After obtaining an understanding of a client's controls, an auditor may decide to omit tests of the
Question:
After obtaining an understanding of a client's controls, an auditor may decide to omit tests of the controls. Which of the following is not an appropriate reason to omit tests of controls?
a. The controls appear adequate.
b. The controls duplicate other controls.
c. Reportable conditions preclude assessing control risk below the maximum.
d. The effort to test controls exceeds the effort saved by not performing substantive tests.
Choose the correct answer.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Hassan Imtiaz
The following are details of my Professional Experience. Responsibilities Eight years of demanding teaching experience in the field of finance and business studies at Master’s Level. Completion of the given tasks within given time with quality and efficiency. Marketing professional with practical experience in and solid understanding of a diverse range of management applications, including market analysis, sales and marketing, team building and quality assurance. I have excellent skills to approach deal and sustain corporate clients / customers by demonstrating not only extraordinary communication and interpersonal skills but also high caliber presentation, negotiation and closing skills. Manage and follow up the day-to-day activities. Manage and co-ordinate the inventories. Fulfillment of all the tasks assigned.
The following are details of my Areas of Effectiveness. Finance 1. Corporate Finance 2. Advanced Corporate Finance 3. Management of Financial Institutions 4. International Financial Management 5. Investments 6. Fixed Income 7. Real Estate Investment 8. Entrepreneurial Finance 9. Derivatives 10. Alternative Investments 11. Portfolio Management 12. Financial Statement Analysis And Reporting (US GAAP & IFRS) 13. International Financial Markets 14. Public Finance 15. Personal finance 16. Real estate 17. Financial Planning Quantitative Analysis 1. Time Value Of Money 2. Statistics 3. Probability Distribution 4. Business Statistics 5. Statistical Theory and Methods Economics 1. Principles of Economics 2. Economic Theory 3. Microeconomic Principles 4. Macroeconomic Principles 5. International Monetary Economics 6. Money and Banking 7. Financial Economics 8. Population Economics 9. Behavioral Economics International Business 1. Ethics 2. Business Ethics 3. An introduction to business studies 4. Organization & Management 5. Legal Environment of Business 6. Information Systems in Organizations 7. Operations Management 8. Global Business Policies 9. Industrial Organization 10. Business Strategy 11. Information Management and Technology 12. Company Structure and Organizational Management Accounting & Auditing 1. Financial Accounting 2. Managerial Accounting 3. Accounting for strategy implementation 4. Financial accounting 5. Introduction to bookkeeping and accounting Marketing 1. Marketing Management 2. Professional Development Strategies 3. Business Communications 4. Business planning 5. Commerce & Technology Human resource management 1. General Management 2. Conflict management 3. Leadership 4. Organizational Leadership 5. Supply Chain Management 6. Law 7. Corporate Strategy Creative Writing 1. Analytical Reading & Writing Other Expertise 1. Risk Management 2. Entrepreneurship 3. Management science 4. Organizational behavior 5. Project management 6. Financial Analysis, Research & Companies Valuation 7. And any kind of Excel Queries
4.80+
150+ Reviews
230+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
1. As part of understanding internal control, an auditor is not required to a. Consider factors that affect the risk of material misstatement. b. Ascertain whether internal control policies and...
-
Multiple Choice 1. An auditors primary consideration regarding an entitys internal controls is whether they a. Prevent management override. b. Relate to the control environment. c. Reflect...
-
CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...
-
Doug Brackett wants to have enough mechanics on hand to take care of his customer requests, but he does not want to be paying mechanics to sit around doing nothing. Doug needs to know a reasonable...
-
Many smartphones, especially those of the LTE-enabled persuasion, have earned a bad rap for exceptionally poor battery life. Battery life between charges for the Motorola Droid Razr Max averages 20...
-
Is it wrong for Walmart to fight unionization? Sam Walton always felt the company should function as one big happy family and that unions were to be resisted. What is your evaluation of the union...
-
The cantilever beam is subjected to a couple moment \(M_{0}\) applied at its end. Determine the slope of the beam at \(B\). EI is constant. -L- B Mo
-
Selected account balances before adjustment for Newhouse Realty at March 31, 2012, the end of the current year, are as follows: Data needed for year-end adjustments are as follows: a. Unbilled fees...
-
What particular challenges do students face in online learning environments? Explain some preparation strategies to become a successful online student by detailing at least four steps to manage these...
-
Which of the following statements is not true about test data? a. Test data should consist only of conditions that interest the auditor. b. Only one transaction of each type need be tested. c. Test...
-
The primary purpose of performing tests of controls is to provide reasonable assurance that: a. Internal control is effective. b. The accounting system is documented accurately. c. Transactions are...
-
The cost of direct materials transferred into the Filling Department of Savannah Lotion Company is $ 13,300. The conversion cost for the period in the Filling Department is $ 3,100. The total...
-
In the track meet, I competed in the high jump and the pole vault. In Exercises 2532, determine whether the data described are nominal or ordinal.
-
How do the various types of countertrade arrangements differ from one another?
-
All the customers who entered a store on a particular day were given a survey to fill out concerning their opinions of the service at the store. In Exercises 2536, identify the kind of sample that is...
-
I finished first in the high jump and third in the pole vault. In Exercises 2532, determine whether the data described are nominal or ordinal.
-
How do a trade acceptance and a bankers acceptance differ?
-
A hydrofoil 50 cm long and 4 m wide moves at 28 kn in seawater at 20°C. Using flat-plate theory with Retr = 5E5, estimate its drag, in N, for (a) a smooth wall and (b) a rough wall, ε =...
-
You have accepted the engagement of auditing the financial statements of the C. Reis Company, a small manufacturing firm that has been your auditee for several years. Because you were busy writing...
-
Mild steel is being cast into a cylindrical solid which is 60 cm high and has a diameter of 12 cm. The cylinder is upright in the mold. The mold is bottom-gated (see class notes for geometry). There...
-
2. (11 marks total) The sketch shows one of the cooling towers at the University's power plant. The following data were recorded from the operating of the tower in March 2010. Water enters the tower...
-
16 3 pts For thin-walled closed sections (of constant thickness), such as the one shown below, we can approximate the torsional constant J* as J* = 4tA/Lm, where A is the area enclosed within the...
Study smarter with the SolutionInn App