CPA AUD A5 QUESTIONS AND ANSWERS 100% VERIFIED REVIEW SOLUTION 2024
CPA AUD A5 QUESTIONS AND ANSWERS 100% VERIFIED REVIEW SOLUTION 2024 Who is exempt from having to have an integrated audit? - ANS-Any company that has common equity underneath $75 million that is being held by third parties - does not have to have an integrated audit And nonissuers What causes internal controls to be ineffective? - ANS-Material weakness is present What is the top down approach? - ANS-FS level - entity level -> Accounts, transactions & disclosures -> Assertions What are the two parts of tests of controls? - ANS-Design effectiveness - walkthroughs Operating effectiveness - inquiry alone is not sufficient What is important to note about an auditor's responsibility as related to internal controls? - ANS- Only responsible for rating the effectiveness of the entity's internal control overall - NOT effectiveness of each individual control...
Written for
- Institution
- CPA AUD A5
- Course
- CPA AUD A5
Document information
- Uploaded on
- July 23, 2024
- Number of pages
- 18
- Written in
- 2023/2024
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- Exam (elaborations)
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- Questions & answers
Subjects
- cpa aud a5
- 2024
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questions and answers 100 verified review soluti
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who is exempt from having to have an integrated au
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what causes internal controls to be ineffective
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what are the two parts of tests of c
