KCw and Life - Quiz 3

What do we need to document, at a minimum, about each IT system used by the entity for financial reporting or a business process?

I. Name of the system

II. Purpose of the system

III. Business processes that use the system

IV. Components that use the system

V. Layers of the technology

• I, II, III, IV, V

• I, II, III, IV

• I, III, IV, V

• I, II, III, V

When do we obtain an understanding of a business process and perform a walkthrough?

• Accounts or disclosures where there is a reasonable possibility a RMM exists

• Accounts or disclosures where there is a remote possibility a RMM exists

• Accounts or disclosures where there is a significant risk exists

• Accounts or disclosures where we cannot obtain sufficient evidence through substantive testing alone

What is a relevant data element?

• It includes only financial data used in a calculation, selection or other manipulation of the information

• It includes only non-financial data used in a calculation, selection or other manipulation of the information

• It includes both financial and non-financial data used in a calculation, selection or other manipulation of the information

Which of the following is true related to Project Plan?

• You revisit and maintain Project Plan throughout the audit as newly created activities and attachments will not automatically be assigned.

• It assists you in identifying and selecting individual journal entries for testing and automatically sends the selections to the client for further support.

• The ‘Owner’ filter is used to identify work that is either unassigned or partially assigned, and then you may assign resources accordingly.

• It allows you to manage your engagement team’s access to the engagement file and you can use the ‘Unassigned’ filter to help do this.

What steps do you perform if you’ve identified large numbers of negative items in the population when you are sampling in the aggregate?

I. Offset positives and negatives within the selected aggregate balance to the extent possible prior to sampling.

II. Update the balance gross value if negatives offset positives within the selected balance.

III. Determine if any remaining negative items offset positives in the population.

IV. Select a sample of positive and negative items in the same MUS procedure.

• I and II

• I and III

• II and III

• II and IV

Who has won the most Grammys awards?

• Beyonce

• Taylor Swift

• Kanye West

• Jay-Z

Which country is the world's fifth-most populous country in 2020?

• Indonesia

• Brazil

• Russia

• Pakistan

Which city is selected for 2024 Olympic games?

• Brisbane - Australia

• Los Angeles - USA

• Paris - France

• Doha - Qatar

Which is the world's largest public companys in 2020?

• JPMorgan Chase

• Berkshire Hathaway

• Apple

• Industrial and Commercial Bank of China

What is the longest river in the world?

• Amazon

• Nile

• Yangtze

• Mississippi