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CPA AUD Flashcards > AUD 3 Internal Control 2 > Flashcards

AUD 3 Internal Control 2 Flashcards

1
Q

The Steps in an Audit

  1. Prepare for the audit
  2. Obtain Understanding of client,
    its Environment,
    including Internal Control
  3. Assess Risks of Material Misstatement and
    Determine Nature, Timing, and Extent
    of Further Procedures
  4. Perform Tests of Controls
  5. Perform Substantive Procedures
  6. Formulate an Opinion
  7. Issue Audit Report
A

The Steps in an Audit

  1. Prepare for the audit
  2. Obtain Understanding of client,
    its Environment,
    including Internal Control
  3. Assess Risks of Material Misstatement and
    Determine Nature, Timing, and Extent
    of Further Procedures
  4. Perform Tests of Controls
  5. Perform Substantive Procedures
  6. Formulate an Opinion
  7. Issue Audit Report
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2
Q

Internal Control

Auditors of entities that do report to the S__, often referred to as issuers, are also required to obtain an understanding of internal control.

Like auditors of nonissuers, they are required to obtain and document the understanding in order to assess the risk of material misstatement of the financial statements and to plan and perform the audit.

Sarbanes-Oxley, however, requires auditors of issuers to perform an integrated audit of both internal control over financial reporting and of the financial statements.

As a result, in addition to obtaining sufficient evidence to support the auditor’s control risk assessment, the auditor is required to obtain sufficient evidence to support an opinion on internal control over financial reporting (ICFR) as of a specific point in time, the date of the financial statements.

A

Internal Control

Auditors of entities that do report to the SEC, often referred to as issuers, are also required to obtain an understanding of internal control.

Like auditors of nonissuers, they are required to obtain and document the understanding in order to assess the risk of material misstatement of the financial statements and to plan and perform the audit.

Sarbanes-Oxley, however, requires auditors of issuers to perform an integrated audit of both internal control over financial reporting and of the financial statements.

As a result, in addition to obtaining sufficient evidence to support the auditor’s control risk assessment, the auditor is required to obtain sufficient evidence to support an opinion on internal control over financial reporting (ICFR) as of a specific point in time, the date of the financial statements.

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3
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently re______ to limit the nature, timing, or extent of substantive testing

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

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4
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are n__ sufficiently reliable to limit the nature, timing, or extent of substantive testing

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

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5
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that i_______ controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

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6
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal c_______s are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

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7
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not su_______ly reliable to limit the nature, timing, or extent of substantive testing

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

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8
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to li___ the nature, timing, or extent of substantive testing

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

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9
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the n______, t______, or e_____ of substantive testing

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

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10
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of su_______e testing

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing

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11
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive t___ing
or
that the cost of testing controls exceeds the potential benefit.

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

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12
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the c___ of testing controls exceeds the potential benefit.

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

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13
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of t___ing controls exceeds the potential benefit.

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

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14
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls ex____s the potential benefit.

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

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15
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential be_____.

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

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16
Q

Internal Control

Auditors of both iss___s and non______s may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

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17
Q

Internal Control

Auditors of both issuers and nonissuers may con_____ either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

A

Internal Control

Auditors of both issuers and nonissuers may conclude either

that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or
that the cost of testing controls exceeds the potential benefit.

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18
Q

Internal Control

Auditors of both issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or that the cost of testing controls exceeds the potential benefit.

In either case, the auditor will n__ perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

A

Internal Control

Auditors of both issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing
or that the cost of testing controls exceeds the potential benefit.

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

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19
Q

Internal Control

In either case, the a______ will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

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20
Q

Internal Control

In either case, the auditor will not per____ tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

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21
Q

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of re___ing RMM and will, instead, perform substantive tests based on CR set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

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22
Q

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform sub______e tests based on CR set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

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23
Q

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at max____.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

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24
Q

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive t___s based on CR set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

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25
Q

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on C_ set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on CR set at maximum.

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26
Q

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing R__ and will, instead, perform substantive tests based on control risk (CR) set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on conrol risk (CR) set at maximum.

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27
Q

Internal Control

In either case, the auditor will not perform tests of c______s for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

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28
Q

Internal Control

In either case, the auditor will not perform tests of controls for the pur____ of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

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29
Q

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests b__ed on control risk (CR) set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

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30
Q

Internal Control

In either case, the auditor w___ not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

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31
Q

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) s__ at maximum.

