AUD 3 Internal Control 16 - 1 Operating Cycles - Investing and Financing Cycle

Question 1

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Answer 1

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 2

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acq________ and disposal of assets other than inventory

Answer 2

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

Question 3

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and dis_______ of assets other than inventory

Answer 3

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

Question 4

Investing and Financing Cycle

The investing and financing cycle deals with tran________ involving acquisition and disposal of assets other than inventory

Answer 4

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

Question 5

Investing and Financing Cycle

The in_______ and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

Answer 5

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

Question 6

Investing and Financing Cycle

The investing and fi_______ cycle deals with transactions involving acquisition and disposal of assets other than inventory

Answer 6

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

Question 7

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than in_______

Answer 7

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

Question 8

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of as_____ other than inventory

and transactions with creditors and shareholders.

Answer 8

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

and transactions with creditors and shareholders.

Question 9

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

and tran_______ with creditors and shareholders.

Answer 9

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

and transactions with creditors and shareholders.

Question 10

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

and transactions with cre_____ and shareholders.

Answer 10

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

and transactions with creditors and shareholders.

Question 11

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

and transactions with creditors and sha________.

Answer 11

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

and transactions with creditors and shareholders.

Question 12

Investing and Financing Cycle

The investing and financing cycle de___ with transactions involving acquisition and disposal of assets other than inventory

and transactions with creditors and shareholders.

Answer 12

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory

and transactions with creditors and shareholders.

Question 13

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Lately the exam has done significant testing on Derivatives in the TBS section of the Audit exam.

Substantive testing for derivatives will be covered in more detail in the audit evidence section.

Answer 13

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Lately the exam has done significant testing on Derivatives in the TBS section of the Audit exam.

Substantive testing for derivatives will be covered in more detail in the audit evidence section.

Question 14

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Since there are typically very few tran_________ in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place.

Answer 14

Investing and Financing Cycle

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place.

Question 15

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical ye__ for a client,

Answer 15

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

Question 16

Investing and Financing Cycle

Since there are typically very f__ transactions in these areas in a typical year for a client,

Answer 16

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

Question 17

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an au_____ will often find it most efficient to ignore the internal control structure

Answer 17

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control structure

Question 18

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most effi_____ to ignore the internal control structure

Answer 18

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control structure

Question 19

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control str_______

Answer 19

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control structure

Question 20

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it m___ efficient to ignore the internal control structure

Answer 20

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control structure

Question 21

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ig____ the internal control structure

Answer 21

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control structure

Question 22

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal c_______ structure

Answer 22

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control structure

Question 23

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control structure

and simply t___ the few transactions that took place.

Answer 23

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control structure

and simply test the few transactions that took place.

Question 24

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control structure

and simply test the f__ transactions that took place.

Answer 24

Investing and Financing Cycle

Since there are typically very few transactions in these areas in a typical year for a client,

an auditor will often find it most efficient to ignore the internal control structure

and simply test the few transactions that took place.

Question 25

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few tra________ that took place.

Answer 25

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place.

Question 26

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that t__k place.

Answer 26

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place.

Question 27

Investing and Financing Cycle The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders. Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Not test the controls; * Assess risk of material misstatement at the same level as inherent risk, assuming that control risk is at the maximum level, generally resulting in a high RMM; and * Reduce detection risk by performing extensive substantive tests.

Answer 27

Investing and Financing Cycle The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders. Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Not test the controls; * Assess risk of material misstatement at the same level as inherent risk, assuming that control risk is at the maximum level, generally resulting in a high RMM; and * Reduce detection risk by performing extensive substantive tests.

Question 28

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Not t___ the controls

Answer 28

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Not test the controls

Question 29

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Not test the con_____

Answer 29

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Not test the controls

Question 30

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • N__ test the controls

Answer 30

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Not test the controls

Question 31

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Not test the controls * Assess ri__ of material misstatement at the same level as inherent risk,

Answer 31

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Not test the controls * Assess risk of material misstatement at the same level as inherent risk,

Question 32

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Not test the controls * Assess risk of ma______ misstatement at the same level as inherent risk,

Answer 32

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Not test the controls * Assess risk of material misstatement at the same level as inherent risk,

Question 33

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Ass___ risk of material misstatement at the same level as inherent risk,

Answer 33

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement at the same level as inherent risk,

Question 34

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement at the sa__ level as inherent risk,

Answer 34

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement at the same level as inherent risk,

Question 35

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement at the same le___ as inherent risk,

Answer 35

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement at the same level as inherent risk,

Question 36

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement at the same level as inh_______ risk,

Answer 36

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR),

Question 37

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent r___ (IR), assuming that control risk is at the maximum level,

Answer 37

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk is at the maximum level,

Question 38

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that co_____ risk is at the maximum level,

Answer 38

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level,

Question 39

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control ri__ (CR) is at the maximum level,

Answer 39

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level,

Question 40

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), as___ing that control risk (CR) is at the maximum level,

Answer 40

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level,

Question 41

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the ma________ level,

Answer 41

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level,

Question 42

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a h___ RMM

Answer 42

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM

Question 43

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally re____ing in a high RMM

Answer 43

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM

Question 44

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high R___

Answer 44

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM

Question 45

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high ____

Answer 45

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM

Question 46

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM; and * Reduce det______ risk by performing extensive substantive tests.

Answer 46

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM; and * Reduce detection risk (DR) by performing extensive substantive tests.

