Answered: In auditing, ____________ is the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What do auditors consider when determining the extent to which the internal auditors’ work will affect the auditors’ procedures? A. The materiality of the account balance or transaction, the risk of material misstatement of the assertions, and the amount of subjectivity involved in evaluating the evidence gathered. B. Only the risk of material misstatement of the assertions related to the account balance, transaction, or disclosure and the amount of subjectivity involved in evaluating evidence gathered. C. Only the amount of subjectivity involved in evaluating the evidence gathered. D. Only the materiality of the account balance or transaction and the risk of material misstatement of the assertions.
While planning a specific audit, the PRIMARY purpose of assessing risks of the area under review is to provide reasonable assurance that material items will be adequately covered during the audit work. a) True b) False

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In auditing, ____________ is the process of identifying and assessing the risks of material misstatement in the financial statements, allowing auditors to tailor their audit procedures accordingly.