AUD 3 Internal Control 16 - 1 Operating Cycles - Investing and Financing Cycle Flashcards
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.
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.
Investing and Financing Cycle
The investing and financing cycle deals with transactions involving acq________ and disposal of assets other than inventory
Investing and Financing Cycle
The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory
Investing and Financing Cycle
The investing and financing cycle deals with transactions involving acquisition and dis_______ of assets other than inventory
Investing and Financing Cycle
The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory
Investing and Financing Cycle
The investing and financing cycle deals with tran________ involving acquisition and disposal of assets other than inventory
Investing and Financing Cycle
The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory
Investing and Financing Cycle
The in_______ and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory
Investing and Financing Cycle
The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory
Investing and Financing Cycle
The investing and fi_______ cycle deals with transactions involving acquisition and disposal of assets other than inventory
Investing and Financing Cycle
The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory
Investing and Financing Cycle
The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than in_______
Investing and Financing Cycle
The investing and financing cycle deals with transactions involving acquisition and disposal of assets other than inventory
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.
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.
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.
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.
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.
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.
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________.
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.
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.
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.
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.
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.
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.
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.
Investing and Financing Cycle
Since there are typically very few transactions in these areas in a typical ye__ for a client,
Investing and Financing Cycle
Since there are typically very few transactions in these areas in a typical year for a client,
Investing and Financing Cycle
Since there are typically very f__ transactions in these areas in a typical year for a client,
Investing and Financing Cycle
Since there are typically very few transactions in these areas in a typical year for a client,
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
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
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
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
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_______
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
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
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
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
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
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
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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
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_____
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
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
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
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,
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,
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,
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,
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,
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,
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,
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,
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,
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,
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,
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),
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,
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,
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,
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,
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,
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,
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,
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,
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,
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,
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
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
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
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
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___
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
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 ____
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Investing and Financing Cycle
In those less fre______ cases where a large number of transactions have occurred,
Investing and Financing Cycle
In those less frequent cases where a large number of transactions have occurred,
Investing and Financing Cycle
In those less frequent cases where a la___ number of transactions have occurred,
Investing and Financing Cycle
In those less frequent cases where a large number of transactions have occurred,
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
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
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
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
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
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
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
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
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.
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.
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.
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.
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.
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.
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.
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.
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;
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;
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;
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;
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;
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;
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;
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;
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;
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;
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;
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;
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;
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;
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;
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;
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;
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;
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_____;
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;
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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):
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):
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):
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):
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):
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):
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
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
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
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
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Presentation and Di__________
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Presentation and Disclosure
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• P____________ and D__________
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Presentation and Disclosure
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Presentation and Disclosure
- Exi_______ or Occurrence
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Presentation and Disclosure
- Existence or Occurrence
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Presentation and Disclosure
- Existence or Occ_______
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Presentation and Disclosure
- Existence or Occurrence
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• E__________ or Occurrence
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Existence or Occurrence
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Existence or O__________
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Existence or Occurrence
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Existence or Occurrence
- Ri_____ and Obligations
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Existence or Occurrence
- Rights and Obligations
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Existence or Occurrence
- Rights and Ob_________
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Existence or Occurrence
- Rights and Obligations
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• R_______ and Obligations
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Rights and Obligations
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Rights and O_________
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Rights and Obligations
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Rights and Obligations
- Com__________ and Cutoff
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Rights and Obligations
- Completeness and Cutoff
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Rights and Obligations
- Completeness and Cut___
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Rights and Obligations
- Completeness and Cutoff
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• C__________ and Cutoff
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Completeness and Cutoff
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Completeness and C_____
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Completeness and Cutoff
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Completeness and Cutoff
- Val_______, Allocation and Accuracy
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Completeness and Cutoff
- Valuation, All_________ and Accuracy
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Completeness and Cutoff
- Valuation, Allocation and Acc______
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
- Completeness and Cutoff
- Valuation, Allocation and Accuracy
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• V________, Allocation and Accuracy
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Valuation, Allocation and Accuracy
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Valuation, A________ and Accuracy
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Valuation, Allocation and Accuracy
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Valuation, Allocation and A________
Investing and Financing Cycle
Examples of controls that support the assertions with regard to investments include (PERCV):
• Valuation, Allocation and Accuracy
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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_________
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
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
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
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
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
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
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
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
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
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
- _____________________________
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
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.
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.
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.
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.
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
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
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
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
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
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
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
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
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
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
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______,
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,
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,
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,
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,
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,
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,
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,
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,
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,
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,
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,
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
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
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
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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
