Answered: TRUE OR FALSE: AUDITING 4.…

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

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 7CYBK

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TRUE OR FALSE: AUDITING 4. Appropriateness refers to quality, while sufficiency refers to quantity of evidential matter 5. The responsible party expresses an conclusion that provides a level of assurance as to whether the subject matter conforms, in all material respects , with the identified suitable criteria 6. The subject matter of an assurance engagement maybe presented as a point in time or covering a period of time. 7. In an audit of financial statements, the suitable criteria to be used is the Philippine Standards of Auditing. 8. Assurance refers to the responsible party’s satisfaction as to the reliability of the assertion being made by one party for use of another party. 9. When material errors are found in a financial statement audit, the auditor is required to determine the effect of these errors on the financial statements and the type of audit report to be issued 10. In an audit of financial statements, the suitable criteria to be used is the Philippine Standards of Auditing.

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