Answered: The main object of an audit is a.…

The main object of an audit is a. Expression of expert opinion b. Detection and Prevention of fraud and error c. Examination of books of accounts d. Preparation of financial statements

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 46RSCQ

See similar textbooks

Related questions

Q: Analytical procedures used in planning an audit should focus on identifying(1) material weaknesses…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Auditors try to identify predictable relationships when using analytical procedures. Relationshiipss…

A: Analytical Procedure- Analytical Procedure is evaluation through analysis of financial information…

Q: Which of the following statements best describes auditors’ responsibility for detecting a client’s…

Q: Distinguish between an auditor’s responsibilities to detect and report errors, illegal acts, and…

A: Definition: Auditor: Auditor is an accounting professional hired by a company to review the…

Q: An independent audit aids in the communication of economic data because the audit ________.…

A: The role of the auditor is to determine whether the reports prepared by the management follow the…

Q: Which of the following is the major purpose of performing analytical procedures in internal audits?…

A: Internal auditing is an independent, objective assurance and consulting activity designed to add…

Q: An auditor is required to obtain sufficient understanding of each component of an entity’s internal…

A: As part of the audit planning process, an auditor needs to obtain a sufficient understanding of the…

Q: A primary objective of analytical procedures used in the final review stage of an audit is toa.…

Q: Describe TWO (2) substantive testing procedures an auditor could employ to verify each of the…

A: i. Revenue and Accounts Receivable: 1. Analytical Review: The auditor would examine the changes in…

Q: Three common types of attestation services are Select one: O a. audits of historical financial…

A: Introduction: Auditing: Auditing means examining the books maintained by the company , Inspection of…

Q: Distinguish between the existence and completeness balance-relatedaudit objectives. State the effect…

A: An Audit is a process where the auditors’ process & identifies the misstatements or the risk…

Q: The primary purpose of accumulating sufficient and appropriate audit evidence is to Group of answer…

A: Sufficient and Appropriate Audit evidence Sufficient Audit evidence refers to Quantity of Audit…

Q: How does audit planning assist in the conduct of an audit? How do you explain the knowledge of the…

A: Audit is defined as examining the books of accounts by an auditor in order to check whether or not…

Q: When auditing related party transactions, an auditor places primary emphasis on O A. B. C. D.…

A: Assessing and reducing the risks of significant misstatement resulting from transactions and…

Q: What are the key differences between a conventional audit and a fraud examination? 2. To what…

A: The key differences between a conventional audit and a fraud examination are as follows: Purpose:…

Q: An audit plan containsa. Specifications of audit standards relevant to the financial statements…

A: Answer: b. Specifications of procedures the auditors believe appropriate for the financial…

Q: In gathering evidence to conduct an audit, it is important for the following information:…

A: The evidences or in other words the supporting documents are required for each work of audit is…

Q: What are the risks associated with auditing accounts payable? Can you explain the process of…

A: Introduction: Accounts payable (AP) is a general ledger account that represents a company's…

Q: In auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most…

A: Management assertion is something that helps in the verification of the accuracy of the information…

Q: Analytical procedures are generally used to produce evidence froma. Confirmations mailed directly to…

Q: The most important objective of risk assessment procedures performed by auditor is a. To identify…

A: As per ISA 315 IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENTS: The most important…

Q: Which of the following statements is associated with analytical procedure test? a. It helps to…

A: Analytical procedures involve comparisons of recorded amounts, or ratios developed from recorded…

Q: emphasis of the auditor in the following audit procedures?

A: Option 1 is wrong because by confirming the total amount of accounts payable subsidiary record with…

Q: The following are two specific audit objectives in the audit of accounts payable. The list referred…

A: Accounts payables are accounts related to those suppliers from whom business has made credit…

Q: d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as…

A: Internal Auditing is also Known as Operational auditing Answer: TRUE Reason : Operational Check…

Q: Auditing standards require that the engagement team members engage in discussion about the…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: Analytical procedures are one of many financial audit processes which help an auditor understand the…

A: Introduction:- Analytical procedures are one of many financial audit processes which help an auditor…

Q: Select from the following the main object of an audit. a. Expression of expert opinion b. Detection…

