In Class flashcard-chapter 12

Front

What root vegetable was traditionally used to carve Jack-O-Lanterns?

Back

Turnip

Front

How many steps to ERS are there?

Back

4

Front

If the client relies on IT controls and the auditor plans to assess control risk as low for payroll assertions, the auditor will usually:

Back

Test the effectiveness of general controls, Use generalized audit software to evaluate the effectiveness of IT controls, Test the effectiveness of manual procedures to follow up exceptions identified by IT controls.

Front

True or false: The process of purchasing goods and services doesn’t vary from entity to entity

Back

False

Front

True or false: Most auditors plan to test controls in the payroll process because of the high volume of routine transactions.

Back

True

Front

Which of the following is NOT a step in the process of auditing purchases? Initial Audit Planning, Test Controls based on preliminary audit strategy, Making purchasing decisions, Draw conclusion about fair presentation

Back

Making purchasing decisions

Front

How long does it take for a pumpkin to grow?

Back

67 days

Front

Which of the following is NOT one of the types of fraud risk with purchasing? Kickbacks, Personal Purchases, Fictitious vendors

Back

Big Rigging

Front

Once the auditor understands the flow of transactions, the auditor should evaluate what can go ___?

Back

Wrong

Front

Audit data analytics can help in the auditing purchase process by

Back

Tracking unauthorized vendors