ACC311 Answer with reference or logic is required
Which of the following statements best describes the purpose of an internal control questionnaire (ICQ)?
(a)An internal control questionnaire is a series of questions regarding accounting and control policies and procedures that the auditor considers necessary to prevent all misstatements in the financial report.
(b)An internal control questionnaire is a series of questions regarding accounting and control policies and procedures that the auditor considers necessary to prevent material misstatements in the financial report.
(c)An internal control questionnaire is a series of questions regarding accounting and control policies and procedures that the auditor considers necessary to detect material misstatements in the financial report.
(d)An internal control questionnaire is a series of questions prepared by the entity about the entity's accounting and control policies and procedures for which the entity seeks guidance on from the auditor in order to detect material misstatements in the financial report.
Question No: 10 ( Marks: 1 ) - Please choose one
A Beverages company is being audited by an audit firm. Audit procedures are being undertaken in all of its departments. During this, the audit team has to spend more time on physical examination of the company assets to get reliable audit evidence. In your opinion, auditors are considering which type of audit inquiry in this case?
(a)Recalculations Inspection of tangible assets Analytical procedures Confirmations
(b)Existence of any immaterial mistake in the statements
(c)Existence of any fraud or error in the statements
(d)Company s growth trend in the future in figures Market value of the company s stock
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