An audit isa. performed by the firm’s private bookkeepers.b. not necessary if the firm used acceptedbookkeeping procedures.c. required by many lenders who are trying tovalidate a firm’s accounting statements.d. a waste of the firm’s resources.e. a guarantee that a firm hasn’t “cooked” thebooks.

Q: Choose an alternative which is not the external source of audit evidence. a. Confirmation from…

A: External Evidence are audit evidences that originate outside the client’s organization. These…

Q: Independence is compromised in which of the following situations? The auditor withdraws himself from…

A: 1. The auditor withdraws himself from the engagement team who will audit the business of his…

Q: Which is not a benefit of computerized accounting system?

A: Computerized accounting system is the one whereby the accounting of the transactions is being done…

Q: rm of financial misstatement, how is fraudulent s

A: Fraud will be a malicious act committed by people to fulfilling the personal benefits. In an…

Q: hich of the following would be a red flag that internal auditors should look at for the possibility…

A: Controller is responsible all accounting matters and he is responsible for the cash and payments.

Q: Bidbid Company's production budget for month of February is 16,600 units, and the Company's ending…

A: Budgeted production units means that, how many units, needs to be produced in order to fulfill sales…

Q: n auditor does not need to test the effectiveness of automated controls in a computerized system.…

A: Auditors are responsible are maintaining the account and checking accounts and checking accuracy of…

Q: If an error or fraud occurs in the normal course of business and the company has good internal…

A: Fraud -The willful and illegal falsification of financial statements is considered fraud in…

Q: does this request?

A: An auditor is a person appointed to check the accuracy and authenticity of the books of account or…

Q: If the auditor is auditing a public company in the United States and must report on internal…

A: Adverse Opinion: When an auditor provides an "Adverse Opinion," it indicates that a company's…

Q: If the auditor learns before he starts the audit that the client's company uses excess cash (surplus…

A:

Q: Which of the following statements would most likely appear in an auditor's engagement letter? a.

A: Audit report represents the report prepared by an auditor that shows the opinion of the auditor on…

Q: In auditing accounts receivable, the negative form of confirmations request is used when A. Response…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: Which among the following types of audit evidence can be considered the most reliable? a. Verbal…

A: Please see the next step for the solution

Q: When an audit team does not receive a response on a positive accounts receivable confirmation,…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: When auditing contingent liabilities, which of the following procedures would be MOST effective? a.…

A: One kind of potential financial obligation known as a contingent liability is one that is predicated…

Q: An auditor tested the client's internal controls over granting customers credit and establishing…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: It is impossible for an auditor to "guarantee" that a company's finanical statements are free of all…

A: Hello, since the student has posted multiple requirements, only the first one is answerable. Thank…

Q: assess the reasonableness of opening balances

A: Opening balance of accounts are closing balances of those accounts brought forward to current…

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Intimidation Threat :- An intimidation threat occur if the professional accountant is intimidated by…

Q: As an auditor, you run across some abnormalities in a company’s books. What you find, makes you a…

A: An Auditor’s report is a letter by auditor in which information containing that company’s financial…

Q: nancial information you determine that there is a material misstatement in the accounts receivable…

A: INDEPENDENT AUDITOR’S’ REPORT TO THE MEMBERS OF FREEFALL INCORPORATEDReport on the Standalone…

Q: Increased compliance and regulatory requirements have no impact on a Bank's noninterest expense…

A: Bank's noninterest expense, also referred to as operating expenses, are the costs associated with…

Q: what happen when the company do not do audit in their financial statement?

A: Auditing: Independent examination of the financial information of the organisation.

Q: Which of the following is NOT a purpose of an audit of financial statements? a.To express an opinion…

A: Introduction:- The main purpose of audit on entity financial statements to express an opinion as to…

Q: ng dre You are appointed as an auditor for Sohar Electric Trading Company and finds that ontrols…

A: The auditors need to identify the risk of material statements in the financial report and respond…

Q: True or false: the purpose of an independent public accounting firms auditing and financial…

A: solution : True or false: the purpose of an independent public accounting firms auditing and…

Q: During the audit of Millennium Corporation, the audit firm, Tyson CPAS has advised firm management…

A: A high level of assurance provides greater confidence in the matter being assured. For an auditor to…

Q: tch the type of risk with the related definition. A. Detection risk B. Control risk C. Inherent risk…

A: Solution:- 1. The probability that an auditor will give an inappropriate opinion on financial…

Q: 3. An auditor should perform alternative procedures to substantiate the existence of accounts…

A: Answer:-  Account receivable meaning:- The amount owned to a business for goods or services that…

Q: Bank reconciliation is best prepared by the Accountant rather than the Internal Auditor. *…

A: The question is based on the concept of Accounting Theory. BRS is a statement that is prepared to…

Q: xternal auditors take a big picture, macro view of the books and records of a company. Forensic…

A: Audit represents the process by which the auditor would identify the fraud, error, and misstatement…

Q: Physical examination is usually more costly than observation. True False…

A: 1. Physical examination is usually more costly than observation   Answer: TRUE Reason: Physical…

Q: Course: Auditing  You are the audit partner of ‘Power Auditors’ and you are auditing your client…

A: The opinion which is formed and communicated by the auditor to the organization after assessing the…

Q: an audit firm is giving advice on accounting or control systems and helping the client with…

A: In the given case option C is correct.. Since it is neither a intimidation Threat nor a self review…

Q: 1. The use of computer systems in financial reporting increases the risk of material misstatements.…

A: A financial statement's inaccuracy, omission, or fraud is referred to as a "material…