· Which audit is considered as a retail strategy audit. 24. Which audit is considered as a “retail strategy audit?”a. disguised audit b. vertical auditc. undisguised audit d. horizontal audit (d; Challenging; p. 528) 25. A retailer is concerned with how to better compete with a newly-opened membership club located 3 miles from its main store.
Answer (D) is correct. The audit plan should include higher-risk governance processes. It should define (1) the nature of the work; (2) the governance processes; and (3) the nature of the assessments, e.g., consideration of specific risks, processes, or activities. A.The nature of the assessments also should be defined in the audit plan.
22. XYZ & Company is dealing in the information systems audit. The audit of an IS environment to evaluate the systems, practices and operations may include one or both of the following: • Assessment of internal controls within the IS environment to assure validity, reliability, and security of information.
· 8 . Papa Friedo 's Pizza store no. 16 has fallen on hard times and is about to be closed .The following figures are available for the period just ended : All employees except the store manager would be discharged . The manager , who earns $ 27,000 annually , would be transferred to store no. 19 in a neighboring suburb .
A voucher is a document prepared monthly by the vendor and indicates the beginning balance, acquisitions, returns and allowances, payments to the vendor, and ending balance. These balances and activities are the vendor's representations of the transactions for the period, not the client's. C.
A voucher register is a journal for recording the vouchers for the acquisition of goods and services. D. A voucher is a document prepared monthly by the vendor and indicates the beginning balance, acquisitions, returns and allowances, payments to the vendor, and ending balance.