Question 47

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM; and * Reduce detection ri__ by performing extensive substantive tests.

Answer 47

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM; and * Reduce detection risk by performing extensive substantive tests.

Question 48

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Reduce detection risk by pe______ing extensive substantive tests.

Answer 48

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Reduce detection risk by performing extensive substantive tests.

Question 49

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Re____ detection risk by performing extensive substantive tests.

Answer 49

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Reduce detection risk by performing extensive substantive tests.

Question 50

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Reduce detection risk by performing extensive substantive t___s.

Answer 50

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Reduce detection risk by performing extensive substantive tests.

Question 51

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Reduce detection risk by performing extensive sub_________ tests.

Answer 51

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Reduce detection risk by performing extensive substantive tests.

Question 52

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Reduce detection risk by performing ex________ substantive tests.

Answer 52

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: • Reduce detection risk by performing extensive substantive tests.

Question 53

Investing and Financing Cycle The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders. Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the au_____ will: * Not test the controls; * Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM; and * Reduce detection risk (DR) by performing extensive substantive tests.

Answer 53

Investing and Financing Cycle The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders. Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Not test the controls; * Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM; and * Reduce detection risk (DR) by performing extensive substantive tests.

Question 54

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Not t___ the controls; * Assess risk of material misstatement (RMM) at the sa__ level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a hi__ RMM; ``` RMM = IR CR = Maximum ``` and • Reduce detection risk (DR) by performing extensive substantive tests.

Answer 54

Investing and Financing Cycle Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place. In this case, the auditor will: * Not test the controls; * Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), assuming that control risk (CR) is at the maximum level, generally resulting in a high RMM; ``` RMM = IR CR = Maximum ``` and • Reduce detection risk (DR) by performing extensive substantive tests.

Question 55

Investing and Financing Cycle In those less fre______ cases where a large number of transactions have occurred,

Answer 55

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred,

Question 56

Investing and Financing Cycle In those less frequent cases where a la___ number of transactions have occurred,

Answer 56

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred,

Question 57

Investing and Financing Cycle In those less frequent cases where a large number of tran_______ have occurred, the auditor may find it more efficient to rely on the internal control structure

Answer 57

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure

Question 58

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more effi_____ to rely on the internal control structure

Answer 58

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure

Question 59

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it m___ efficient to rely on the internal control structure

Answer 59

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure

Question 60

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to r__y on the internal control structure

Answer 60

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure

Question 61

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control str______ rather than test the numerous transactions that took place.

Answer 61

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place.

Question 62

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than t___ the numerous transactions that took place.

Answer 62

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place.

Question 63

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous tran_______ that took place.

Answer 63

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place.

Question 64

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occ___ed, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Test the controls to determine their effectiveness; * Reduce the risk of material misstatement based on the results of the tests of controls; and * Accept higher detection risk by performing only limited substantive tests.

Answer 64

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Test the controls to determine their effectiveness; * Reduce the risk of material misstatement based on the results of the tests of controls; and * Accept higher detection risk by performing only limited substantive tests.

Question 65

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Te__ the controls to determine their effectiveness;

Answer 65

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Test the controls to determine their effectiveness;

Question 66

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Test the con_____ to determine their effectiveness;

Answer 66

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Test the controls to determine their effectiveness;

Question 67

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Test the controls to det_______ their effectiveness;

Answer 67

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Test the controls to determine their effectiveness;

Question 68

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Test the controls to determine their effe_______ss;

Answer 68

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Test the controls to determine their effectiveness;

Question 69

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Test the controls to determine their effectiveness; * Reduce the ri__ of material misstatement (RMM) based on the results of the tests of controls;

Answer 69

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Test the controls to determine their effectiveness; * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls;

Question 70

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Test the controls to determine their effectiveness; * Re____ the risk of material misstatement (RMM) based on the results of the tests of controls;

Answer 70

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Test the controls to determine their effectiveness; * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls;

Question 71

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Reduce the risk of material misstatement (RMM) b__ed on the results of the tests of controls;

Answer 71

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Reduce the risk of material misstatement (RMM) based on the results of the tests of controls;

Question 72

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Reduce the risk of material misstatement (RMM) based on the re___ts of the tests of controls;

Answer 72

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Reduce the risk of material misstatement (RMM) based on the results of the tests of controls;

Question 73

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Reduce the risk of material misstatement (RMM) based on the results of the t___s of controls;

Answer 73

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Reduce the risk of material misstatement (RMM) based on the results of the tests of controls;

Question 74

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Reduce the risk of material misstatement (RMM) based on the results of the tests of con_____;

Answer 74

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Reduce the risk of material misstatement (RMM) based on the results of the tests of controls;

Question 75

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls; * Accept higher det______ risk (DR) by performing only limited substantive tests.

Answer 75

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls; and * Accept higher detection risk (DR) by performing only limited substantive tests.

Question 76

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls; * Ac____ higher detection risk (DR) by performing only limited substantive tests.

Answer 76

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls; * Accept higher detection risk (DR) by performing only limited substantive tests.

Question 77

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Accept hi__er detection risk (DR) by performing only limited substantive tests.

Answer 77

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Accept higher detection risk (DR) by performing only limited substantive tests.

Question 78

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Accept higher detection risk (DR) by per____ing only limited substantive tests.

Answer 78

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Accept higher detection risk (DR) by performing only limited substantive tests.

