3-Audit evidence obtained by an auditor which is sufficient and appropriate to support his opinion on the financial statement assertions. Appropriateness and sufficiency deals with a. Both appropriateness and sufficiency deal with quantity of audit evidence b. None of the options c. Both appropriateness and sufficiency deal with quality of audit evidence d. Appropriateness deals with quality and sufficiency deals with adequacy of audit evidence

3-Audit evidence obtained by an auditor which is sufficient and appropriate to support his opinion on the financial statement assertions. Appropriateness and sufficiency deals with a. Both appropriateness and sufficiency deal with quantity of audit evidence b. None of the options c. Both appropriateness and sufficiency deal with quality of audit evidence d. Appropriateness deals with quality and sufficiency deals with adequacy of audit evidence

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

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

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

Chapter6: A Framework For Audit Evidence

Section: Chapter Questions

Problem 21MCQ

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Similar questions

The objective of the auditor is to plan the audit so that it will be performed in an effective manner. The effectiveness of audit deals with a. It deals with both error free audit opinion and profitable audit O b. Profitable audit c. None of the options d. Error free audit opinion
Which of the following is not true a. Inherent risk and control risk are assessed by the auditor and function independently of the financial statement audit b. Inherent risk is inversely related to the amount of audit evidence whereas detection risk is directly related to the amount of audit evidence required c. Inherent risk is directly related to evidence whereas detection risk is inversely related to the amount of audit evidence required d. Inherent risk is the susceptibility of the financial statements to material error, assuming no internal controls
What category of audit report will be issued if the auditor concludes that the financial statementsare not fairly presented? A. qualified B. adverse C. standard unmodified opinion D. disclaimer
2. To express an opinion on financial statements, the auditor obtains reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. Select one:TrueFalse
Which of the following is not true concerning materiality? a. Materiality is a matter of professional judgement O b. Materiality is used as a guide to planning substantive procedures O c. Materiality is used a guide for making decisions about the audit report d. All of the Above are True Statements e. None of the Above are True Statements
Which of the following characteristics is not a measure of the appropriateness of audit evidence? Quality of audit evidence. Relevance of evidence in providing support for, or detecting, misstatements in transactions, balances, disclosures and related assertions. Reliability of audit evidence Quantity of the audit evidence
Which of the following characteristics is not considered essential to good audit evidence? a. Excessive audit evidence b. Sufficiency of evidence c. Relevance of evidence d. Reliability of evidence
8 From the information given below, identify a statement which deals with appropriateness of audit evidence. a. Only audit evidence obtained from internal sources are appropriate b. Quality of audit evidence must be relevant and reliable c. None of the options d. Audit evidence must be adequate in quantity
The objective of the auditor is to plan the audit so that it will be performed in an effective manner. The effectiveness of audit deals with. It deals with both error free audit opinion and profitable audit b b. Profitable audit c. None of the options d. Error free audit opinion
STATEMENT 1: Audit documentation provide the principal support for the auditor's opinion on the fairness of the financial statements. STATEMENT 2: Audit documentation aid in planning and conducting for future audits. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct
What type of audit opinion is expressed by an auditor performing a limited scope audit? Select one: a. Disclaimer b. Unqualified c. Qualified d. Adverse
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