From the options given below identify the accounting data obtained by an auditor which are sufficient and appropriate to support his opinion on the financial statement assertions. O a. Audit Report O b. Engagement letter O c. Audit evidence O d. Audit opinion

Q: Ethical requirements relating to an audit of financial statements is specified under ISA 250 and it…

A: Auditing is the verification of the accounts of the entities to provide the opinion for the position…

Q: Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and…

A: Helps to prepare the financial statements of companies is not an obligation or duties of an…

Q: To do an audit of a company's financial statements, there must be several key elements and…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: If there is a matters that pose challenges to the auditor in obtaining appropriate audit evidence or…

A: Key audit matter are those matters that are from auditor's professional judgement need be given…

Q: The major purposes of obtaining a client representation letter include:   Select one: a.  To…

A: The letter of representation is a letter drafted by the client to the auditor. This letter of…

Q: Which section of the audit report contains the matters communicated to and addressed by the auditor…

A: Audit report contains the opinion of the auditor on financial statements whether financial…

Q: (ii.) List the category of assertions (3 assertions) along with the element of financial statement…

A: 1. Transactions level assertions  2.Account Balance Assertions  3.Presentation and Disclosure…

Q: Responsibility for the preparation of the financial statements as per applicable financial reporting…

A: Auditing is the verification of the financial statements prepared by inspecting the documents and…

Q: Audit Evidence means ___________ used by the auditor in arriving at the conclusions on which the…

A: Audit: It can be defined as the examination and inspection of the company’s financial statements.

Q: When auditing the accounts payable balance on the balance sheet, an auditor’s procedures most likely…

A: Auditing is the inspection of the financial records of the company or organisations with no bias and…

Q: An audit strategy memorandum containsa. Specifications of auditing standards relevant to the…

A:

Q: Which section of the audit report contains the important matters communicated to and addressed by…

A: THOSE MATTERS THAT IN THE AUDITOR'S PROFESSIONAL JUDGEMENT ARE MOST SIGNIFICANCE ARE SHOWN UNDER THE…

Q: What is the parties reported by the auditor that are related to the results of the audit reports…

A: Audit is independent examination of financial statements of any company for the purpose of giving…

Q: In which of the following paragraphs of an auditor's report for a nonissuer does an auditor…

A: An auditor’s report is that document which is presented by the auditor for the company quarterly,…

Q: From the options given below identify the sources of audit evidence necessary to support the…

A: Auditing can be defined as the on-site inspection and examination of the process and quality system.…

Q: 13 From the options given below identify the duty of an auditor of a company a. All the options b.…

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

Q: The auditor's assessment of the reliability and sufficiency of the information contained in the…

A: Audit test - The auditing Assess the reliability and sufficiency of the information contained in the…

Q: Terms of auditing and duties and responsibilities of auditors are discussed through a. Engagement…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

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…

Q: Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the…

A: Auditing means the independent checking of a company's operation by the outsider known as an…

Q: Auditing} 23. From the options given below, identify an opinion formed by an auditor when financial…

A: Auditing means the independent checking of the company's operation by an outsider person known as an…

Q: A(n) ________ is the detailed instruction that explains the audit evidence to be obtained during the…

A: During an audit, an auditor is required to obtain reasonable assurance that is based on the evidence…

Q: Which of the following should an auditor obtain from the predecessor auditor prior to accepting an…

A: An Auditor is a person responsible for verifying the financial statements or we can say financial…

Q: What may be the possible purpose of using oral explanation in the audit documentation? O a. To…

A: Audit documentation: The records containing all the auditor's procedures, evidence obtained by the…

Q: 6. Explain the benefits which an external financial statement audit provides for an auditee.

A: External financial statement audit is the audit of financial statements conducted by an audit…

Q: Which of the following is an example of "other information" that could be used by an auditor as…

A: Confirmation of accounts receivable is an example of "other information" that could be used by an…

Q: Terms of auditing and duties and responsibilities of auditors are discussed through a. Letter of…

A: The engagement letter explains in detail the business relationship of the client and the appointed…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.