TRUE OR FALSE 1. Tracing helps address completeness issues while vouching address existence issues. 2. Observation is limited to the point in time at which the observation took place. 3. The cost or difficulty involved in obtaining evidence is not itself a valid basis for omitting an audit procedure. 4. Minutes of meetings of board of directors are considered corroborating information. 5. If lower detection risk is determined, the auditor may expand the extent of substantive procedures to ensure the reliability of the audit evidence.
TRUE OR FALSE 1. Tracing helps address completeness issues while vouching address existence issues. 2. Observation is limited to the point in time at which the observation took place. 3. The cost or difficulty involved in obtaining evidence is not itself a valid basis for omitting an audit procedure. 4. Minutes of meetings of board of directors are considered corroborating information. 5. If lower detection risk is determined, the auditor may expand the extent of substantive procedures to ensure the reliability of the audit evidence.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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TRUE OR FALSE
1. Tracing helps address completeness issues while vouching address existence issues.
2. Observation is limited to the point in time at which the observation took place.
3. The cost or difficulty involved in obtaining evidence is not itself a valid basis for omitting an
4. Minutes of meetings of board of directors are considered corroborating information.
5. If lower detection risk is determined, the auditor may expand the extent of substantive procedures to ensure the reliability of the audit evidence.
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