Answered: Corroborating evidence is additional…

Corroborating evidence is additional evidence which accumulated by the auditor to support the original audit evidence Select one: O True O False

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

Chapter15: Audit Reports For Financial Statement Audits

Section: Chapter Questions

Problem 3RQSC

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Corroborating evidence is additional evidence which accumulated by the auditor to support the original audit evidence

Select one: O True O False

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Which of the following is correct about the appropriateness of audit evidence? O a. It is the measure of the over-all audit strategy O b. It is the measure of the quantity of audit evidence O c. It is the measure of the quality of audit evidence O d. It is the amount of the audit evidence
How the relevancy deals in the information to be used as an Audit Evidence? O a. Audit evidence in document form is more relevant O b. Logical connection between purpose of the audit procedure and the assertion under consideration O . Relevancy is increased when obtained from dependent sources O d. Confirmation from the third parties
Determine which of the following is most correct statement regarding the reliability of audit evidence. Select one: a. Reliability of audit evidence is dependent upon the evidence being subjective b. Reliability of evidence refers to the amount of evidence obtained. c. If internal controls are effective, evidence obtained is more reliable than when the controls are not effective. d. Information that is indirectly obtained from external sources is the most reliable audit evidence
Which of the following characteristics is not a measure of the appropriateness of audit evidence? Quality of audit evidence. Relevance of evidence in providing support for, or detecting, misstatements in transactions, balances, disclosures and related assertions. Reliability of audit evidence Quantity of the audit evidence
Auditors use evidence to help them draw conclusions Select one: True False
Determine which of the following is most correct regarding the reliabili O Relatability of audit evidence is dependent upon the evidence being subjecti O Information that is indirectly obtained from external sources is the most relia In internal controls are effective, evidence obtained is more relatable than wh D Reliability of evidence refers to the amount of evidence obtained.
A.“It is the auditors’responsibility to gather sufficient appropriate evidence to reachtheir opinion. Discuss the above statement by explaining the differences between the evidence’s sufficiency and appropriateness. Your answer should include a discussion of two types of audit evidence.
If an analytical procedure confirms audit findings from other procedures, it provides persuasive evidence. O corroborative evidence. O key item evidence. O minimal evidence.
An auditor obtains evidence regarding the assertion of Completeness by sending confirmations. Question 10 options: True False
Which of the following statements about audit evidence is correct? Group of answer choices There should be a one-to-one relationship between audit objective and audit procedure. Audit evidence is more persuasive when items of evidence from different sources or of different nature are consistent Sufficiency is the measure of the quality of audit evidence and its relevance to a particular assertion and its reliability Appropriateness is the measure of the quantity of audit evidence
The auditor must obtain which audit evidence to draw reasonable conclusion a. Appropriate audit evidence b. Sufficient audit evidence c. None of the statements are correct d. Sufficient and appropriate audit evidenc
The reliability of evidence depends on the nature and source of the evidence. Which of the following presumption is correct about the reliability of audit evidence? Select one: a. Evidence from sources outside an entity is more reliable than evidence obtained solely from within the entity. b. All the given answers are correct. c. Evidence in the form of documents or written representations is more reliable than oral representations. d. Evidence obtained directly by the auditor is more reliable than evidence obtained from the client.