Answered: An audit of accounting and financial…

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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Question

TRUE OR FALSE. AUDITING 1. An audit of accounting and financial system and controls to ensure reliability of recorded financial data is compliance audit. 2. Assurance engagement requires independence on the part of the auditor. 3. The intended user is the person or class of persons who engages the professional accountant 4. Appropriateness refers to quality, while sufficiency refers to quantity of evidential matter 5. The responsible party expresses an conclusion that provides a level of assurance as to whether the subject matter conforms, in all material respects , with the identified suitable criteria 6. The subject matter of an assurance engagement maybe presented as a point in time or covering a period of time. 7. In an audit of financial statements, the suitable criteria to be used is the Philippine Standards of Auditing. 8. Assurance refers to the responsible party’s satisfaction as to the reliability of the assertion being made by one party for use of another party. 9. When material errors are found in a financial statement audit, the auditor is required to determine the effect of these errors on the financial statements and the type of audit report to be issued 10. In an audit of financial statements, the suitable criteria to be used is the Philippine Standards of Auditing.

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