Audit Procedure – Knowsia

AAA – Nov 2013 – L3 – A – Q16 – Group Audits

This question assesses the appropriate audit procedure for verifying a subsidiary’s accounts before consolidation.

Question

When a client has control over a subsidiary, what is the most appropriate audit procedure to obtain evidence to verify subsidiary accounts before consolidation?
A. Arrange for independent valuation of the assets and liabilities of the subsidiary
B. Be involved in the appointment of the subsidiary auditors
C. Rely on additional work carried out by the internal auditors
D. Send a template of your expectation to subsidiary auditors
E. Provide audit program for the subsidiary auditors

Answer

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Tags: Audit Procedure, Consolidation, Group Audits, Subsidiary Accounts
Level: Level 3

Topic: Group audit
Series: NOV 2012

AAA – Nov 2012 – L3 – SA – Q16 – Review of Subsequent Events and Going Concern Assumptions

Identifying the appropriate signatories for a Letter of Representation.

Question

The Letter of representation is normally signed by:

A. Managing Director and Chairman of the Board
B. Managing Director and Company Secretary
C. Managing Director and Finance Director
D. Chairman of the Board and Finance Director
E. Chairman of Audit Committee and the Managing Director

Answer

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Tags: Audit Documentation, Audit Procedure, Letter of Representation, Signatories
Level: Level 3

Topic: Review of Subsequent Events and Going Concern Assumptions
Series: NOV 2011

AAA – Nov 2023 – L3 – SC – Q5 – Audit of IT Systems and Data Analytics

Discusses COBIT's purposes, components, and its application in business processes for IT governance and audit functions.

Question

Hillary Professional Services is a medium-sized firm on a retreat having successfully combined business operations to take advantage of mandatory audit rotation guidelines. At the retreat, it was agreed that a robust software to reduce paperwork was inevitable. All along, one of the combined firms has an Information Technology (IT) Unit which has been strengthened with state-of-the-art equipment.

All auditors are now encouraged to show more interest in information technology, especially in areas relating to data analytics, artificial intelligence, and machine learning. Undoubtedly, understanding the business information system used by management is necessary as they affect risk assessment involved in the financial reporting process. It was also concluded that obtaining an understanding of the field of information technology is a standard audit procedure to be followed; otherwise, it will be difficult to evaluate the adequacy of the expert’s work as recommended by International Standards on Auditing. The purpose of the merger will be defeated if the firm will not be able to win jobs and perform well in a highly competitive market. The after-effect of the COVID-19 pandemic has also revealed that one could work with flexibility anywhere if there is a robust audit software in place.

The IT Audit Partner made a presentation on “COBIT (Control Objectives for Information and Related Technologies) – a globally accepted suite of tools that a client might use in order to ensure IT is working effectively.” He stated that COBIT is all about doing the right things the right way in order to deliver benefits to the client.

You are a staff of Hillary Professional Services. Based on the presentation made on COBIT at the retreat, you have been divided into groups and the groups are to debrief the main group after one hour.

Required:

a. State the purposes of COBIT (Control Objectives for Information and Related Technologies).
(3 Marks)

b. Identify and explain the specific components of COBIT.
(8 Marks)

c. Explain how COBIT will be applied in the business process.
(4 Marks)

Total: 15 Marks

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedure, Audit Standards, COBIT, Data Analytics, Digital Transformation, Financial Reporting, Information Systems, IT Governance, Machine Learning
Level: Level 3

Topic: Audit of IT Systems and Data Analytics
Series: NOV 2023

AAA – Nov 2013 – L3 – A – Q16 – Group Audits

This question assesses the appropriate audit procedure for verifying a subsidiary’s accounts before consolidation.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedure, Consolidation, Group Audits, Subsidiary Accounts
Level: Level 3

Topic: Group audit
Series: NOV 2012

AAA – Nov 2012 – L3 – SA – Q16 – Review of Subsequent Events and Going Concern Assumptions

Identifying the appropriate signatories for a Letter of Representation.

Question

The Letter of representation is normally signed by:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Documentation, Audit Procedure, Letter of Representation, Signatories
Level: Level 3

Topic: Review of Subsequent Events and Going Concern Assumptions
Series: NOV 2011

AAA – Nov 2023 – L3 – SC – Q5 – Audit of IT Systems and Data Analytics

Discusses COBIT's purposes, components, and its application in business processes for IT governance and audit functions.

Question

Required:

a. State the purposes of COBIT (Control Objectives for Information and Related Technologies).
(3 Marks)

b. Identify and explain the specific components of COBIT.
(8 Marks)

c. Explain how COBIT will be applied in the business process.
(4 Marks)

Total: 15 Marks

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedure, Audit Standards, COBIT, Data Analytics, Digital Transformation, Financial Reporting, Information Systems, IT Governance, Machine Learning
Level: Level 3

Topic: Audit of IT Systems and Data Analytics
Series: NOV 2023

Question Tag: Audit Procedure

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AAA – Nov 2013 – L3 – A – Q16 – Group Audits

This question assesses the appropriate audit procedure for verifying a subsidiary’s accounts before consolidation.

AAA – Nov 2012 – L3 – SA – Q16 – Review of Subsequent Events and Going Concern Assumptions

Identifying the appropriate signatories for a Letter of Representation.

AAA – Nov 2023 – L3 – SC – Q5 – Audit of IT Systems and Data Analytics

Discusses COBIT's purposes, components, and its application in business processes for IT governance and audit functions.

AAA – Nov 2013 – L3 – A – Q16 – Group Audits

This question assesses the appropriate audit procedure for verifying a subsidiary’s accounts before consolidation.

AAA – Nov 2012 – L3 – SA – Q16 – Review of Subsequent Events and Going Concern Assumptions

Identifying the appropriate signatories for a Letter of Representation.

AAA – Nov 2023 – L3 – SC – Q5 – Audit of IT Systems and Data Analytics

Discusses COBIT's purposes, components, and its application in business processes for IT governance and audit functions.

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Question Tag: Audit Procedure

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AAA – Nov 2013 – L3 – A – Q16 – Group Audits

This question assesses the appropriate audit procedure for verifying a subsidiary’s accounts before consolidation.

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AAA – Nov 2012 – L3 – SA – Q16 – Review of Subsequent Events and Going Concern Assumptions

Identifying the appropriate signatories for a Letter of Representation.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q16 – Review of Subsequent Events and Going Concern Assumptions"

AAA – Nov 2023 – L3 – SC – Q5 – Audit of IT Systems and Data Analytics

Discusses COBIT's purposes, components, and its application in business processes for IT governance and audit functions.

You're reporting an error for "AAA – Nov 2023 – L3 – SC – Q5 – Audit of IT Systems and Data Analytics"

AAA – Nov 2013 – L3 – A – Q16 – Group Audits

This question assesses the appropriate audit procedure for verifying a subsidiary’s accounts before consolidation.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q16 – Group Audits"

AAA – Nov 2012 – L3 – SA – Q16 – Review of Subsequent Events and Going Concern Assumptions

Identifying the appropriate signatories for a Letter of Representation.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q16 – Review of Subsequent Events and Going Concern Assumptions"

AAA – Nov 2023 – L3 – SC – Q5 – Audit of IT Systems and Data Analytics

Discusses COBIT's purposes, components, and its application in business processes for IT governance and audit functions.

You're reporting an error for "AAA – Nov 2023 – L3 – SC – Q5 – Audit of IT Systems and Data Analytics"

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