1. S1: The concept of materiality would be very important to an auditor in determining transactions that should be validated. S2: The level of assurance expected to be issued affects the amount of procedures to be performed by the practitioner. Group of answer choices Both S1 and S2 are incorrect. Only S2 is correct. Both S1 and S2 are correct. Only S1 is correct.
1.
S1: The concept of materiality would be very important to an auditor in determining transactions that should be validated.
S2: The level of assurance expected to be issued affects the amount of procedures to be performed by the practitioner.
Group of answer choices
Both S1 and S2 are incorrect.
Only S2 is correct.
Both S1 and S2 are correct.
Only S1 is correct.
2.
S1: Analytical procedures used as substantive test focuses on detecting material misstatements.
S2: The responsible party always prepare a representation that will be subjected to the validation of the practitioner.
Group of answer choices
Only S1 is correct.
Both S1 and S2 are incorrect.
Both S1 and S2 are correct.
Only S2 is correct.
3.
S1: After conducting an audit and release of the audit report, the primary responsibility on the fairness of the financial statements remains with the management and those charged with governance of the entity.
S2: In recurring audits, the auditor may not send a new engagement letter unless warranted by the circumstances.
Group of answer choices
Only S1 is correct.
Both S1 and S2 are correct.
Both S1 and S2 are incorrect.
Only S2 is correct.
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