A

Internal Control

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

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32
Q

Internal Control

Auditors of b___ issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing or that the cost of testing controls exceeds the potential benefit.

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

A

Internal Control

Auditors of both issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing or that the cost of testing controls exceeds the potential benefit.

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

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33
Q

Internal Control

A_______s of both issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing or that the cost of testing controls exceeds the potential benefit.

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

A

Internal Control

Auditors of both issuers and nonissuers may conclude either that internal controls are not sufficiently reliable to limit the nature, timing, or extent of substantive testing or that the cost of testing controls exceeds the potential benefit.

In either case, the auditor will not perform tests of controls for the purpose of reducing RMM and will, instead, perform substantive tests based on control risk (CR) set at maximum.

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34
Q

Internal Control

Setting control risk (__) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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35
Q

Internal Control

Setting control risk (CR) at max____ means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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36
Q

Internal Control

Setting control risk (CR) at maximum means that

the a_______ believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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37
Q

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an e_____ or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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38
Q

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fr___ were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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39
Q

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a ___% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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40
Q

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% pro_____y that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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41
Q

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal c______ will neither prevent it nor detect it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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42
Q

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither pre____ it nor detect it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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43
Q

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor de____ it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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44
Q

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow corr_______ on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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45
Q

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a t___ly basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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46
Q

Internal Control

S___ing control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

A

Internal Control

Setting control risk (CR) at maximum means that

the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

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47
Q

Internal Control

Setting CR at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

When the a_____ also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

A

Internal Control

Setting CR at maximum means that the auditor believes that if an error or fraud were to occur, there is a 100% probability that the entity’s internal control will neither prevent it nor detect it to allow correction on a timely basis.

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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48
Q

Internal Control

When the auditor also is performing an ex_________n of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

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49
Q

Internal Control

When the auditor also is performing an examination of internal c______ (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

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50
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the a______ is required to perform tests of the operating effectiveness of internal controls

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

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51
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is re____ed to perform tests of the operating effectiveness of internal controls

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

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52
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform t___s of the operating effectiveness of internal controls

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

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53
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the op____ing effectiveness of internal controls

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

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54
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal c_______s

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

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55
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating e_________ss of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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56
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when c______s are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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57
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are n__ expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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58
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not ex___ed to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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59
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be ef______e or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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60
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the c___ of testing controls is expected to exceed the cost reductions in substantive testing.

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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61
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to ex____ the cost reductions in substantive testing.

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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62
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in sub_______ testing.

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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63
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive t___ing.

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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64
Q

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost red______ns in substantive testing.

A

Internal Control

When the auditor also is performing an examination of internal control (always the case in the audit of an issuer)

the auditor is required to perform tests of the operating effectiveness of internal controls

–even when controls are not expected to be effective or the cost of testing controls is expected to exceed the cost reductions in substantive testing.

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65
Q

Internal Control

• An entity’s internal c______ cannot be considered effective if one or more material weaknesses exist.

A

Internal Control

• An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

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66
Q

Internal Control

• An e_____’s internal control cannot be considered effective if one or more material weaknesses exist.

A

Internal Control

• An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

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67
Q

Internal Control

• An entity’s internal control cannot be considered ef______ if one or more material weaknesses exist.

A

Internal Control

• An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

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68
Q

Internal Control

• An entity’s internal control cannot be considered effective if ___ or more material weaknesses exist.

A

Internal Control

• An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

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69
Q

Internal Control

• An entity’s internal control cannot be considered effective if one or m___ material weaknesses exist.

A

Internal Control

• An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

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70
Q

Internal Control

• An entity’s internal control cannot be considered effective if one or more m_______ weaknesses exist.

A

Internal Control

• An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

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71
Q

Internal Control

• An entity’s internal control cannot be considered effective if one or more material w________es exist.

A

Internal Control

• An entity’s internal control cannot be considered effective if one or more material weaknesses exist.

