User Account

All Pages

Report on internal controls at a service organisation

Assignment Help Auditing
Reference no: EM131155492

Multiple Choice Questions
The following questions concern attestation engagements. Choose the best response.

a. Which of the following professional services is considered an attestation engagement? (1) A management consulting engagement to provide IT advice to a client.
(2) An income tax engagement to prepare federal and state tax returns.
(3) An engagement to report on compliance with statutory requirements.
(4) A compilation of financial statements from a client's accounting records.

b. A Type 1 service auditor's report on internal controls at a service organization
(1) Includes an opinion about the suitability of the design of controls at the service organization.
(2) Is based on the performance of tests of controls and substantive tests of transactions at the service organization.
(3) Contains an opinion about the operating effectiveness of internal controls at the service organization.
(4) Provides an opinion about the fair presentation of the service organization's financial statements in accordance with accounting standards.

c. Which of the following statements concerning prospective financial statements is correct?
(1) Only a financial forecast is normally appropriate for limited use.
(2) Any type of prospective financial statement is normally appropriate for limited use.
(3) Only a financial projection is normally appropriate for general use.
(4) Any type of prospective financial statement is normally appropriate for general use.

Reference no: EM131155492

Questions Cloud

Write about on the swot analysis assignment : Compare pricing strategies for new products to the price adjustment strategies that may be necessary later in the product life cycle.
What are some of the rationales for art therapy programs : What do you think Acosta means when she says art therapy is a "universal language"? Can you find any research that speaks to the effectiveness of art therapy? What are some of the rationales for art therapy programs? If possible, share some tes..
Analyzes the poem journey of the magi by t s eliot : Write a persuasive analysis of a literary work. Write a 750-word (3-4 pages) essay that analyzes The poem "Journey of the Magi" by T. S. Eliot".
Process for disputing information : 1. What are the names of the three credit reporting agencies that house your credit history? 2. What is the process for disputing information in your credit profile?
Report on internal controls at a service organisation : Which of the following professional services is considered an attestation engagement? (1) A management consulting engagement to provide IT advice to a client.
What would be the proper amount of the adjusting entry : When preparing an adjustment under accrual accounting, what would be the proper amount of the adjusting entry if the end of the period balance in the supply account is $4,000 and the amount of supplies on hand is $1650
Calculate the starting torque and the maximum torque : Neglecting stator resistance and rotational and stray-load losses, and assuming constant rotor resistance, calculate the starting torque and the maximum torque in per-unit of full-load torque, as well as the slip at which the maximum torque occurs..
Making a final decision in the negotiation process : Determine specific approaches that a negotiator should take to reduce the chances of an escalation before making a final decision in the negotiation process. Provide two (2) techniques that a negotiator could use to reduce the number of changes ne..
What will you do to accommodate the student in the classroom : On the first day of a new class you learn that one student in the class is from Japan and speaks very little English. What will you do to accommodate the student in the classroom? One student in your class eats from other students' lunch without ..

Reviews

Write a Review

Auditing Questions & Answers

  What are the auditor responsibilities for detecting fraud

Auditing - 0502630 CASE - The auditor's consideration of fraud in a financial statement audit. According to GAAS, what are the auditor's responsibilities for detecting fraud? What two types of misstatements due to fraud do the standards specificall..

  Prepare the auditors report - long beach bridges report

Discuss the matters that should be considered in determining whether or not Long Beach Bridge's management is correct in its belief that the stolen tolls meet the criteria for revenue recognition

  Discuss the specific risks and nature of the company

Consider and discuss the specific risks and nature of the company you will be auditing. Create comprehensive audit programs for the cash, financial instruments, sale, and receivables accounts and cycles.

  Which time he terminated his employment with jernigan

Behalf of the management to the board of director on the effectiveness of the new system - effectiveness and efficiency of the system - plans to establish a separate department that will provide internal audit service to his audit clients.

  What you consider to be the key inherent risk factors

What is the inherent risk - Identify what you consider to be the ‘key' inherent risk factors that could have an impact on the audit of Dick Smith

  Relating errors-frauds-audit procedures-assertions

Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.

  List at least eight elements of ineffective internal control

List at least eight elements of ineffective internal control at Brown Company. List at least six elements of effective internal control at Brown Company.

  Critically evaluate the business risk audit methodology

Critically evaluate the business risk audit methodology. Describe the strengths and weaknesses in Porcine Solutions Pty. Ltd internal control for the purchasing area.

  Bank note issuance

On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.

  Firms average collection period-current receivable balanace

Calculate the firm's average collection period. Calculate the firm's current receivables balance. Calculate the firm's new receivables balance if Milwaukee Surgical toughened up on its collection policy, with the result that all non-discount custom..

  What options do you have to obtain assurance

An audit client has engaged a third party service organization to host its payroll software package on servers located at the service organization. What options do you have to obtain assurance about the controls embedded in the payroll application?

  How does this finding affect the rest of your audit

1. Assume that you are an auditor and as part of your routine audit, you discover a fraud being committed by the accounts receivable manager. The fraud is large enough to have a material impact on the financial statements. How does this findin..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd