What do you understand by verbal evidence
Q: Breaux & Co. CPAs require that all audit documentation indicate the identity of the preparer and…
A: Audit evidence: The pieces of evidence provided by the audit team to provide their opinion with…
Q: Which one below is not an example of auditors'substantive testing? Select one: a. Controls testing.…
A: Substantive testing is such an audit procedure that is used for examination of financial statement…
Q: A tool used by auditors that serves as a cue to guiding audit planning around management’s…
A: Auditor is an individual approved to audit and confirm the exactness of monetary records and…
Q: When establishing an understanding with an audit client, that understanding should be documented
A: While a management representation letter is a key part of the audit process, it is not the only way…
Q: lassify information (1-5) according to its source (that is evidence obtained directly by the…
A: solution concept source and reliability of audit evidence The reliability of the…
Q: What is (are) the purpose(s) of audit documentation? Group of answer choices Provide a…
A: Solution: The purpose(s) of audit documentation is: 1. Provide a reasonable assurance that the…
Q: 5.Which of the following documents would be the most reliable evidence for an audit? Group of…
A: As per the Standard on Auditing it the objective of the auditor to form an opinion on the financial…
Q: The particular and specialized actions that auditors take to obtain evidence during a specific…
A: Auditing: In auditing, auditors verify the correctness and fair presentation of financial…
Q: ient’s treasurer. d. A check, issued by the company and bearing the payee’s endorsement, that is…
A: Given: To explain the correct option among the given options as,
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: Briefly discuss any audit evidence that the auditors may consider or may expect during the stage of…
A: Answer:- Audit:- To ensure that all the departments are using a documented system of documenting…
Q: An audit strategy memorandum containsa. Specifications of auditing standards relevant to the…
A:
Q: QUESTION 2 The purpose and objective of an auditor is to form opinions on whether the operations of…
A: The objective of audit is to give opinions on financial statements deals with whether the financial…
Q: Which section of the audit report contains the important matters communicated to and addressed by…
A: THOSE MATTERS THAT IN THE AUDITOR'S PROFESSIONAL JUDGEMENT ARE MOST SIGNIFICANCE ARE SHOWN UNDER THE…
Q: Select the necessary words from the list of possibilities to complete the following statements. 1.…
A: There were two types of audit risks that auditor should assess before conducting an audit. Inherent…
Q: Which of these audit evidence is more reliable for an auditor to use in gathering evidence than the…
A: Audit evidence: It includes all the information or data that is gathered by an auditor from all the…
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: 4-What do you understand by confirmation in the context of audit procedure for obtaining audit…
A: Introduction:- Auditing may be defined as examination or inspection of books of accounts of any…
Q: The reliability of evidence refers to the degree to which evidence is considered believable or…
A: Audit: Audit is the process of verification of the compliance of the financial statements.
Q: "The objective of the auditor is to design and perform audit procedures in such a way as to enable…
A: Bartleby's Guideline: “Since you have posted a question with multiple sub-parts, we will solve first…
Q: Consider the concepts of sufficient and appropriate audit evidence. Assess how audit risk relates to…
A: It is responsibility of an auditor to express his opinion on Reliability of financial statements. An…
Q: b) Discuss TWO (2) audit procedures to ensure sufficiency of audit evidence
A: There are various audit procedures that are used to ensure the sufficiency of audit evidence. These…
Q: -Collecting evidence by observation refers to:
A: As per accounting, evidence is defined under the audit procedure, were the auditor is held…
Q: When the auditor uses supporting evidence for amounts posted to account balances with documentary…
A: The term "audit" refers to the process of determining the information's trustworthiness and…
Q: An audit program is usually prepared after establishing the audit strategy and developing the audit…
A: An audit program refers to the audit plan which is the plan that is documented with the procedures…
Q: Which ethical principle is violated by an auditor who discloses information for personal gain? a.…
A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…
Q: The audit process may be divided up into four phases. At which phase would the auditor normally…
A: Steps often involve validating sample transactions, conducting surveys, evaluating laws, rules, and…
Q: 3. Questions requiring answering briefly (1) List three kinds of audit tests and describe their…
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Q: Analytical procedures are generally used to produce evidence froma. Confirmations mailed directly to…
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Q: Generally accepted auditing standards (the performance principle) require auditors to gather…
A:
Q: Which of the following presumption is correct about the reliability of audit evidence
A: Reliability of audit evidence :- Evidence from sources outside an entity is more reliable than…
Q: the group engagement partner decides that the component auditor cannot access sufficient ppropriate…
A: a) The group engagement partner has decided that component auditor cannot access the evidence…
Q: According to professional standards, an auditor is required to perform audit procedures that are…
A: Audit procedures refer to systematic step processes or techniques followed by auditors to gather…
Q: An auditor has to determine both the reliability and the relevance of potential audit evidence in…
A: Audit evidence refers to the documents and information that an auditor uses while arriving at the…
Q: Is it OK to give the client copies of the auditor's previous documents? If so, what should the…
A: Independent review of accounting and financial records is referred to as auditing. The purpose of…
Q: 5. Which of these audit evidence is more reliable for an auditor to use in gathering evidence (pick…
A: Audit evidence: It includes all the information or data that is gathered by an auditor from all the…
Q: In addition to obtaining responses to attorney letters, what other procedures can be used to gather…
A: Audit Evidence: The pieces of evidence provided by the audit team to prove their opinion with…
Q: The following are procedures to obtain audit evidence except: a. Physical examination. b.…
A: Audit is the process of checking and examining books of accounts and financial information in order…
Q: In the auditing process Select one: a. the criteria for evaluating information will not vary…
A: Auditing process means process or procedure of verifying and examining books of account, operations,…
Q: Explain the difference between the overall audit strategy and the audit plan and state the key…
A: An audit strategy determines the audit's orientation, timeliness, and scope. When creating an audit…
Q: Salim is an auditor planning with engagement team members how to obtain an audit evidence. In this…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : I S…
Q: An auditor obtains evidence regarding the assertion of Completeness by sending confirmations.…
A: Solution Concept External confirmations Confirmation request is sent to the third…
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- The evidence considered most appropriate by auditors is best described asa. Internal documents such as sales invoice copies produced under conditions of stronginternal control.b. Written representations made by the president of the entity.c. Documentary evidence obtained directly from independent external sources.d. Direct personal knowledge obtained through physical observation and mathematicalrecalculationIdentify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more than one element.) Use the following elements in providing your response: Reasonable assurance • Planning and supervision • Materiality ⚫ Risk assessment • Audit evidence a. Evaluating the effectiveness of the client's internal control in preventing or detecting misstatements. b. Obtaining an understanding of the client's business and industry. c. Acknowledging that the risk of failing to detect a material misstatement cannot be reduced to zero. d. Obtaining confirmations from the client's customers as to the ending balances in accounts receivable. e. Preparing a written audit plan. f. Designing audit procedures to identify misstatements that would have a significant effect on financial statement users' decisions. g. Considering the likelihood that the account balance contains a material…22-What may be the possible purpose of using oral explanation in the audit documentation? O a. To assist conclusion reached by the auditor O b. To clarify information contained in audit documentation O c. All of the options O d. To support the work performed by the auditor
- Which of the following is a device designed to help the audit team obtain evidence about theaccounting and control activities of an audit client?a. A narrative memorandum describing the control system.b. An internal control questionnaire.c. A flowchart of the documents and procedures used by the company.d. All of the above1. What is appropriate audit evidence? How does an auditor determine whether the appropriate audit evidence is sufficient to support the opinion expressed in the auditor's report? 2. Explain the types of audit proceduresCHOOSE THE BEST ANSWER Auditing is a systematic process by which a competent, independent person objectively obtains and evaluates evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria an communicating the results thereof to interested users. The objective obtaining and evaluating of evidence describe that the auditor A. Examining the bases for the assertions ( representations) and judiciously evaluating the results without bias or prejudice either for or against the individual (or entity) making the representations B. The auditor must be qualified to understand the criteria used and the competence to know how and what evidence to accumulate to reach the proper conclusion C. These are standards against which the assertions or representations are judged. This must be specific rules prescribed by a legislative body, budgets and other measures of performance set by management D. The…
- Auditors gather information through communication with individuals internal and external to the prospective client. Which of the following would be internal to the client? O Communication with the previous auditor O Communication with third parties O Communication with client personnel O Communication with the client's industry peers5-The most commonly used form of audit evidence is: a. Written documents b. Visual observations c. Oral representation d. Analytical proceduresSTATEMENT 1: Audit working papers are the documents accumulated by the auditor showing the procedures performed, audit testing applied, information obtained, and conclusions reached. STATEMENT 2: Audit working papers aid the auditor in the conduct and supervision of the audit engagement. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct
- Which of the following documents would be the most reliable evidence for an audit? Group of answer choices A. Confirmation from third party directly obtained by the audit team B. Confirmation from third party that is forwarded by the audit client. C. Observation cited in the report documented by the audit team D. Observation cited in the report documented by third party with concurrence of the audit teamTRUE OR FALSE: AUDITING 1. The less extensive the evidence-gathering procedures the lower the chances of formulating appropriate conclusion and the higher the level assurance that a practitioner can provide. 2. The concepts and principles on auditing and assurance introduce students to the theories underlying auditing services and provides opportunities to develop technical expertise in applying the concepts learned 3. The practitioner is required to pursue any matter which may lead to a material adjustment or modification to the subject matter of information 49. An independent auditor may participate in preparing financial statements including accompanying notes. 5. Nature of financial reporting involves preparation of financial statements based on the management’s judgment in applying an applicable financial reporting framework through coordination with the external auditorWhich of the following types of audit evidence is the least persuasive? a. Bank statements obtained from the client. O b. O c. Prenumbered purchase order forms. O d. Correspondence from the client's attorney about litigation. Test counts of inventory performed by the auditor.