According to auditing standards, financial statements presented on a special-purpose framework should nota. Contain a note describing the special-purpose framework.b. Describe in general how the special-purpose framework differs from generally acceptedaccounting principles.c. Be accompanied by an audit report that gives an unmodified opinion with reference tothe special-purpose framework.d. Contain a note with a quantified dollar reconciliation of the assets based on the specialpurpose framework with the assets based on generally accepted accounting principles.

Q: Which of the following audit procedures is least appropriate for addressing the assertion of…

A: Assertion of Valuation is one of the 7 assertions of Auditing. Under the assertion of valuation, it…

Q: Type I Subsequent Events in auditing are :  A. Are those events that provide new information about…

A: A going concern is an accounting method for a corporation that has the financial resources to…

Q: Regarding special-purpose frameworks, (a) why do they exist, and (b) can financial…

A:

Q: tangible fixed assets

A: The audit of tangible fixed assets is done to verify the authenticity, existence, accuracy and…

Q: Which of the following is least likely to be appropriate as the basis for determining the…

A: Assets Assets are the resources of the business by using which the business is able to generate…

Q: A. The existence of loans. B. The completeness of loans. C. Related disclosures pertaining to…

A: Assertions are claims made by the management of the company which are further verified by the…

Q: the auditor confirms the receivable of the entity to the entity's customers: a. existence b.…

A: The auditor collects the evidence to confirm the following financial assertions :- Existence…

Q: In testing the existence assertion for an asset, an auditor ordinarily works from the

A: The correct answer is: (D) Accounting records to the supporting evidence. An auditor works from the…

Q: In the audit of accounts payable, an auditor’s procedures will most likely focusprimarily on…

A: 1. Existence or occurrence - The best way to establish existence and ownership of investments is…

Q: In substantive procedures, why is the emphasis on the completeness assertion for liabilities instead…

A: Substantive procedures are the activities performed to ensure that there is no material misstatement…

Q: f the auditor want to assure that Receivables have not been sold. What assertion he or she want to…

A: Existence represents that whether accounts receivable of the company really exist on a particular…

Q: Three common types of attestation services are Select one: O a. audits of historical financial…

A: Introduction: Auditing: Auditing means examining the books maintained by the company , Inspection of…

Q: Which of the following services provides the lowest level of assurance on a financial statement…

A: An assurance on financial statements refers to the confidence of the user in the financial statement…

Q: Distinguish between the existence and completeness balance-relatedaudit objectives. State the effect…

A: An Audit is a process where the auditors’ process & identifies the misstatements or the risk…

Q: Which type of audit report specifies that financial statements do not present fairly the financial…

A: The audit is required to be conducted so as to examine the accuracy of the books of accounts,…

Q: ment of materiality guides audit planning and testing   materiality is used to guide the validity…

A: To find the incorrect option as,

Q: Which of the following is not included in the standard (unmodified) report on the…

A: The purpose behind Auditor's report on the fiscal summary is to give an assessment that whether the…

Q: In auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most…

A: Management assertion is something that helps in the verification of the accuracy of the information…

Q: Which documents would an auditor most likely choose to examine closely to ascertain that all…

A: Option d. receiving reports is the answer

Q: Which of the following audit procedures will apply to obtain the reliable audit evidence relating to…

A: Auditing is the process of inspecting various books of accounting.

Q: Which of the following audit objectives is to validate the assertion of valuation and allocation? *…

A: Throughout the auditing process, assertions seem to be declarations that determine whether or not…

Q: In considering materiality for planning purposes, an auditor belives that misstatements aggregate…

A: The main objective of auditor evaluating whether the financial statements are presented fairly, in…

Q: Which of the following is not an analytical procedure? O a. Determine the nature of the audit O b.…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: ustify the auditor's duty to evaluate conformity with applicable rules and regulations. How does…

A: As defined in IAS 250, Consideration of laws and regulations in financial statement auditing.

Q: when the auditor want to assure that There are no unrecorded receivables. What assertion he or she…

A: Answer  Completeness means All transactions are recorded and all related disclosures are included in…

Q: How would an auditor test the realizable value audit objective fora financial instrument classified…

A: Auditor: Auditor is a person appointed to perform the functions of audit and check the accuracy of…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.