Answered: The responsibility for the financial…

The responsibility for the financial statements rests A. jointly with the auditor and management B. solely with management C. with the internal audit function D. solely with the external auditor

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

Chapter1: Auditing: Integral To The Economy

Section: Chapter Questions

Problem 17MCQ

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Similar questions

Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws and regulations applicable on the entity b. To design, implement and maintain system of internal control. c. To ensure that financial statement comply with applicable financial reporting framework d. To express an opinion on true and fair view of the financial statements.
Which of the following is required documentation in an audit in accordance with generally acceptedauditing standards? Group of answer choices a. A flowchart or narrative of the accounting system describing the recording and classification of transactions for financial reporting. b. All major stakeholder groups. c. An internal control questionnaire identifying controls that assure specific objectives will be achieved. d. The overall audit strategy and audit plan.
Communicating Key Audit Matters in the audit report is : A. Additional communication to provide transparency in the auditor’s professional judgment, B. An assistance for financial statement users to better understand the entity and areas of significant management juudgments C. A substitute for disclosures in the financial statements that the applicable financial reporting framework requires management to make D. A separate additional opinion on individual matters Seçimimi temizle
Which of the following is the most important responsibility of the external auditor? a. To ensure that financial statements comply with applicable financial reporting framework b. To ensure compliance with laws and regulations applicable to the entity c. To design, implement and maintain a system of internal control d. To express an opinion on a true and fair view of the financial statements
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
An auditor's primary consideration regarding an entity's internal controls is whether they a. Prevent management override. b. Relate to the control environment. c. Reflect management's philosophy and operating style. d. Affect the financial statement assertions.
What type of audit is conducted to provide assurance about various aspects of an organization's activities rather than the reliability of financial statements? O Compliance audit O Internal audit O Operational audit O Financial statement audit
What is the objective of external auditing? Describe the role ofexternal auditing in meeting demands for unbiased financial statementand internal control information.
Indicate a specific audit procedure under each of the following categories, as applied particularly in the sales and collection cycle.a. test of controlb. substantive test of transactionsc. substantive test of account balances
When auditing account balances of liabilities, auditors are most concerned with management’s assertion abouta. Existence.b. Rights and obligations.c. Completeness.d. Valuation and allocation.
The primary responsibility for the preparation of the financial statementsis reposed in A. AccountantB. Internal AuditorC. President of the EntityD. Management of the Entity
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