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72
Q

Internal Control

• The a______ must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

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73
Q

Internal Control

• The auditor must p___ and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

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74
Q

Internal Control

• The auditor must plan and per____ the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

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75
Q

Internal Control

• The auditor must plan and perform the ex________n to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

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76
Q

Internal Control

• The auditor must plan and perform the examination to ob____ reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

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77
Q

Internal Control

• The auditor must plan and perform the examination to obtain re________e assurance

as to whether or not material weaknesses exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

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78
Q

Internal Control

• The auditor must plan and perform the examination to obtain reasonable ass________

as to whether or not material weaknesses exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

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79
Q

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not m_______ weaknesses exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

80
Q

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material w________es exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

81
Q

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses e___t as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

82
Q

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified d___.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

83
Q

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or n__ material weaknesses exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

84
Q

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the sp____ied date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

85
Q

Internal Control

• The auditor m___ plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

A

Internal Control

• The auditor must plan and perform the examination to obtain reasonable assurance

as to whether or not material weaknesses exist as of the specified date.

86
Q

Internal Control

• Material w________es may exist
when the financial statements are not materially misstated.

A

Internal Control

• Material weaknesses may exist
when the financial statements are not materially misstated.

87
Q

Internal Control

• Material weaknesses m__ exist
when the financial statements are not materially misstated.

A

Internal Control

• Material weaknesses may exist
when the financial statements are not materially misstated.

88
Q

Internal Control

• M______ weaknesses may exist
when the financial statements are not materially misstated.

A

Internal Control

• Material weaknesses may exist
when the financial statements are not materially misstated.

89
Q

Internal Control

• Material weaknesses may e___t
when the financial statements are not materially misstated.

A

Internal Control

• Material weaknesses may exist
when the financial statements are not materially misstated.

90
Q

Internal Control

• Material weaknesses may exist
when the financial statements are n__ materially misstated.

A

Internal Control

• Material weaknesses may exist
when the financial statements are not materially misstated.

91
Q

Internal Control

• Material weaknesses may exist
when the financial statements are not m______ly misstated.

A

Internal Control

• Material weaknesses may exist
when the financial statements are not materially misstated.

92
Q

Internal Control

• Material weaknesses may exist
when the financial statements are not materially mis____ed.

A

Internal Control

• Material weaknesses may exist
when the financial statements are not materially misstated.

93
Q

Internal Control

• Material weaknesses may exist
when the f_______ statements are not materially misstated.

A

Internal Control

• Material weaknesses may exist
when the financial statements are not materially misstated.

94
Q

Internal Control

  • An entity’s internal control can___ be considered effective if one or more material weaknesses exist.
  • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.
  • Material weaknesses may exist when the financial statements are not materially misstated.
A

Internal Control

  • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.
  • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.
  • Material weaknesses may exist when the financial statements are not materially misstated.
95
Q

Internal Control

  • An entity’s internal control cannot be con_____ed effective if one or more material weaknesses exist.
  • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.
  • Material weaknesses may exist when the financial statements are not materially misstated.
A

Internal Control

  • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.
  • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.
  • Material weaknesses may exist when the financial statements are not materially misstated.
96
Q

Internal Control

  • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.
  • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist a_ of the specified date.
  • Material weaknesses may exist when the financial statements are not materially misstated.
A

Internal Control

  • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.
  • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.
  • Material weaknesses may exist when the financial statements are not materially misstated.
97
Q

Internal Control

  • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.
  • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.
  • Material weaknesses may exist when the financial statements are n__ materially misstated.
A

Internal Control

  • An entity’s internal control cannot be considered effective if one or more material weaknesses exist.
  • The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not material weaknesses exist as of the specified date.
  • Material weaknesses may exist when the financial statements are not materially misstated.
98
Q

Internal Control

Controls are evaluated at the e____y level,

A

Internal Control

Controls are evaluated at the entity level,

99
Q

Internal Control

Controls are ev______ed at the entity level,

A

Internal Control

Controls are evaluated at the entity level,

100
Q

Internal Control

Controls are evaluated at the entity level,

seeking ass______ as to the general reliability of the financial reporting process

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

101
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general re______ty of the financial reporting process

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

102
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting pro___s

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

103
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the ge____l reliability of the financial reporting process

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

104
Q

Internal Control

Controls are evaluated at the entity level,

s___ing assurance as to the general reliability of the financial reporting process

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

105
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the e____y to operate in an ethical environment,

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

106
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an et_____l environment,

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

107
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the des___ and intention of the entity to operate in an ethical environment,

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

108
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and int_______ of the entity to operate in an ethical environment,