Question 79

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Accept higher detection risk (DR) by performing only li___ed substantive tests.

Answer 79

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Accept higher detection risk (DR) by performing only limited substantive tests.

Question 80

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Accept higher detection risk (DR) by performing only limited sub_______ tests.

Answer 80

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Accept higher detection risk (DR) by performing only limited substantive tests.

Question 81

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Accept higher detection risk (DR) by performing only limited substantive te__s.

Answer 81

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: • Accept higher detection risk (DR) by performing only limited substantive tests.

Question 82

Investing and Financing Cycle In those l__s frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Test the controls to determine their effectiveness; * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls; and * Accept higher detection risk (DR) by performing only limited substantive tests.

Answer 82

Investing and Financing Cycle In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. In this case, the auditor will: * Test the controls to determine their effectiveness; * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls; and * Accept higher detection risk (DR) by performing only limited substantive tests.

Question 83

Investing and Financing Cycle As with the other cycles, the au_____ is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Answer 83

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 84

Investing and Financing Cycle As with the other cycles, the auditor is con____ed with the relationship of the internal control procedures to the management assertions on the financial statements.

Answer 84

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 85

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the rel_________ of the internal control procedures to the management assertions on the financial statements.

Answer 85

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 86

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the int______ control procedures to the management assertions on the financial statements.

Answer 86

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 87

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control pro_______s to the management assertions on the financial statements.

Answer 87

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 88

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the ma________ assertions on the financial statements.

Answer 88

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 89

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management as________s on the financial statements.

Answer 89

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 90

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial sta______ts.

Answer 90

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 91

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of con_____ that support the assertions with regard to investments include (PERCV):

Answer 91

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV):

Question 92

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the as_______ with regard to investments include (PERCV):

Answer 92

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV):

Question 93

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to inv________s include (PERCV):

Answer 93

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV):

Question 94

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 94

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 95

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Pre________ and Disclosure

Answer 95

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure

Question 96

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Di__________

Answer 96

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure

Question 97

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • P____________ and D__________

Answer 97

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure

Question 98

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Exi_______ or Occurrence

Answer 98

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence

Question 99

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occ_______

Answer 99

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence

Question 100

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • E__________ or Occurrence

Answer 100

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence

Question 101

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or O__________

Answer 101

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence

Question 102

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Existence or Occurrence * Ri_____ and Obligations

Answer 102

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Existence or Occurrence * Rights and Obligations

Question 103

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Existence or Occurrence * Rights and Ob_________

Answer 103

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Existence or Occurrence * Rights and Obligations

Question 104

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • R_______ and Obligations

Answer 104

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations

Question 105

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and O_________

Answer 105

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations

Question 106

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Rights and Obligations * Com__________ and Cutoff

Answer 106

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Rights and Obligations * Completeness and Cutoff

Question 107

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Rights and Obligations * Completeness and Cut___

Answer 107

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Rights and Obligations * Completeness and Cutoff

Question 108

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • C__________ and Cutoff

Answer 108

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff

Question 109

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and C_____

Answer 109

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff

Question 110

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Completeness and Cutoff * Val_______, Allocation and Accuracy

Answer 110

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 111

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Completeness and Cutoff * Valuation, All_________ and Accuracy

Answer 111

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 112

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Completeness and Cutoff * Valuation, Allocation and Acc______

Answer 112

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 113

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • V________, Allocation and Accuracy

Answer 113

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy

Question 114

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, A________ and Accuracy

Answer 114

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy

Question 115

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and A________

Answer 115

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy

Question 116

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * P___________ and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 116

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 117

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and D__________ * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 117

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 118

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * E________ or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 118

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 119

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or O_________ * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 119

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 120

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * R_____ and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 120

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 121

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and O_________ * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 121

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 122

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * C__________ and Cutoff * Valuation, Allocation and Accuracy

Answer 122

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 123

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and C_____ * Valuation, Allocation and Accuracy

Answer 123

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 124

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * V________, Allocation and Accuracy

Answer 124

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 125

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, A_________ and Accuracy

Answer 125

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 126

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and A_________

Answer 126

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 127

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * ____________________ * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 127

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 128

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * ____________________ * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 128

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 129

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * ___________________ * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 129

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 130

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * ______________________ * Valuation, Allocation and Accuracy

Answer 130

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 131

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * _____________________________

Answer 131

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 132

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Answer 132

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 133

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller det_________ that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Answer 133

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Question 134

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The con_______ determines that securities are classified in the records correctly

Answer 134

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly

Question 135

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that sec_______ are classified in the records correctly

Answer 135

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly

Question 136

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are cla______ in the records correctly

Answer 136

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly

Question 137

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the rec_____ correctly

Answer 137

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly

Question 138

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records co_____ly

Answer 138

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly

Question 139

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading sec______,

Answer 139

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities,

Question 140

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as tra_____ securities,

Answer 140

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities,

Question 141

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, a_______-for-sale securities,

Answer 141

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities,

Question 142

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-s___ securities,

Answer 142

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities,

Question 143

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or h___-to-maturity securities,

Answer 143

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities,

Question 144

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-ma_____y securities,

Answer 144

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities,

Question 145

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, b__ed on management decisions

Answer 145

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions

Question 146

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on ma_________ decisions

Answer 146

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions

Question 147

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management de______ as to the intent of holding them.

