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WorksheetsKCw and Life - Quiz 3
Total questions: 10
Worksheet time: 20mins
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
