Question
An auditor identifies a significant risk around revenue
cut-off due to manual end-period adjustments and complex multi-element contracts. The client proposes reliance on a detective control: monthly reconciliation of shipped-not-billed and deferred revenue by finance. Control design appears sound but testing shows intermittent failures. What is the most appropriate audit response?Solution
For significant risks, SA 330 requires substantive procedures that are specifically responsive (tests of details are often necessary). If operating effectiveness is not supported, the control cannot be relied upon; increase the nature, timing, and extent of substantive procedures around cut-off and contracts.
In a certain code language, ‘HAVE’ is coded as ‘2648’ and ‘VOLT’ is coded as ‘3961’.What is the code for ‘V’ in the given code langu...
 Identify the number that does NOT belong to the following series.
18, 27, 35, 45, 54
If 'A' stands for '+', 'B' stands for 'x', 'C' stands for '+' and 'D' stands for '-', what will come in place of the question mark (?) in the following ...
If a mirror is placed on the line AB, then which of the answer figures is the right image of the given figure?Â
Â
Replace the question mark with an option that follows the same logic applied in the first pair. Immunology : Immune system :: Hydrology: ??Â
In a code language, 'COUCH' is coded as FLXZK and 'TABLE' is coded as WXEIH. How will 'CHAIR' be coded in the same language?
Select the set in which the numbers are related in the same way as are the numbers of the given sets.
(NOTE : Operations should be performed on t...
In the following number-pairs, the second number is obtained by applying certain mathematical operations to the first number. Select the set in which th...
What should come in place of '?' in the given series?
10 59 353 ? 12701 76205 457229
111 In a certain code language, 'MISTAKE' is written as 'LHRUBLF' and 'PROBLEM' is written as 'OQNCMFN' How will 'STRANGE' be written in that language?
