Audit should be performed by persons having adequate training, experience and competence is referred as:Integrity, Objectivity and IndependencyConfidentialityProfessional behaviorProfessional competence and due care

Audit: The audit is an individual examination of financial statements or financial information to…

Answered: Audit should be performed by persons…

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Accounting

Audit should be performed by persons having adequate training, experience and competence is referrec

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

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

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

Chapter14: Completing A Quality Audit

Section: Chapter Questions

Problem 23RQSC

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Similar questions

Understand the importance of planning the audit engagement so that it is conducted in accordance with professional standards.
Audit morality includes moral sensitivity, moral judgment, moral motivation, and moral character. Explain how audit morality plays a key role in determining best audit practices that influence audit performance.
The audit director in charge is available for consulting and he approves the audit engagement before its completion. This is part of what quality assurance activity? Select one: O a. Peer review O b. Leadership responsibility for quality within the audit fırm O c. Engagement performance O d. Monitoring O e. Human resources
The use of an audit engagement letter is the best method of assuring the auditor will have which of the following?Select one: a. Cooperation from other auditors b. Auditor will obtain sufficient appropriate audit evidence. c. Access to all books, accounts and vouchers required for audit purpose d. Management representation letter
Which of the following attributes is likely to be unique to the audit work of CPAs as compared to the work performed by practitioners of other professions? Select one: a. Independence. b. Complex body of knowledge. c. Competence. d. Due professional care.
Identify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more than one element.) Use the following elements in providing your response: Reasonable assurance • Planning and supervision • Materiality ⚫ Risk assessment • Audit evidence a. Evaluating the effectiveness of the client's internal control in preventing or detecting misstatements. b. Obtaining an understanding of the client's business and industry. c. Acknowledging that the risk of failing to detect a material misstatement cannot be reduced to zero. d. Obtaining confirmations from the client's customers as to the ending balances in accounts receivable. e. Preparing a written audit plan. f. Designing audit procedures to identify misstatements that would have a significant effect on financial statement users' decisions. g. Considering the likelihood that the account balance contains a material…
Audit planning is a vital area of the audit primarily conducted at the beginning of audit process to ensure that appropriate attention is devoted to important areas, potential problems are promptly identified, work is completed expeditiously and work is properly coordinated. Required: b. Describe sources of relevant information for understanding a client's business.
When establishing an understanding with an audit client, that understanding should be documented Group of answer choices: a. Through a management representation letter. b. In a manner completely based on the auditor’s seasoned professional judgment. c. Either orally or in writing with the client. d. Through use of an engagement letter.
For an audit, what should be considered when understanding a client and analyzing the risks?
There are several internal controls in the personnel and employment function that are important from an audit perspective. For example, there should be an adequate investigation of the competence and trustworthiness of new employees. Discuss other internal controls in the personnel and employment function that are important from an audit perspective.
Audit planning is a vital area of the audit primarily conducted at the beginning of audit process to ensure that appropriate attention is devoted to important areas, potential problems are promptly identified, work is completed expeditiously and work is properly coordinated. Required: a. Explain factors to be considered in reviewing the terms of the audit engagement.
What does it mean the audit documentation should be self-explanatory? O a. It shall be sufficient to enable management to understand the internal control Ob. It shall be sufficient to enable employee to understand the internal control O. t shall be sufficient to enable an experienced auditor to understand the audit procedures O d. It shall be sufficient to enable auditor to understand the engagement letter