A: Audit means checking and verifying the authenticity of financial statements by examining them. It…

Q: ing and extent of the evidence play a critical role. What do these terms refer to in relation to…

A: Paper containers such as packages, envelopes, and bags will be used to gather the majority of the…

Q: When planning the audit, the auditor should make inquiries of management in order to do the…

A: Inquiry is an audit procedure that is used extensively throughout the audit and often is…

Q: Assessment of audit risk is carried out by the auditor at this stage of the audit process: a. Audit…

A: Audit risk: It can be defined as the risk that the entity’s financial statements are significantly…

Q: identify the primary audit objective for anaccrued liability such as Bankrates SEM accrual. what…

A: The expression accrued liability refers to a business expenditure that has been committed but has…

Q: Which of the following is a device designed to help the audit team obtain evidence about…

A: The auditor needs to identify and analyze the internal control for determining further audit…

Q: The following questions concern types of audit tests.Choose the best response.a. The auditor looks…

A: Answer: Option 2.

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: The major reason an independent auditor gathers audit evidence is to(1) form an opinion on the…

A: The primary purpose of the audit is to express an opinion on the fairness of the financial…

Q: In including an audit of financial statements , the overall objectives are the following, EXCEPT A.…

A: The overall objectives serve as a guiding framework for auditors, ensuring that they approach the…

Question

The main object of an audit is a. Expression of expert opinion b. Detection and Prevention of fraud and error c. Examination of books of accounts d. Preparation of financial statements

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

REASON

VIEW

ANSWER

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Diversified International Auditing and Reporting Requirements

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Select from the following the main object of an audit. a. Expression of expert opinion b. Detection and Prevention of fraud and error c. Preparation of financial statements d. Examination of books of accounts
The main objective of an audit is а. Maintaining books of accounts properly b. Presentation of true and fair accounts С. Expression of expert opinion d. Detection and Prevention of errors and frauds
Tests of controls in a GAAS audit are required fora. Obtaining evidence about the financial statement assertions.b. Accomplishing control over the occurrence of recorded transactions.c. Applying analytical procedures to financial statement balances.d. Obtaining evidence about the operating effectiveness of client control activitie
An audit plan containsa. Specifications of audit standards relevant to the financial statements being audited.b. Specifications of procedures the auditors believe appropriate for the financial statementsunder audit.c. Documentation of the assertions under audit, the evidence obtained, and the conclusionsreached.d. Reconciliation of the account balances in the financial statements with the account balances in the client’s general ledger.
When auditing the accounts payable balance on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion of Select one: a. Rights and obligations b. Completeness. c. Existence d. Presentation and disclosure
Tests of controls in a GAAS audit are required fora. Obtaining evidence about the financial statement assertions.b. Accomplishing control over the occurrence of recorded transactions.c. Applying analytical procedures to financial statement balances.d. Obtaining evidence about the operating effectiveness of client control activities.
An audit strategy memorandum containsa. Specifications of auditing standards relevant to the financial statements being audited.b. Specifications of procedures the auditors believe appropriate for the financial statements under audit.c. Documentation of the assertions under audit, the evidence obtained, and the conclusions reached.d. Reconciliation of the account balances in the financial statements with the account balances in the client’s general ledger.
when auditing VAT payable account, what are the considerations that you need to remember and procedures that you need to do say that you have gained a reasonable assurance of its compliance with standards and regulatory protocols?
Assessment of audit risk is carried out by the auditor at this stage of the audit process:a. Audit planningb. Understanding and testing the design and operation of internal control structuresc. Performing substantive testsd. Issuance of audited financial statementse. All wrong
The auditor's assessment of the reliability and sufficiency of the information contained in the underlying accounting records is a part of ______________ a. Audit Test b. Comparison c. Evaluation d. Judgement
the auditor is planning to use accounts payable confirmations when auditing the client's accounts payable. The use of accounts payable confirmations will test which of the following assertions? a. rights and obligations b. existence (only) c. existence and completeness d. cutoff
1. In auditing receivables, what are the audit objectives and how would you be performed to arrive at the most reliable information to express an opinion?