Answered: 1. The reliability of information…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 7CYBK

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TRUE OR FALSE. AUDITING 1. The reliability of information contained in the financial statements depends on the credibility of the source of the information and the ability to verify its accuracy or fairness 2. Financial statement users need to have an understanding of both the accounting and audit functions in order to better appreciate the assurance provided by an independent auditor on the fairness of the financial statements 3. The practitioner can accept an engagement if preliminary knowledge of the engagement circumstances indicate that ethical requirements regarding professional competence may not be satisfied 4. Professional competence can be satisfied by the practitioner using the work of persons from other professional disciplines referred to as experts 5. The practitioner plans and performs an assurance engagement using his professional judgment to obtain sufficient appropriate evidence about whether the subject matter information is free from

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