General Accounting: What role do verification hierarchiesplay in evidence evaluation?a) Single standards work universallyb) All evidence needs equal testingc) Different assurance levels require varying proofstandardsd) Hierarchies complicate procedures

Explanation of Verification Hierarchies: Verification hierarchies are structured frameworks used in…

Answered: General Accounting: What role do…

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

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

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

Chapter17: Other Services Provided By Audit Firms

Section: Chapter Questions

Problem 26MCQ

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Similar questions

Which of the following statements is true regarding the sufficiency of evidence needed to test an account? a. Evidence sufficiency is a measure of evidence quality. b. Evidence sufficiency is affected by the quality of evidence. c. A relationship does not exist between evidence sufficiency and evidence quality. d. For a specific client, evidence sufficiency will be the same across all accounts.
What is the term given for information that should NOT be taken from one source as the collectors of the information may have collected this for a specific purpose? a. Accuracy b. REliability c. Completeness d. Bias
Why are external documents considered more reliable evidence than internal documents? What aspects of internal documents would help to increase their reliability?
From the options given below which of the following is not the reason of inherent limitation of audit? a. Limitation in accounting system O b. Use of human judgment O c. Poor planning O d. Human errors
If an analytical procedure supports management representations, it provides O key item evidence. persuasive evidence. corroborative evidence. O minimal evidence.
Which of the following characteristics is not considered essential to audit evidence? a. Availability of evidence b. Reliability of evidence c. Sufficiency of evidence d. Relevance of evidence
Select the best answer for each of the follwing items and give reasons for your choice. a. Which of the following best describes the relationship between assurance services and attest services? (1) While attest services involved financial data, assurance services involve nonfinancial data (2) While attest services require objectivity, assurance services do not require objectivity (3) All attest services require independence. (4) Attest and assurance services are different terms referring to the same types of services
1 What sources of information can auditors use in connection with deciding whether to accept a newclient?
Which of the following is not a function or benefit of a checklist? Providing evidence of audit planning Reducing workload for the auditee Reducing risk of auditor bias Maintaining the audit pace and continuity
Whare are the disadvantages of external goverment audits?
Which of the following best describes the relationship between auditing and attestationengagements?a. Auditing is a subset of attestation engagements that focuses on the certification of financial statements.b. Attestation is a subset of auditing that provides lower assurance than that provided by anaudit engagement.c. Auditing is a subset of attestation engagements that focuses on providing clients withadvice and decision support.d. Attestation is a subset of auditing that improves the quality of information or its contextfor decision makers
According to the reliability hierarchy by evidence type as presented in the text, an example of audit evidence with a low level of reliability is: Multiple Choice Reperformance. Inspection Observation Analytical procedures

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General Accounting: What role do verification hierarchies play in evidence evaluation? a) Single standards work universally b) All evidence needs equal testing c) Different assurance levels require varying proof standards d) Hierarchies complicate procedures