A.A wide selection of investments.B.A limited range of stocks.C.A group of low risk bo
A.A wide selection of investments.
B.A limited range of stocks.
C.A group of low risk bonds and cash.
D.A variety of funds.
A.A wide selection of investments.
B.A limited range of stocks.
C.A group of low risk bonds and cash.
D.A variety of funds.
Cherry The following scenario relates to questions 21–25 Cherry Blossom Co (Cherry) manufactures custom made furniture and its year end is 30 April. You are the audit supervisor of Poplar & Co and are developing the audit programmes for Cherry’s forthcoming interim audit. As part of audit planning, the audit team needs to obtain and understanding of the company’s system of internal control. Peter, the audit junior, is unsure what a company’s internal control comprises. Which of the following is NOT a component of an entity’s internal control?
A、The control environment
B、Control activities relevant to the audit
C、The selection and application of accounting policies
D、The information system relevant to financial reporting
A、the permanence of beauty
B、the permanence of love
C、the permanence of art
D、the permanence of urn
Cherry’s internal audit department has provided you with details of the internal controls around the non-current assets cycle. The controls include the following: On receipt, each asset is assigned a unique serial number and this is recorded on the asset and in the non-current assets register. Which TWO of the following describe the MOST RELIABLE audit procedures which enable the auditor to assess whether this control is operating effectively? 1. Select a sample of capital additions on site, agree that a serial number is recorded on the asset and confirm it is included in the non-current assets register 2. Select a sample of assets recorded on the non-current assets register, confirm that it includes a serial number for each asset and agree the number to the physical asset 3. Inspect the non-current asset register and verify that there are no duplicated serial numbers 4. Observe the receipt of assets to confirm that serial numbers are assigned and recorded
A、1 and 3
B、2 and 3
C、1 and 4
D、2 and 4
A、Rights and obligations of inventory
B、Valuation of payables
C、Existence of inventory
D、Completeness of payables
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