Answer 147

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Question 148

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the int___ of holding them.

Answer 148

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Question 149

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of h___ing them.

Answer 149

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Question 150

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Pr_________ and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Answer 150

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Question 151

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Di_________ – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Answer 151

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Question 152

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The con______ determines that se_______ are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Answer 152

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Question 153

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as tra_____ securities, available-for-s___ securities, or held-to-ma_______ securities, based on management decisions as to the intent of holding them.

Answer 153

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Question 154

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as tra_____ securities, ava_____-for-sale securities, or he__-to-maturity securities, based on management decisions as to the intent of holding them.

Answer 154

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Question 155

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Answer 155

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Question 156

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The tr________ vouches the agreement of broker advices on purchases with cancelled checks.

Answer 156

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Question 157

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vo_____s the agreement

Answer 157

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement

Question 158

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agr_______

Answer 158

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement

Question 159

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of br_____ advices

Answer 159

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices

Question 160

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker ad_____

Answer 160

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices

Question 161

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on pu______es

Answer 161

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases

Question 162

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with ca_____ed checks.

Answer 162

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Question 163

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled ch___s.

Answer 163

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Question 164

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Exi_____ or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Answer 164

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Question 165

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Oc________ – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Answer 165

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Question 166

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The tre______ vouches the agr_______ of broker advices on purchases with cancelled checks.

Answer 166

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Question 167

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of br_____ ad_____ on purchases with cancelled checks.

Answer 167

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Question 168

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on pur______s with ca______ed checks.

Answer 168

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Question 169

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Answer 169

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Question 170

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Sec______ on hand are examined by senior management

Answer 170

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management

Question 171

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on h___ are examined by senior management

Answer 171

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management

Question 172

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are ex_____ed by senior management

Answer 172

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management

Question 173

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by se____ management

Answer 173

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management

Question 174

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior m___________

Answer 174

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management

Question 175

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to en____ that they are registered in the name of the company.

Answer 175

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Question 176

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are re______ed in the name of the company.

Answer 176

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Question 177

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the n___ of the company.

Answer 177

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Question 178

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the com____.

Answer 178

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Question 179

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Ri____ and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Answer 179

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Question 180

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Ob_______ – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Answer 180

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Question 181

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Answer 181

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 182

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal au_____ makes a list of securities in bank safe deposit boxes

Answer 182

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes

Question 183

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The int_____ auditor makes a list of securities in bank safe deposit boxes

Answer 183

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes

Question 184

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a l___ of securities in bank safe deposit boxes

Answer 184

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes

Question 185

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of se_______ in bank safe deposit boxes

Answer 185

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes

Question 186

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in b___ safe deposit boxes

Answer 186

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes

Question 187

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank s___ deposit boxes

Answer 187

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes

Question 188

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe de_____ boxes

Answer 188

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes

Question 189

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and co______s them with the securities listed in the records.

Answer 189

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 190

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the sec_______ listed in the records.

Answer 190

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 191

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities li__ed in the records.

Answer 191

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 192

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the re____s.

Answer 192

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 193

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Com_________ and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Answer 193

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 194

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cu_____ – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Answer 194

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 195

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The int_____ aud____ m___s a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Answer 195

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 196

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a li__ of securities in bank safe deposit boxes and com____s them with the securities listed in the records.

Answer 196

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 197

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank s___ deposit b___s and compares them with the securities listed in the re____s.

Answer 197

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 198

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Answer 198

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 199

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The con_____ compares current market prices

Answer 199

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices

Question 200

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller co_____s current market prices

Answer 200

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices

Question 201

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares cur____ market prices with

Answer 201

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with

Question 202

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current mar___ prices with

Answer 202

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with

Question 203

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market p____s with the listed values of securities.

Answer 203

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 204

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the l____d values of securities.

Answer 204

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 205

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed va___s of securities.

Answer 205

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 206

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of se_____ies.

Answer 206

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 207

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Va_______, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Answer 207

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 208

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Al________ and Accuracy – The controller compares current market prices with the listed values of securities.

Answer 208

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 209

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Ac_______ – The controller compares current market prices with the listed values of securities.

Answer 209

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 210

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The con______ compares current ma_____ prices with the listed values of securities.

Answer 210

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 211

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares cu______ market prices with the l____ed values of securities.

Answer 211

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 212

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed v_____s of sec______.

Answer 212

Investing and Financing Cycle Examples of controls that support the assertions with regard to investments include (PERCV): • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 213

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • P___________ and D__________ – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Answer 213

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 214

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • R______ and O_________ – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Answer 214

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 215

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • C___________ and C_____ – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Answer 215

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 216

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • V_______, A__________ and A________ – The controller compares current market prices with the listed values of securities.

Answer 216

Investing and Financing Cycle As with the other cycles, the auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements. Examples of controls that support the assertions with regard to investments include (PERCV): • Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them. • Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks. • Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company. • Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records. • Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 217

The investing and financing cycle deals with ___________ involving acquisition and disposal of assets other than inventory and ____________ with creditors and shareholders.

Answer 217

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 218

The _________ and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Answer 218

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 219

The investing and _________ cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Answer 219

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 220

The investing and financing _____ deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Answer 220

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 221

The investing and financing cycle deals with transactions involving ___________ and disposal of assets other than inventory and transactions with creditors and shareholders.

Answer 221

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 222

The investing and financing cycle deals with transactions involving acquisition and ________ of assets other than inventory and transactions with creditors and shareholders.

