The general standards in the generally accepted auditing standards include all of the following except: * The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor. In all matters relating to the assignment, independence in mental attitude is to be maintained by the auditor or auditors. Due professional care is to be exercised in the performance of the audit and the preparation of the report. A sufficient understanding of internal control is to be obtained to plan the O audit and to determine the nature, timing, and extent of tests to be performed.

The general standards in the generally accepted auditing standards include all of the following except: * The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor. In all matters relating to the assignment, independence in mental attitude is to be maintained by the auditor or auditors. Due professional care is to be exercised in the performance of the audit and the preparation of the report. A sufficient understanding of internal control is to be obtained to plan the O audit and to determine the nature, timing, and extent of tests to be performed.

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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Similar questions

The external auditor should fulfill several performance responsibilities in order to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement . Among these responsibilities is Select one : a. providing an opinion on the financial statements . b. exercising professional judgment. verifying that all audit work is performed by the auditor with a minimum of three years ' experience . d. Accumulating sufficient , appropriate audit evidence.
In the assessment of an audit, what are the primary issues for consideration?Select one: a. All of the others are correct. b. The auditor must be perceived as independent. c. The auditor must be deemed competent. d. The auditor must be perceived as objective.
Analytical procedures are required as a part of the: Internal control assessment. Detailed tests of balances. Procedures performed near the end of the audit. Substantive testing.
Which of the following should not be considered at the planning phase of the audit? a.identification of analytical procedures to be used in examination b.understanding of the legal framework of the client c.the extent of materiality d.the type of audit opinion to be given
Although the quantity, type, and content of audit documentation will vary with thecircumstances, audit documentation generally will include the(1) copies of those client records examined by the auditor during the course of theengagement.(2) evaluation of the efficiency and competence of the audit staff assistants by thepartner responsible for the audit.(3) auditor’s comments concerning the efficiency and competence of client management personnel.(4) auditing procedures followed and the testing performed in obtaining audit evidence.
What is the general character of the responsibilities characterized by the Performanceprinciples?(1) The competence, independence, and professional care of persons performingthe audit.(2) Criteria for the content of the auditor’s report on financial statements andrelated footnote disclosures.(3) The criteria of audit planning and evidence gathering.(4) The need to maintain an independence in mental attitude in all matters pertaining to the audit.
In including an audit of financial statements , the overall objectives are the following, EXCEPT A. To conduct a critical, detailed and systematic examination of all the account balances in the financial statements, as the related document records , procedures and controls B. To obtain reasonable assurance whether financial statement as a whole are free from material misstatement whether du to fraud or error C. To report on the financial statements and communicate as required by the PSAs in accordance with the auditor’s findings D. To enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects in accordance with the applicable financial reporting framework
Audit should be performed by persons having adequate training, experience and competence is referred as: Integrity, Objectivity and Independency Confidentiality Professional behavior Professional competence and due care
The client and the auditor usually agree that some schedules, analyses, reconciliations, and computations are to be prepared by the client's staff for submission to the auditor. TRUE OR FALSE? WHY?