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

109
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fr___ and significant errors,

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

110
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant er___s,

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

111
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and si________t errors,

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

112
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and procedures to provide ass_______

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and procedures to provide assurance

113
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and pro______es to provide assurance

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and procedures to provide assurance

114
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and procedures to pro____ assurance

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and procedures to provide assurance

115
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with sy_____s and procedures to provide assurance

as to the three primary objectives of a system of internal control (ACE):

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and procedures to provide assurance

as to the three primary objectives of a system of internal control (ACE):

116
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and procedures to provide assurance

as to the three pr____y objectives of a system of internal control (ACE):

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and procedures to provide assurance

as to the three primary objectives of a system of internal control (ACE):

117
Q

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and procedures to provide assurance

as to the three primary ob_______s of a system of internal control (ACE):

A

Internal Control

Controls are evaluated at the entity level,

seeking assurance as to the general reliability of the financial reporting process

and the desire and intention of the entity to operate in an ethical environment,

free of fraud and significant errors,

with systems and procedures to provide assurance

as to the three primary objectives of a system of internal control (ACE):

118
Q

Internal Control

C______s are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance as to the three primary objectives of a system of internal control (ACE):

Three primary objectives of a system of internal c______ (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
A

Internal Control

Controls are evaluated at the entity level, seeking assurance as to the general reliability of the financial reporting process and the desire and intention of the entity to operate in an ethical environment, free of fraud and significant errors, with systems and procedures to provide assurance as to the three primary objectives of a system of internal control (ACE):

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
119
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial re____ing
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
120
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Acc_____ and Reliable financial reporting
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
121
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Re______ financial reporting
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
122
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable f_______ reporting
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
123
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Com_______ with applicable laws and regulations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Compliance with applicable laws and regulations
124
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Compliance with applicable l__s and regulations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Compliance with applicable laws and regulations
125
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Compliance with applicable laws and reg_______s
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Compliance with applicable laws and regulations
126
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Compliance with app______ laws and regulations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Compliance with applicable laws and regulations
127
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Eff_____t and effective operations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Efficient and effective operations
128
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Efficient and eff_____ operations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Efficient and effective operations
129
Q

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Efficient and effective op_______ns
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Efficient and effective operations
130
Q

Internal Control

Three primary objectives of a system of i_______ control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
131
Q

Internal Control

_____ primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
132
Q

Internal Control

Three primary objectives of a system of internal control (___):

  1. A = Accurate and Reliable financial reporting
  2. C = Compliance with applicable laws and regulations
  3. E = Efficient and effective operations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
133
Q

What are the 3 primary objectives of a system of internal control?

  1. A =
  2. C =
  3. E =
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
134
Q

What are the 3 primary objectives of a system of internal control?

  1. A =
  2. C = Compliance with applicable laws and regulations
  3. E = Efficient and effective operations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
135
Q

What are the 3 primary objectives of a system of internal control?

  1. A = Accurate and Reliable financial reporting
  2. C =
  3. E = Efficient and effective operations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
136
Q

What are the 3 primary objectives of a system of internal control?

  1. A = Accurate and Reliable financial reporting
  2. C = Compliance with applicable laws and regulations
  3. E =
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
137
Q

Internal Control

Three primary objectives of a sy_____ of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
A

Internal Control

Three primary objectives of a system of internal control (ACE):

  1. Accurate and Reliable financial reporting
  2. Compliance with applicable laws and regulations
  3. Efficient and effective operations
138
Q

Internal Control

Controls are also evaluated at the assertion l____.

A

Internal Control

Controls are also evaluated at the assertion level.

139
Q

Internal Control

Controls are also evaluated at the as______n level.

A

Internal Control

Controls are also evaluated at the assertion level.

140
Q

Internal Control

Controls are also ev_______ed at the assertion level.

A

Internal Control

Controls are also evaluated at the assertion level.

141
Q

Internal Control

C______s are also evaluated at the assertion level.

A

Internal Control

Controls are also evaluated at the assertion level.

142
Q

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various ass______s embedded in which management is indicating that the financial information contains certain characteristics.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

143
Q

Internal Control

Controls are also evaluated at the assertion level.