Answer 222

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 223

The investing and financing cycle deals with transactions involving acquisition and disposal of ______ other than inventory and transactions with creditors and shareholders.

Answer 223

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 224

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than _________ and transactions with creditors and shareholders.

Answer 224

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 225

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with _________ and shareholders.

Answer 225

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 226

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and ___________.

Answer 226

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 227

The __________ and __________ cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Answer 227

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 228

The investing and financing cycle deals with transactions involving acquisition and disposal of _______ other than inventory and transactions with _________ and shareholders.

Answer 228

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 229

The investing and financing cycle deals with transactions involving acquisition and disposal of ______ other than inventory and transactions with creditors and _____________.

Answer 229

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 230

The investing and financing cycle deals with transactions _________ acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Answer 230

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 231

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and ___________ with creditors and ____________.

Answer 231

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 232

The investing and financing cycle ______ ____ transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Answer 232

The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory and transactions with creditors and shareholders.

Question 233

What transactions that investing and financing cycle deals with? 1) transactions involving __________ and _________ of _________ other than inventory and 2) transactions with _________ and ___________ .

Answer 233

What transactions that investing and financing cycle deals with? 1) transactions involving acquisition and disposal of assets other than inventory and 2) transactions with creditors and shareholders.

Question 234

What transactions that investing and financing cycle deals with?

Answer 234

What transactions that investing and financing cycle deals with? 1) transactions involving acquisition and disposal of assets other than inventory and 2) transactions with creditors and shareholders.

Question 235

There are typically very ___ transactions in investing and financing cycle in a typical year for a client.

Answer 235

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 236

There are typically very few transactions in investing and financing cycle in a typical ____ for a client.

Answer 236

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 237

There are typically very few ___________ in investing and financing cycle in a typical year for a client.

Answer 237

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 238

There are typically very few transactions in _________ and financing cycle in a typical year for a client.

Answer 238

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 239

There are typically very few transactions in investing and _________ cycle in a typical year for a client.

Answer 239

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 240

There are _________ very few transactions in investing and financing cycle in a typical year for a client.

Answer 240

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 241

There are typically very few transactions in investing and financing cycle in a _______ year for a client.

Answer 241

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 242

There are typically very few transactions in ________ and __________ cycle in a typical year for a client.

Answer 242

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 243

There are typically very few transactions in investing and financing cycle in a typical year for a ______.

Answer 243

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 244

There are typically ____ ___ transactions in investing and financing cycle in a typical year for a client.

Answer 244

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 245

There are typically very few transactions in investing and financing cycle in a _______ ____ for a client.

Answer 245

There are typically very few transactions in investing and financing cycle in a typical year for a client.

Question 246

Since there are typically very few transactions in investing and financing cycle in a typical year for a client, Will an auditor often find it most efficient to ignore the internal control structure?

Answer 246

Since there are typically very few transactions in investing and financing cycle in a typical year for a client, Will an auditor often find it most efficient to ignore the internal control structure? Answer: Yes! It most efficient to ignore the internal control structure and simply test the few transactions that took place. -------- Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place.

Question 247

Will an auditor find it most efficient to ignore the internal control structure when there are very few transactions in investing and financing cycle?

Answer 247

Will an auditor find it most efficient to ignore the internal control structure when there are very few transactions in investing and financing cycle? Answer: Yes! It most efficient to ignore the internal control structure and simply test the few transactions that took place. -------- Since there are typically very few transactions in these areas in a typical year for a client, an auditor will often find it most efficient to ignore the internal control structure and simply test the few transactions that took place.

Question 248

What an auditor will do when there are very few transactions in investing and financing cycle? • ___ test the controls

Answer 248

What an auditor will do when there are very few transactions in investing and financing cycle? In this case, the auditor will: • Not test the controls

Question 249

What an auditor will do when there are very few transactions in investing and financing cycle? • Not ____ the controls

Answer 249

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls

Question 250

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the _________

Answer 250

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls

Question 251

What an auditor will do when there are very few transactions in investing and financing cycle? • Not ___________________

Answer 251

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls

Question 252

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess ________________________ (RMM) at the same level as inherent risk, RMM = IR RMM = IR x CR

Answer 252

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk, RMM = IR RMM = IR x CR

Question 253

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • ______ risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Answer 253

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Question 254

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the _____________ as inherent risk (IR), RMM = IR RMM = IR x CR

Answer 254

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Question 255

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as ________________ (IR), RMM = IR RMM = IR x CR

Answer 255

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Question 256

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), ______ = IR RMM = IR x CR

Answer 256

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Question 257

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = ___ RMM = IR x CR

Answer 257

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Question 258

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), _____ = ____ RMM = IR x CR

Answer 258

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Question 259

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • _______ risk of material misstatement (RMM) at the _____________ as inherent risk (IR), RMM = IR RMM = IR x CR

Answer 259

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Question 260

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess _______________________ (RMM) at the same level as _____________ (IR), RMM = IR RMM = IR x CR

Answer 260

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Question 261

What an auditor will do when there are very few transactions in investing and financing cycle? • Not ____ the controls • _______ risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Answer 261

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Question 262

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the _______ • Assess ____ of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Answer 262

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR

Question 263

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that ____________ (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 263

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 264

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the _________ level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 264

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 265

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = ___________ CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 265

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 266

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = ___% or ___ RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 266

