During an audit engagement, pertinent data are compiled and included in the auditfiles. The audit files primarily are considered to be(1) a client-owned record of conclusions reached by the auditors who performedthe engagement.(2) evidence supporting financial statements.(3) support for the auditor’s representations as to compliance with auditing standards.(4) a record to be used as a basis for the following year’s engagement

Q: List the three reasons why an experienced member of the audit firm must thoroughly review audit…

A: Audit documentation: It is the record and documentation of the performance of auditors and it is…

Q: Understand the fundamental principle of reporting and identify the basic contents of the auditors’…

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

Q: OSelect the necessary words from the list of possibilities to complete the following statements.…

A: Auditing Standards: In the financial records of a corporation, generally accepted auditing standards…

Q: List and describe the required preengagement activities that auditors undertake before beginning an…

A: Pre-engagement activities: The summary of risk assessment procedure that need to be performed before…

Q: The auditing standards regarding subsequently discovered facts refers to knowledge obtained aftera.…

A: Answer:   Option B

Q: Which of the following BEST (select one) describes the purpose of the audit work program? a) To…

A: Audit refers to verifying balances of financial statements of a organization by using proper…

Q: pect to subsequent events, briefly explain the main responsibilities of the external auditors during…

A: Auditing - Financial statement audits or an unbiased review and assessment of a company's financial…

Q: When establishing an understanding with an audit client, that understanding should be documented

A: While a management representation letter is a key part of the audit process, it is not the only way…

Q: Please briefly discuss the need for the auditor’s evaluation of post balance sheet events as well as…

A: Post balance sheet events means events that are passed after the balance sheet date. Going concern…

Q: What shall the auditor do when he identified any matter that, although appropriately presented or…

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

Q: Which of the following would be an example of a reasonable assurance engagement?

A: The audit is done in order to review the financial statement and finds the errors and misstatement…

Q: auditor assessed the preliminary a

A: If the internal controls are of higher quality then auditor does not have to perform extensive test.

Q: Which one of the following document is considered as a permanent audit file? Significant analysis of…

A: Permanent audit file is that file which is maintained during the full course of audit. Under this,…

Q: Select the necessary words from the list of possibilities to complete the following statements. 1.…

A: There were two types of audit  risks that auditor should assess before conducting an audit. Inherent…

Q: An audit includes a number of letters between the auditors and the company such as the report to…

A: Auditors are the professionals who check each detail furnished by the client through his/her…

Q: What are auditors’ responsibilities for subsequently discovered facts if these are identified…

A: Subsequently Discovered Facts: These are the facts that become available or known to the auditor…

Q: Auditors have a responsibility related to management’s disclosure of new informationrelated to…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: List and briefly explain each of the Auditing Standards Board’s management assertions. List at least…

A:

Q: The objectives of the audit includes the following, except: a. To enable an auditor to express an…

A: Audit is the procrss of checking and examining books of accounts and financial information of…

Q: The execution stage of an audit involves: evaluating the results of the detailed testing and…

A: Auditing- The term "audit" is a very broad term that essentially means to thoroughly examine…

Q: What are auditors' obligations for later found facts uncovered (a) before to the audit report's…

A: Facts Discovered Subsequently: These are facts that become accessible or become known to the auditor…

Q: Identify major activities performed by auditors in completing the substantive procedures following…

A: Auditors are required to perform several substantive procedures following the date of financial…

Q: Which of the following aspects are required to be included in the basis for opinion section in the…

A: Auditor Opinion The foremost responsibility of an Auditor to his client to express the opinion…

Q: Communicating Key Audit Matters in the audit report is : A. Additional communication to provide…

A: Key Audit Matters are all those matters which are most significant in the opinion of the auditor in…