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Understanding Entity's Internal Control System

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Understanding Entity's Internal Control System

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Questions and Answers

What is one of the risk assessment procedures that the auditor should perform to obtain an understanding of the entity’s process for monitoring the internal control system?

Understanding the entity’s internal audit function, if any, including its nature, responsibilities and activities (correct)

Identifying and remedying control deficiencies

Evaluating whether the entity's process for monitoring the system of internal control is appropriate to the entity's circumstances

Understanding the sources of the information used in the entity’s process to monitor the system of internal control

What aspect of the entity’s process should the auditor understand in relation to ongoing and separate evaluations for monitoring the effectiveness of controls?

Nature, responsibilities, and activities of the internal audit function

The sources of information used in the entity’s process to monitor the system of internal control

The identification and remediation of control deficiencies identified

The entity's process for monitoring the system of internal control (correct)

What should the auditor understand about the basis upon which management considers the information used in the entity’s process to monitor the system of internal control?

The sources of information used in the entity’s process

Whether the information is sufficiently reliable for the purpose (correct)

The identification and remediation of control deficiencies identified

The nature, responsibilities, and activities of the internal audit function

Which factor should the auditor consider when evaluating whether the entity's process for monitoring the system of internal control is appropriate to the entity's circumstances?

The nature and complexity of the entity Signup and view all the answers

In relation to evaluating whether the entity's process for monitoring the system of internal control is appropriate, what should the auditor understand about the entity’s internal audit function?

The nature, responsibilities, and activities of the internal audit function Signup and view all the answers

Which procedure involves evaluating whether the entity's process for monitoring the system of internal control is appropriate to the entity's circumstances?

Evaluating whether the entity's process for monitoring the system of internal control is appropriate to the entity's circumstances Signup and view all the answers

Understanding Entity's Internal Control System

Choose a study mode

Podcast

Questions and Answers

What is one of the risk assessment procedures that the auditor should perform to obtain an understanding of the entity’s process for monitoring the internal control system?

What aspect of the entity’s process should the auditor understand in relation to ongoing and separate evaluations for monitoring the effectiveness of controls?

What should the auditor understand about the basis upon which management considers the information used in the entity’s process to monitor the system of internal control?

Which factor should the auditor consider when evaluating whether the entity's process for monitoring the system of internal control is appropriate to the entity's circumstances?

In relation to evaluating whether the entity's process for monitoring the system of internal control is appropriate, what should the auditor understand about the entity’s internal audit function?

Which procedure involves evaluating whether the entity's process for monitoring the system of internal control is appropriate to the entity's circumstances?

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