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 267

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x ___% generally resulting in a high RMM; and RMM = High

Answer 267

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 268

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR _________ that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 268

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 269

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the __________________, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 269

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 270

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, ___ = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 270

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 271

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, ___ = Maximum ___ = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 271

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 272

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, ___ = __________ CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 272

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 273

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that ___________ (CR) is at the _________ level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 273

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 274

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a _____ RMM; and RMM = High

Answer 274

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 275

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally _________ in a high RMM; and RMM = High

Answer 275

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 276

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high ____ ; and RMM = High

Answer 276

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 277

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 _____ = IR x 100% generally resulting in a high RMM; and RMM = High

Answer 277

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 278

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = _____

Answer 278

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 279

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and ______ = _____

Answer 279

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 280

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a __________; and RMM = High

Answer 280

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 281

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = ___ x ___% generally resulting in a high RMM; and RMM = High

Answer 281

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 282

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 _____ = IR x ___% generally resulting in a high RMM; and RMM = High

Answer 282

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High

Question 283

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High • Reduce _____________ (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 283

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 284

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (___) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 284

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 285

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by __________ extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 285

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 286

What an auditor will do when there are very few transactions in investing and financing cycle? • ______ detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 286

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 287

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = ___ DR = AR / (RMM) DR = AR / (IR × CR)

Answer 287

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 288

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. ___ = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 288

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 289

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive __________ tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 289

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 290

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing __________ substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 290

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 291

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive _____. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 291

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 292

What an auditor will do when there are very few transactions in investing and financing cycle? • __________________ (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 292

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 293

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive ___________________. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 293

What an auditor will do when there are very few transactions in investing and financing cycle? • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 294

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess _________________________ (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High • Reduce _____________ (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 294

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 295

What an auditor will do when there are very few transactions in investing and financing cycle? • Not _______________ • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that _________ (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Answer 295

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 296

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = ___ RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = _________ CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High • Reduce detection risk (DR) by performing extensive substantive tests. DR = _____ DR = AR / (RMM) DR = AR / (IR × CR)

Answer 296

What an auditor will do when there are very few transactions in investing and financing cycle? • Not test the controls • Assess risk of material misstatement (RMM) at the same level as inherent risk (IR), RMM = IR RMM = IR x CR assuming that control risk (CR) is at the maximum level, CR = Maximum CR = 100% or 1.0 RMM = IR x 100% generally resulting in a high RMM; and RMM = High • Reduce detection risk (DR) by performing extensive substantive tests. DR = Low DR = AR / (RMM) DR = AR / (IR × CR)

Question 297

Will an auditor find it more efficient to rely on the internal control structure when a large number of transactions have occurred?

Answer 297

Will an auditor find it more efficient to rely on the internal control structure when a large number of transactions have occurred? Answer: Yes! The auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place. ------------------- In those less frequent cases where a large number of transactions have occurred, the auditor may find it more efficient to rely on the internal control structure rather than test the numerous transactions that took place.

Question 298

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • Test the _______

Answer 298

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness; * Reduce the risk of material misstatement based on the results of the tests of controls; and * Accept higher detection risk by performing only limited substantive tests.

Question 299

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • ____ the controls

Answer 299

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • Test the controls to determine their effectiveness

Question 300

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • Test the controls to _________ their effectiveness

Answer 300

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • Test the controls to determine their effectiveness

Question 301

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • Test the controls to determine their ____________

Answer 301

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • Test the controls to determine their effectiveness

Question 302

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • _________________ to determine their effectiveness

Answer 302

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • Test the controls to determine their effectiveness

Question 303

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • Test the controls to determine ____________________

Answer 303

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? • Test the controls to determine their effectiveness

Question 304

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the ________________________ (RMM) based on the results of the tests of controls RMM = Lower

Answer 304

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower

Question 305

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (____) based on the results of the tests of controls RMM = Lower

Answer 305

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower

Question 306

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * ______ the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower

Answer 306

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower

Question 307

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the _______ of the tests of controls RMM = Lower

Answer 307

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower

Question 308

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the ______ of controls RMM = Lower

Answer 308

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower

Question 309

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls ____ = Lower

Answer 309

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower

Question 310

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * _______ the risk of material misstatement (RMM) based on the _______ of the tests of controls RMM = Lower

Answer 310

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower

Question 311

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls ______ = _______

Answer 311

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower

Question 312

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * ________ the risk of material misstatement (RMM) based on the results of the ______________ RMM = Lower

Answer 312

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower

Question 313

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher _____________ (DR) by performing only limited substantive tests. DR = Higher

Answer 313

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 314

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (___) by performing only limited substantive tests. DR = Higher

Answer 314

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 315

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by ____________ only limited substantive tests. DR = Higher

Answer 315

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 316

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited ___________ tests. DR = Higher

Answer 316

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 317

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive _____. DR = Higher

Answer 317

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 318

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only _____ substantive tests. DR = Higher

Answer 318

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 319

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • ______ higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Answer 319

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 320

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept ______ detection risk (DR) by performing only limited substantive tests. DR = Higher

Answer 320

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 321

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = _______

Answer 321

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 322

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept ____________________ (DR) by performing only limited substantive tests. DR = Higher

Answer 322

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 323

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only ___________________ tests. DR = Higher

Answer 323

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher

Question 324

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing ____ limited substantive tests. DR = Higher DR = AR / (RMM) DR = AR / (IR × CR)

