Question

A왜 10 of 19 with the client, who agrees to correct the diflerence in their records audior (ICA) Your ICA then What is the next step you or your ICA will take? O a Document the audit misstatement in the Summary of Audit Misstatements O b Document the audit O c Add a corrected audit misstatement to the Tracker O d Add a signidicant risk to the Tracker t in the Completion secion of eAudIT 11 of 19 all of review to the Payroll master file in the Payro IT system, is n to the review by the by the payroll manager, which of the following best desonbes the nature and type of this control? O b Manual and detective O c Autormated and preventative O d Automated and detective 12 of 19 O a 2013 COSO Framework O b Flowcharting O c Summary of Internal Control Deficiencies O d ICOFR Topic Overview Page

Answer 1

10 . In the given case difference is in excess of the audit misstatement posting threshold which is agreed on by client and he also agreed to correct it in their records, in this case we have not yet completed the audit and also the misstatement has not been corrected by the client in such a case it will be pertinent here to add a significant risk to the tracker.

Thus, correct option is (d). Add a significant risk to the tracker.

11. In the given case after processing by payroll IT system, the records are manually reviewed by the payroll manager just to ensure there is no mistake anywhere in the process. The whole process is a best example of automated and preventative.

Thus, correct option is (c). Automated and preventative.

12 . Flowchart provides a summary of all the processes very effectively.

Thus, correct option is (b) . Flowcharting most directly assist teams with understanding an entity's business process.