Educational Development Corp Archives

Are formal records prepared based on information about time worked as entered by employees into an online time system application or point-of-sale machine?

Posted on February 16, 2023 by Assessments

Items 1 through 9 are selected questions typically found in internal control questionnaires used by auditors to obtain an understanding of internal control in the payroll and personnel cycle. In using the questionnaire for a client, a “yes” response to a question indicates a possible internal control, whereas a “no” indicates a potential deficiency. 1. […]

An audit firm performs a preliminary review of the client’s internal controls over its property, plant, and equipment cycle. Which of the following would represent a weakness in internal control?

Posted on February 16, 2023 by Assessments

The following questions concern internal controls and tests for property, plant, and equipment. Choose the best response. a. An audit firm performs a preliminary review of the client’s internal controls over its property, plant, and equipment cycle. Which of the following would represent a weakness in internal control? (1) The purchasing department generates a special […]

Which of the following provides authoritative guidance for the auditor of a nonpublic company?

Posted on February 9, 2023 by Assessments

The following questions address CPA firms and entities that regulate them. Choose the best response. a. An auditor of an entity subject to the rules of the SEC must conduct the financial statement audit in accordance with (1) PCAOB standards. (2) Statements on Standards for Accounting and Review Services. (3) International Auditing Standards. (4) Generally […]

Which of the following engagements is most likely to be considered an operational audit?

Posted on February 9, 2023 by Assessments

The following questions deal with assurance services and types of audits. Choose the best response. a. Which of the following is considered an assurance engagement? (1) Bookkeeping (2) Preparation (3) Compilation (4) Audit b. Which of the following engagements is most likely to be considered an operational audit? (1) The auditor determines whether the organization […]

Which of the following engagements is most likely to be considered an operational audit?

Posted on February 3, 2023 by Assessments

The following questions deal with assurance services and types of audits. Choose the best response. a. Which of the following is considered an assurance engagement? (1) Bookkeeping (2) Preparation (3) Compilation (4) Audit b. Which of the following engagements is most likely to be considered an operational audit? (1) The auditor determines whether the organization […]

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Tag: Educational Development Corp

Are formal records prepared based on information about time worked as entered by employees into an online time system application or point-of-sale machine?

An audit firm performs a preliminary review of the client’s internal controls over its property, plant, and equipment cycle. Which of the following would represent a weakness in internal control?

Which of the following provides authoritative guidance for the auditor of a nonpublic company?

Which of the following engagements is most likely to be considered an operational audit?

Which of the following engagements is most likely to be considered an operational audit?