Financial Audit Q&A Questions Risks that may occur during assertion testing, but cannot be prevented due to the lack of time. Reports that need to be prepared to find out if there are significant changes in the client. The parties reported by the auditor are related to the results of the audit reports made. Terms that must be included in the document prepared by the client. Inspection activities to ensure the shipping or Destination Point in the recording of the financial statements is correct in accordance with the fragments. The auditor needs to know that the ending balance recorded in the financial statements is appropriate based on evidence of transactions in the company. The audit assertion underlying the vouching procedure. The audit assertion underlying the tracing procedure. The risk caused by the sample taken by the Auditor does not describe the characteristics of the data from the entire data population. The risk that arises because the auditor is unable to find misstatements in the client's financial statements. The file type of the customer confirmation is related to the outstanding balance the client has. In general, a materiality limit of 1/25% to 1% is applied to accounts. The process used by auditors in conducting tests of control in testing documents and supporting control files. Auditors also need to consider the subjective needs of users of financial statements regarding financial statements as the basis for professional judgment when determining materiality (Yes/No). In the process of obtaining audit evidence, the strongest audit evidence is inquiry, while the weaker audit evidence is a written document (Yes/No). Answer
Financial Audit Q&A Questions Risks that may occur during assertion testing, but cannot be prevented due to the lack of time. Reports that need to be prepared to find out if there are significant changes in the client. The parties reported by the auditor are related to the results of the audit reports made. Terms that must be included in the document prepared by the client. Inspection activities to ensure the shipping or Destination Point in the recording of the financial statements is correct in accordance with the fragments. The auditor needs to know that the ending balance recorded in the financial statements is appropriate based on evidence of transactions in the company. The audit assertion underlying the vouching procedure. The audit assertion underlying the tracing procedure. The risk caused by the sample taken by the Auditor does not describe the characteristics of the data from the entire data population. The risk that arises because the auditor is unable to find misstatements in the client's financial statements. The file type of the customer confirmation is related to the outstanding balance the client has. In general, a materiality limit of 1/25% to 1% is applied to accounts. The process used by auditors in conducting tests of control in testing documents and supporting control files. Auditors also need to consider the subjective needs of users of financial statements regarding financial statements as the basis for professional judgment when determining materiality (Yes/No). In the process of obtaining audit evidence, the strongest audit evidence is inquiry, while the weaker audit evidence is a written document (Yes/No). Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Financial Audit Q&A
Questions
Answer
Risks that may occur during assertion testing, but cannot be prevented due
to the lack of time.
Reports that need to be prepared to find out if there are significant changes
in the client.
The parties reported by the auditor are related to the results of the audit
reports made.
Terms that must be included in the document prepared by the client.
Inspection activities to ensure the shipping or Destination Point in the
recording of the financial statements is correct in accordance with the
fragments.
The auditor needs to know that the ending balance recorded in the financial
statements is appropriate based on evidence of transactions in the
company.
The audit assertion underlying the vouching procedure.
The audit assertion underlying the tracing procedure.
The risk caused by the sample taken by the Auditor does not describe the
characteristics of the data from the entire data population.
The risk that arises because the auditor is unable to find misstatements in
the client's financial statements.
The file type of the customer confirmation is related to the outstanding
balance the client has.
In general, a materiality limit of 1/2% to 1% is applied to accounts.
The process used by auditors in conducting tests of control in testing
documents and supporting control files.
Auditors also need to consider the subjective needs of users of financial
statements regarding financial statements as the basis for professional
judgment when determining materiality (Yes/No).
In the process of obtaining audit evidence, the strongest audit evidence is
inquiry, while the weaker audit evidence is a written document (Yes/No).
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