Statement: "In the context of audit, the concept of true and fair is defined in the Commercial Company Law". Based on above statement choose the best alternative from the options given below: O a. The statement is false, the concept of true and fair is not defined in any law Ob. None of the options Oc. The statement is true O d. The statement is false; the concept of true and fair is defined in IFRS Who could decide the terms and conditions of appointment of internal auditor? a. Management of the company b. None of the options C. It is decided by the shareholders d. It is decided by the external Auditor

Statement: "In the context of audit, the concept of true and fair is defined in the Commercial Company Law". Based on above statement choose the best alternative from the options given below: O a. The statement is false, the concept of true and fair is not defined in any law Ob. None of the options Oc. The statement is true O d. The statement is false; the concept of true and fair is defined in IFRS Who could decide the terms and conditions of appointment of internal auditor? a. Management of the company b. None of the options C. It is decided by the shareholders d. It is decided by the external Auditor

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

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

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

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 31CYBK

See similar textbooks

Similar questions

13. Statement: "In the context of audit, the concept of true and fair is defined in the Commercial Company Law". Based on above statement choose the best alternative from the options given below: a. The statement is false; the concept of true and fair is defined in IFRS b. None of the options c. The statement is true d. The statement is false, the concept of true and fair is not defined in any law
KPMG is the auditing firm for Tech Corporation, a listed computer software company. The audit team assigned to perform the audit includes an Audit Manager, a Senior Auditor and three Audit Assistants. No member of the team has updated their knowledge or experience on IT or the business processes of an IT company. Based on the given scenario answer the following question numbers 29, 30 and 31: What is the appropriate course of action in the given situation? O a. KPMG should file for bankruptcy and close their auditing firm O b. KPMG should place team members who has updated knowledge and skills in IT business processes O c. KPMG should file a complaint against Tech Corporation O d. KPMG should complete the audit engagement with the current audit team
2. A client has departed from GAAP for what you, the auditor, considers to be justifiable. The financial statements would have been misleading if the client had not departed from GAAP. Circumstance: Type of Opinion:
THlled AlSaadi Which one of the following statements is most appropriate to Control risk? When an auditor concludes that there is a significant doubt on the entity's ability to continue as a going concern for a period, the auditor is responsible to: Withdraw the audit engagement. Report to the company's shareholder. Express a qualified or adverse opinion, depending upon materiality. Adequate disclosure of the nature and implication of the uncertainty. Which one of the following best describes the auditor's responsibilities in evaluating the appropriateness of the going concern assumptions? Auditing and Cont. EN
Which of the following statements is most likely to be included in an attorney letter?a. “Certain representations in this letter are described as being limited to matters that arematerial.”b. “If any unasserted claims or assessments are omitted from this disclosure, please provide this information directly to our auditors.”c. “Our work enabled us to notice some actions that could enhance the profitability of theCompany.”d. “Please furnish to our auditors such explanation, if any, that you consider necessary tosupplement the foregoing information.”
Which statement best describes how audit firms should apply the general standard in the SEC independence rule? a. Firm should ensure that all services and relationships comply with specific proscriptions in the rule only. b. Firms should apply the general standard only when the specific rules do not address a service or relationship. c. Firms should examine all services and relationships in light of the rule's general standard. d. Firms should consider the general standard as an optional provision in the SEC independence rule.
Statement 1: An entity wherein the client has a nominal interest, is considered a related. Statement 2: lf the auditor performed analytical procedures in the audit completion phase and discovers a previously unrecognized risk, the auditor shall issue an adverse opinion. Statement 3: One of the management's responsibilities regarding related party transactions is to properly account for and disclose such transactions. A. Only one statement is correct B. Only two statements are correct C. All statements are correct D. All statements are incorrect
a. Discuss in detail how Enron Scandal influenced the "true and fair view" concept in auditing. Support your answer with the relevant resource(s).
15. A fair presentation is achieved by compliance with applicable IFRSs. A fair presentation also requires an entity: (choose the incorrect statement) a. to provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of transactions b. to select and apply accounting policies in accordance with IAS 8 c. to establish a system of internal control, the responsibility for which is the entity’s auditor. d. to present information, including accounting policies, in a manner that provides relevant, reliable, comparable, and understandable information.
Do you believe that the SEC should prohibit auditors from providing all nonaudit services for audit clients? Use ethical reasoning to support your answer.
Please answer with reason for all why the option is correct and why the other options are incorrectPlease answer correct otherwise skip it
When control risk is assessed at less than high for all financial statements assertions, an auditor should document the auditor’s A B C D · Understanding of the entity’s internal control structure Yes Yes No Yes · Conclusion that control risk is less than high No Yes Yes Yes · Basis for the conclusion that control risk is less than high Yes Yes No No Group of answer choices B C A D