Answer 324

What an auditor will do when a large number of transactions in investing and financing cycle have occurred? * Test the controls to determine their effectiveness * Reduce the risk of material misstatement (RMM) based on the results of the tests of controls RMM = Lower and • Accept higher detection risk (DR) by performing only limited substantive tests. DR = Higher DR = AR / (RMM) DR = AR / (IR × CR)

Question 325

Investing and Financing Cycle Very Few Transactions • Not Test the Controls • Risk of Material Misstatement = Inherent Risk RMM = IR RMM = IR x CR Control Risk = Maximum Level CR = Maximum CR = 100% or 1.0 RMM = IR x CR RMM = IR x 100% RMM = High • DR = Low Low Detection Risk = More substantive tests DR = AR / (RMM) Low DR = AR / (High RMM) DR = AR / (IR × CR)

Answer 325

Investing and Financing Cycle Very Few Transactions • Not Test the Controls • Risk of Material Misstatement = Inherent Risk RMM = IR RMM = IR x CR Control Risk = Maximum Level CR = Maximum CR = 100% or 1.0 RMM = IR x CR RMM = IR x 100% RMM = High • DR = Low Low Detection Risk = More substantive tests DR = AR / (RMM) Low DR = AR / (High RMM) DR = AR / (IR × CR)

Question 326

Investing and Financing Cycle Very Few Transactions * Test of Controls = Not Test * RMM = IR CR = Maximum CR = 100% or 1.0 RMM = IR x CR RMM = IR x 100% RMM = High • DR = Low Low Detection Risk = More substantive tests DR = AR / (RMM) Low DR = AR / (High RMM)

Answer 326

Investing and Financing Cycle Very Few Transactions * Test of Controls = Not Test * RMM = IR CR = Maximum CR = 100% or 1.0 RMM = IR x CR RMM = IR x 100% RMM = High • DR = Low Low Detection Risk = More substantive tests DR = AR / (RMM) Low DR = AR / (High RMM)

Question 327

Low Detection Risk = _____ substantive tests

Answer 327

Low Detection Risk = More substantive tests

Question 328

Low Detection Risk = More _________________

Answer 328

Low Detection Risk = More substantive tests

Question 329

___ Detection Risk = ____ substantive tests

Answer 329

Low Detection Risk = More substantive tests

Question 330

Low __________ Risk = More substantive tests

Answer 330

Low Detection Risk = More substantive tests

Question 331

Low ______________ = More substantive tests

Answer 331

Low Detection Risk = More substantive tests

Question 332

Low Detection Risk = More ___________ tests

Answer 332

Low Detection Risk = More substantive tests

Question 333

Investing and Financing Cycle Very Few Transactions • Test of Controls = Test or Not Test

Answer 333

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test

Question 334

Investing and Financing Cycle Very Few Transactions • Test of Controls = Test or Not Test ?

Answer 334

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test

Question 335

Investing and Financing Cycle Very Few Transactions * Test of Controls = Not Test * RMM = ___

Answer 335

Investing and Financing Cycle Very Few Transactions * Test of Controls = Not Test * RMM = IR

Question 336

Investing and Financing Cycle Very Few Transactions * Test of Controls = Not Test * RMM = IR CR = ___________

Answer 336

Investing and Financing Cycle Very Few Transactions * Test of Controls = Not Test * RMM = IR CR = Maximum

Question 337

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = ______

Answer 337

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High

Question 338

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = _____ Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Answer 338

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Question 339

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low _____________ = More substantive tests Low DR = AR / (High RMM)

Answer 339

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Question 340

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More __________________ Low DR = AR / (High RMM)

Answer 340

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Question 341

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests ___ DR = AR / ( ____ RMM)

Answer 341

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Question 342

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High ____)

Answer 342

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Question 343

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = ___ CR = ____________ RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Answer 343

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Question 344

Investing and Financing Cycle Very Few Transactions • Test of Controls = ____ Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Answer 344

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Question 345

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = _____ • DR = ____ Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Answer 345

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Question 346

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low ___ = AR / (High ____)

Answer 346

Investing and Financing Cycle Very Few Transactions • Test of Controls = Not Test • RMM = IR CR = Maximum RMM = High • DR = Low Low Detection Risk = More substantive tests Low DR = AR / (High RMM)

Question 347

Investing and Financing Cycle Large number of Transactions * Test the controls to determine their effectiveness * Reduce RMM based on the results of the tests of controls RMM = Lower • Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (Lower RMM)

Answer 347

Investing and Financing Cycle Large number of Transactions * Test the controls to determine their effectiveness * Reduce RMM based on the results of the tests of controls RMM = Lower • Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (Lower RMM)

Question 348

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (Lower RMM)

Answer 348

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (Lower RMM)

Question 349

Investing and Financing Cycle Large number of Transactions • ____ the controls

Answer 349

Investing and Financing Cycle Large number of Transactions • Test the controls

Question 350

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = ______

Answer 350

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower

Question 351

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * _______ Detection Risk = Limited substantive tests

Answer 351

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests

Question 352

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher _______________ = Limited substantive tests

Answer 352

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests

Question 353

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited _________________

Answer 353

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests

Question 354

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (______ RMM)

Answer 354

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (Lower RMM)

Question 355

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (Lower ____)

Answer 355

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (Lower RMM)

Question 356

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher ___ = AR / (Lower RMM)

