27) Which of the following statements are True i. The auditor has a responsibility to plan and perform the audit so as to obtain maximum assurance about whether the financial statements are free of material misstatement. ii. The auditor has a responsibility to plan and perform the audit so as to obtain reasonable assurance about whether the financial statements are free of material misstatement. iii The auditor has a responsibility to plan and perform the audit so as to obtain negative assurance about whether the financial statements are free of material misstatement. iv. The auditor has a responsibility to plan and perform the audit so as to obtain absolute assurance about whether the financial statements are free of material misstatement. a) Only ii b) Both i and iii c) Only iv d) Only i
27) Which of the following statements are True i. The auditor has a responsibility to plan and perform the audit so as to obtain maximum assurance about whether the financial statements are free of material misstatement. ii. The auditor has a responsibility to plan and perform the audit so as to obtain reasonable assurance about whether the financial statements are free of material misstatement. iii The auditor has a responsibility to plan and perform the audit so as to obtain negative assurance about whether the financial statements are free of material misstatement. iv. The auditor has a responsibility to plan and perform the audit so as to obtain absolute assurance about whether the financial statements are free of material misstatement. a) Only ii b) Both i and iii c) Only iv d) Only i
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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27) Which of the following statements are True
i. The auditor has a responsibility to plan and perform the audit so as to obtain maximum assurance about whether the financial statements are free of material misstatement.
ii. The auditor has a responsibility to plan and perform the audit so as to obtain reasonable assurance about whether the financial statements are free of material misstatement.iii The auditor has a responsibility to plan and perform the audit so as to obtain negative assurance about whether the financial statements are free of material misstatement.
iv. The auditor has a responsibility to plan and perform the audit so as to obtain absolute assurance about whether the financial statements are free of material misstatement.
a) Only ii
b) Both i and iii
c) Only iv
d) Only i
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