Which items are matters ofgovernance interest that anauditor would wish todiscus with those chargedwith govenance!C a The general approach andoverall scope of the audit.Og The potential effect onthe financial statement of anymaterial risks andexposures,a Material uncertaintiesrelated to events andconditions that may castSignificant doubt on theentity's ability to continue asa going concern.04 all of above

When auditors perform their duties, they need to communicate critical issues with those charged with…

Answered: Which items are matters of governance…

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

Chapter14: Completing A Quality Audit

Section: Chapter Questions

Problem 21CYBK

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Similar questions

Which of the following does NOT describe substantive procedures? O includes inspection, inquiry, and confirmation O also known as substantive testing or tests of details O influenced by the overall risk assessment O designed to obtain indirect evidence of information included in the financial statements
Which one of the following statements is most appropriate to Control risk? Susceptibility of account balances or class of transaction to be materially misstated, assuming there were no internal controls Risk of non-detection of material misstatements in financial statements Risk of failure of internal control in the prevention or detection of material misstatements Risk of an inappropriate opinion Auditing and Cont..pdf A 10:36e T-TI/-V/-0 EN Home End Insert Delete
Which of the following is not a content of current audit file? Copies of communication with experts or other auditors Audit evidence obtained Memorandum and Article of Association Audit planning documentation Which one of the following is other indicator or events or conditions that may cast significant doubt on the entity's ability to continue as a going concern? Auditing and Cont... 10 EN , NE al Y-
{Auditing} 47. From the following statements, identify which error/s creates material misstatement while reporting the financial position of the entity. a. Creating secret reserves b. Under reporting of assets c. All the options d. Over reporting of liabilities
tch the type of risk with the related definition.A. Detection riskB. Control riskC. Inherent riskD. Audit risk___ 1. The probability that an auditor will give an inappropriate opinion on financial statements.___ 2. The probability that audit procedures will fail to produce evidence of material misstatements.___ 3. The probability that the client's internal control policies and procedures will fail to detect material misstatements if they have entered the accounting system.___ 4. The probability that material misstatements have occurred in transactions entering the accounting system.
Which of the following are reasons that auditors conduct analytical procedures at the risk assessment phase of the audit? Select all that apply. O assist with the identification of risk assess if the financial statements reflect the auditor's knowledge of their client O identify accounts at risk of material misstatement O highlight unusual fluctuations in accounts O helps with the calculation of materiality
financial statement audit is a matter of debate. Someargue that the existence of a DRP is irrelevant to theaudit. Others argue that it is an important controlthat needs to be considered in the assessment ofinternal control.RequiredAddress both sides of this debate.a. Provide a logical argument why a DRP shouldnot be considered in the audit.b. Argue why a DRP is an important control andshould be reviewed within the conduct of a financialaudit.
What type of audit opinion is preferred when analyzing fi nancial statements? B . Adverse.
d. For each of the following, determine how the effectiveness of the entity's internal control affect the sufficiency and appropriateness of evidence gathered by auditors. a As the entity's intemal control is more effective. auditors would asess lavels of material minstatament This would allow them to permit a level of detection risk, which meens that they could gather sufficient and appropriate evidence. bAs the ontity's internal control is less effective, auditors would asses levels of material misatatement. This would requre auditors to controi detoction risk to levels, which means that they would be required to gather sufficient and appropriate evidence less more
Which of the following risk types increase when an auditor performs substantive analytical audit procedures for financial statement accounts at an interim date?a. Inherent.b. Control.c. Detection.d. Sampling.
{Auditing} 28. Which one of the following options is the basis for opinion for an auditor? a. ISA , sufficient and appropriate audit evidence are the basis for audit opinion b. None of the options c. Only ISA is basis of audit opinion d. Only Sufficient evidence are the basis for audit opinion
Requirement: Indicate where management assertions are being validated by the below substantive auditprocedures. Existence/Occurrence(E/O) Rights &obligations(R/O) Completeness(C) Valuation andallocation/Accuracy(V/A) Presentation& disclosure(P/D) a. Inspect securities on handand confirm securitiesheld by custodian.b. Trace serial numberindicated in the securityto the list of investmentsecurities maintained bythe client.c. The investment securitieslisted on the schedule ofinvestment transactionsof the client aremathematically accurateand agree with thegeneral ledger.d. Read minutes of meetingof board of directorsregarding investmentsused as collateral forborrowings.e. Recalculate gains andlosses on sale ofsecurities.f. Recalculate interest anddividend revenues.g. Inspect securitiessimultaneously with countof other liquid assets.h. Verify fair values ofsecurities with publishedprice quotations.i. Obtain an understandingon management’s processin classifying…

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