Answer 356

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (Lower RMM)

Question 357

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher ___ = AR / (Lower RMM)

Answer 357

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (Lower RMM)

Question 358

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher ___ = AR / (Lower RMM)

Answer 358

Investing and Financing Cycle Large number of Transactions * Test the controls * RMM = Lower * Higher Detection Risk = Limited substantive tests DR = Higher Higher DR = AR / (Lower RMM)

Question 359

Higher Detection Risk = Limited substantive _____

Answer 359

Higher Detection Risk = Limited substantive tests

Question 360

Higher Detection Risk = Limited substantive tests

Answer 360

Higher Detection Risk = Limited substantive tests

Question 361

Higher __________ Risk = Limited substantive tests

Answer 361

Higher Detection Risk = Limited substantive tests

Question 362

Higher _______________ = Limited substantive tests

Answer 362

Higher Detection Risk = Limited substantive tests

Question 363

Higher Detection Risk = ______ substantive tests

Answer 363

Higher Detection Risk = Limited substantive tests

Question 364

Higher DR = AR / (Lower ____)

Answer 364

Higher DR = AR / (Lower RMM)

Question 365

Higher ___ = AR / (Lower RMM)

Answer 365

Higher DR = AR / (Lower RMM)

Question 366

______ DR = AR / (Lower RMM)

Answer 366

Higher DR = AR / (Lower RMM)

Question 367

The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Answer 367

The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 368

The auditor is concerned with the relationship of the internal control procedures to the _____________ assertions on the financial statements.

Answer 368

The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 369

The auditor is concerned with the relationship of the internal control procedures to the management ___________ on the financial statements.

Answer 369

The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 370

The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial ____________.

Answer 370

The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 371

The auditor is concerned with the relationship of the internal control procedures to the _____________________ on the financial statements.

Answer 371

The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 372

The auditor is concerned with the relationship of the internal control procedures to the management assertions on the _________________.

Answer 372

The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 373

What is the auditor concerned with in the investing and financing cycle?

Answer 373

The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 374

What is the auditor concerned with in the investing and financing cycle? The auditor is concerned with the _______________________________________ to the management assertions on the financial statements.

Answer 374

What is the auditor concerned with in the investing and financing cycle? The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 375

What is the auditor concerned with in the investing and financing cycle? The auditor is concerned with the relationship of the internal control procedures to the _____________________ on the financial statements.

Answer 375

What is the auditor concerned with in the investing and financing cycle? The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 376

What is the auditor concerned with in the investing and financing cycle?

Answer 376

What is the auditor concerned with in the investing and financing cycle? The auditor is concerned with the relationship of the internal control procedures to the management assertions on the financial statements.

Question 377

What are examples of controls that support the assertions with regard to investments? (PERCV)

Answer 377

What are examples of controls that support the assertions with regard to investments? (PERCV)

Question 378

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 378

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 379

What are examples of controls that support the assertions with regard to investments? (PERCV) * P__________ and D__________ * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 379

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 380

What are examples of controls that support the assertions with regard to investments? (PERCV) * ________________________ * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 380

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 381

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * E_________ or O____________ * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 381

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 382

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * _____________________ * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 382

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 383

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * R____ and O__________ * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 383

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 384

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * ___________________ * Completeness and Cutoff * Valuation, Allocation and Accuracy

Answer 384

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 385

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * C___________ and C_____ * Valuation, Allocation and Accuracy

Answer 385

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 386

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * ________________________ * Valuation, Allocation and Accuracy

Answer 386

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 387

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * V________, A_________ and A________

Answer 387

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 388

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * ______________________________

Answer 388

What are examples of controls that support the assertions with regard to investments? (PERCV) * Presentation and Disclosure * Existence or Occurrence * Rights and Obligations * Completeness and Cutoff * Valuation, Allocation and Accuracy

Question 389

The paragraph below represent which assertion with regard to investments? (PERCV) "The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them."

Answer 389

• Presentation and Disclosure – The controller determines that securities are classified in the records correctly as trading securities, available-for-sale securities, or held-to-maturity securities, based on management decisions as to the intent of holding them.

Question 390

The paragraph below represent which assertion with regard to investments? (PERCV) "The treasurer vouches the agreement of broker advices on purchases with cancelled checks."

Answer 390

• Existence or Occurrence – The treasurer vouches the agreement of broker advices on purchases with cancelled checks.

Question 391

The paragraph below represent which assertion with regard to investments? (PERCV) "Securities on hand are examined by senior management to ensure that they are registered in the name of the company."

Answer 391

• Rights and Obligations – Securities on hand are examined by senior management to ensure that they are registered in the name of the company.

Question 392

The paragraph below represent which assertion with regard to investments? (PERCV) "The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records."

Answer 392

• Completeness and Cutoff – The internal auditor makes a list of securities in bank safe deposit boxes and compares them with the securities listed in the records.

Question 393

The paragraph below represent which assertion with regard to investments? (PERCV) "The controller compares current market prices with the listed values of securities."

Answer 393

• Valuation, Allocation and Accuracy – The controller compares current market prices with the listed values of securities.

Question 394

Investing and Financing Cycle Applying the RACE mnemonic for account balances: * Rights and obligations * Allocation and Valuation * Completeness * Existence

Answer 394

Investing and Financing Cycle Applying the RACE mnemonic for account balances: * Rights and obligations * Allocation and Valuation * Completeness * Existence