A representative of the PMO emailed you to notify you of an internal audit they want to perform on your project. Later in the day, you brainstorming with your team about the possible reasons for the audit. Which of the reasons below can you eliminate as a possible reason for this audit?
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- You are an audit supervisor assigned to a new client which is listed on a Stock Exchange. You visited the corporate headquarters to become acquainted with key personnel and to conduct a preliminary review of the company’s accounting policies, controls, and systems. During this visit, (i) After a careful review of the budget for data security enhancement projects, you feel the budget appears to be adequate. Identify the problems and explain them in relation to the internal environment.Write a memo to the CFO, Hans, informing him about the coming public school Annual Audit. Discuss the importance of the audit and some of the things the auditors will review during their field work. Your response should be approximately one page.Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting with their management. Their target is to conduct the audit during one week. The auditors have started their work. Identify which of the following is related to their audit process. Identifying the risk Conduct interviews Create audit procedure and plan Discussing corrective action plan
- Permanent files serve as handy reference source for new staff members in acquainting themselves with the client and for more experienced auditor in planning the current year’s audit. TRUE OR FALSE? WHY?Spreadsheet software would be most useful for which of the following audit activities?a. Testing internal controls over computerized accounting applications.b. Preparing an audit plan.c. Preparing a comparison of current-year expenses with those from the previous year.d. Drafting a planning memorandum.John Josephs an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association has suggested that he talk about the various phases of the audit process. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the following. Required: A) List and describe the various phases of an audit. B) Describe how audit procedures designed for one purpose might provide evidence for other purposes. Give an example. C) One of the phases involves understanding an entity's internal control. Why might the members of the association be particulary interested in the work conducted by auditors in this phase of the audit?
- You are the external auditor of Suleman and Stock Ltd. The CEO, Ahsan Suleman, has contacted you because the company is considering setting up an internal audit department for the first time and he is looking for some guidance as to what is required for an effective internal audit department. Required: Explain the key considerations Ahsan Suleman should consider when setting up an internal audit department.create a fictional audit company and client. Prepare an Audit engagement letter for your fictional client. The engagement letter must be a typed document and at least one page in length. While some paragraphs are standard and can be taken from the auditing standards,Ryan is an audit manager in a reputed tax and audit firm. He is incharge of the firm's engagement's objectives, scope, action plans and audit recommendations. He has to release the final audit results for the financialyear along with the internal auditor's options/ results. Which approach will best help him to furnish the details? A) Using external source and process reports B) Using assignment and feedback charts C) Using visualization and interactive reports D) Using accounts payable and receivable reports
- Compile a full set of notes which you will use to prepare for the training session that you are required to present. The notes should include: a) The steps a professional accountant should take in applying the conceptual framework approach. b) An explanation of the five categories of threats suggested by the code. c) A brief description of six general safeguards in an audit firm’s work environment that will ensure that threats to compliance with the fundamental principles are addressed appropriatelyYou are an auditor. The client's organization has recently implemented ERP system and data warehouse. During the engagement interview with the client, management has suggested that instead of running tests against the live operational database, you can draw the data from your tests of details from the data warehouse. This is because management believe that audit tests against the live operational database can disrupt operations. Management explains that data are updated weekly in the data warehouse. You need to think about their suggestion and get back to them with your answer. Required: write a memo to the management with your answer to their suggestion and your concerns (if any).The Sarbanes-Oxley Act (SOX) requires that an auditor must issue an internal control report following the evaluation of internal controls. provide continuous consulting services to help prevent fraud. issue a sustainability report along with the internal control report. rotate who can lead an audit every three years.