the granting of stock...

****Your answer will ONLY be used as a guide and not turned in as my work, DO NOT TAKE THIS QUESTION AND THEN FLAG IT FOR THE HONOR CODE!*** Please help with the 3 finance questions below: -Each...

Estimate Walmarts weighted average cost of capital (WACC). State any assumptions and your methodology in a clear and concise manner. EXHIBIT 2: WALMART INC., CONSOLIDATED BALANCE SHEET AS OF JANUARY...

Assume that you have following information on stocks X and Y Stock Name Beta (B) Total Risk MRP Risk Free Rate X 1.5 40% 10% 7% Y 2.5 20% a) Assuming that you are risk averse investor, which stock...

WHY i t isnt ( 2 2 - 2 s i n 2 x ) instead o f ( 2 - 2 s i n x ) 2

Visburg Concrete Company pours concrete slabs for single-family dwellings. Lancing Construction Company, which operates outside Visburg's normal sales territory, asks Visburg to pour 40 slabs for...

Each of the following scenarios is independent. Assume that all cash flows are after-tax cash flows. a. Wysocki Company is considering the purchase of new equipment that will speed up the process for...

Complete Accounting Services has the following payroll information for the week ended December 7. State income tax is computed as 20 percent of federal income tax. Assumed tax rates are as follows:...

Each of the following scenarios is independent. Assume that all cash flows are after-tax cash flows. a. Nomander Company is considering the purchase of new equipment that will speed up the process...

You are preparing a statement of activities for the University of Richland, a private not-for-profit organization. The following questions should be viewed as independent of each other. Part 1 During...

Describe two nonlegislative powers of Congress.

Which of the following is most closely related to the relevance of audit evidence? a. Auditors decide to physically inspect investment securities held by a custodian instead of obtaining...

Which of the following statements is not true with respect to the performance principle? a. Auditors are required to prepare a written audit plan during the planning stages of initial audits but are...

Which of the following is an example of HTML events ? onchage doubleclick click () onclick

A bond matures 4 years from now and is currently trading for $1,080. The bond has a $1000 face value, a 5.8% annual coupon rate, and coupons are paid semiannually. What is the bond's yield to...

An article presents measurements of total solids, In g/L, for seven sludge specimens. The results are 19, 6, 26, 43, 25, 20, and 32. Assume the distribution of total solids is approximately...