When m_________t is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

144
Q

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are va____s assertions embedded in which management is indicating that the financial information contains certain characteristics.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

145
Q

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions em____ed in which management is indicating that the financial information contains certain characteristics.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

146
Q

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information co_____s certain characteristics.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

147
Q

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain ch__________s.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

148
Q

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains cer____ characteristics.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

149
Q

Internal Control

Controls are also evaluated at the assertion level.

When management is pre____ing financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

150
Q

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

When a misrepresentation may result in a m______l misstatement to the financial statements, the assertion affected is considered a relevant assertion.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

151
Q

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

When a misrep_________n may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

152
Q

Internal Control

When a misrepresentation may re___t in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

A

Internal Control

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

153
Q

Internal Control

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a rel_____t assertion.

A

Internal Control

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

154
Q

Internal Control

When a misrepresentation may result in a material misstatement to the financial statements, the assertion aff___ed is considered a relevant assertion.

A

Internal Control

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

155
Q

Internal Control

When a misrepresentation m__ result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

A

Internal Control

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

156
Q

Internal Control

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is con_____ed a relevant assertion.

A

Internal Control

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

157
Q

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant ass_____n.

A

Internal Control

Controls are also evaluated at the assertion level.

When management is presenting financial statements, there are various assertions embedded in which management is indicating that the financial information contains certain characteristics.

When a misrepresentation may result in a material misstatement to the financial statements, the assertion affected is considered a relevant assertion.

158
Q

Internal Control

When performing an a____, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

159
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Dem______ing through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

160
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of t___s of controls

that internal controls are sufficient to prevent a material misstatement

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

161
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are su______t to prevent a material misstatement

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

162
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to pr____t a material misstatement

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

163
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a m______ misstatement

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

164
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material miss__________

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

165
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that ass____n

or to detect and correct such a misstatement on a timely basis;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

166
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to de___t and correct such a misstatement on a timely basis;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

167
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and cor___t such a misstatement on a timely basis;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

168
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a miss______t on a timely basis;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

169
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a t___ly basis;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

170
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely ba___;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

171
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be acc________ed by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls

that internal controls are sufficient to prevent a material misstatement

in regard to that assertion

or to detect and correct such a misstatement on a timely basis;

172
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the u__ of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

173
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls that internal c_______s are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;

174
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Ob____ing evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

175
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining ev_______
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

176
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive t___s
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

177
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of sub________ tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

178
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the per_________e of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

179
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is f___ of material misstatement,
regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

180
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of m_______ misstatement,
regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

181
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to dem________ that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

182
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the inf_______n presented
is free of material misstatement,
regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

183
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information pre____ed
is free of material misstatement,
regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

184
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal c_______s;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

185
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of i________ controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

186
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the ex_______ of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence
through the performance of substantive tests
to demonstrate that the information presented
is free of material misstatement,
regardless of the existence of internal controls;

187
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be acco_______ed by:

• Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

188
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the exi______e of internal controls;

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;

189
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Dem_______ing through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
190
Q

Internal Control

When per____ing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
191
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the per_______e of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
192
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
  • S___ combination of those approaches, which is most frequently the case.
A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
  • Some combination of those approaches, which is most frequently the case.
193
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
  • Some combination of those approaches, which is most fre_______ly the case.
A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
  • Some combination of those approaches, which is most frequently the case.
194
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
  • Some comb______ of those approaches, which is most frequently the case.
A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
  • Some combination of those approaches, which is most frequently the case.
195
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
  • Some combination of those app___ches, which is most frequently the case.
A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
  • Some combination of those approaches, which is most frequently the case.
196
Q

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be acco_____ed by:

• Some combination of those approaches, which is most frequently the case.

A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

• Some combination of those approaches, which is most frequently the case.

197
Q

Internal Control

When performing an audit, the a______ is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
  • Some combination of those approaches, which is most frequently the case.
A

Internal Control

When performing an audit, the auditor is required to obtain sufficient appropriate audit evidence to support every relevant assertion

this can be accomplished by:

  • Demonstrating through the use of tests of controls that internal controls are sufficient to prevent a material misstatement in regard to that assertion or to detect and correct such a misstatement on a timely basis;
  • Obtaining evidence through the performance of substantive tests to demonstrate that the information presented is free of material misstatement, regardless of the existence of internal controls;
  • Some combination of those approaches, which is most frequently the case.

CPA AUD Flashcards (62 decks)

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