Answered: According to ISA 520, Which of the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Q1: According to ISA 520, Which of the following statements are incorrect? 1. Only purpose of analytical procedure is to obtain relevant and reliable audit evidence when using substantive analytical procedures. 2. Analytical procedures are required in the planning phase only. 3. Substantive analytical procedures are generally less applicable to large volume of transactions that tend to be predictable over time. a- 2 and 3 only b- 1,2 and 3 only c- 1 and 3 only d- 1 and 2 only Q2: Audit should be performed by persons having adequate training, experience and competence is referred as: a- Professional behavior b- Integrity, Objectivity and Independency c- Confidentiality d- Professional competence and due care Q3: State the purpose of audit documentation as per ISA 230. 1. Assisting the team to plan and perform the audit 2. Enabling accountability for audit work 3. Enabling quality control reviews and external inspections 4. Retaining a record of matters of continuing significance a- 1, 2 and 3 only b- 1,3,and 4 only c-1and 2 only d- 1,2,3,and 4 only Q4: Who is responsible for preparing the overall audit strategy and the audit plan? a-Those charged with governance b-Management’s c-Accountant d-Auditor’s

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