is the examination of all documentary evidence which is available to support the authenticity of transactions entered in the client’s records. a. Accounting. b. Vouching. c. None of these option is correct d. Internal chec

Q: The main objective of an audit is а. Maintaining books of accounts properly b. Presentation of true…

A: Audit is the process of checking, verifying and examining books of account and financial information…

Q: A fair presentation is achieved by compliance with applicable IFRSs. A fair presentation also…

A: The term fair presentation refers to the true presentation of the material facts in the books and…

Q: the auditor is planning to use accounts payable confirmations when auditing the client's accounts…

A: Accounts payable confirmations refer to a process used by auditors to verify the accuracy and…

Q: Audit evidence can come in different forms with different degrees of reliability. Which of the…

A: Auditing: It is an independent process of inspection, verification, examination of financial…

Q: The essence of the audit function is to: Select one: a. Examine individual transactions so that…

A: Audit simply means to examine as to whether the financial statements of the entity are free from…

Q: efly explained the following key concepts below: A. Forensic Accounting B. Financial

A: Financial accounting primary objective is to generate financial statements like the balance sheet,…

Q: tests involved in obtaining evidential matter on item

A: Option a is wrong because test of control is an audit procedure to check whether internal control is…

Q: 10. The inspection of a vendor's invoice by the auditors is:  Select one: a.  Direct evidence…

A: Solution:- Introduction:- An auditor is a person elected by the organizations performing audit of…

Q: An audit trail is a step-by-step record by which accounting data can be traced to its source.…

A: Vouching refers to checking the business transactions with their respective source documents.

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: Audit working papers are the property of the auditors, who may distort the papers, sell them, or…

A: An auditor is a person authorized to review and verify the accuracy of financial records and ensure…

Q: This is a process of evaluating the effectiveness of a client's internal controls in preventing or…

A: INTERNAL CONTROL IS A MECHANISM WHICH IS IMPLEMENTED TO ENSURE THE INTEGRITY OF FINANCIAL AND…

Q: A system that traces the detailed transactions relating to any item in an accounting record could be…

A: Audit trails is a process which has the recording of all the trade related, accounting and all othe…

Q: Once risks are identified, auditors assess the risk of material misstatement at the _______ level…

A: Solution: Once risks are identified, auditors assess the risk of material misstatement at the…

Q: Indicate which statements are true and which are false. Separation of recordkeeping for assets from…

A: One of internal control policy to safeguard assets is segregation of duties which is separation of…

Q: Upon being presented the consent artefact, which of the following is not verified by the Financial…

A: With reference to Account Aggregator (Reserve Bank) Directions, 2016, financial information provider…

Q: Which of the following is NOT an example of externally generated evidence sent directly to the…

A: Audit evidence refers to data obtained by an auditor for arriving at his judgment while performing…

Q: When testing the existence assertion, the auditor will take the vouching direction when examining…

A: VOUCHING MEANS INSPECTION OF DOCUMENTARY EVIDENCE SUPPORTING & SUBSTANTIATING TRANSACTIONS . THE…

Q: Which is not a forensic-type certificate?   A. FASNA.   B. CFE.   C. CRFAC.   D.    MAFF.

A: Forensic type certificates are the courses which allows someone to become forensic accountant. There…

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: Which is not a Risk Assessment Procedure? a. Ratio Analysis b. Observation of Activities c. Account…

A: Risk assessment procedures are one of the tools used in the audit which are used to ascertain the…

Q: Which of the following services is not considered to be a hosting service and, as such, will not…

A: In an audit engagement, hosting services that are solely maintained and provided by the auditor to…

Q: Which of the following would assist an entity in cat and prevent fraud? a. Accounting…

A: Fraud:- When one person intentionally conducts some activities which are against the rules and…

Q: The typical procedures performed to verify that the client has not omitted any amounts from the…

A: The answer is option (d.) [subsequent payments testing]

Q: What audit procedures are most likely to be used to verify accountsreceivable written off as…

A: Audit procedure:   Audit procedures are the processes, techniques, and methods that auditors perform…

Q: An item or information is said to be material if misstatement of which can influence the ___ a.…

A: A material misstatements refers to an incorrect information depicted on the financial statements.…

Q: Which of the following types of audit evidence is the least persuasive? a. Bank statements obtained…

A: Audit evidence the information collected by the auditor on the basis of which the opinion on the…