Which of the following best describes the auditors’ approach to auditing property, plant and equipment on continuing audit? Multiple Choice

Q: Auditing includes all of the following except: a. A systematic process. b. An objective obtaining…

A: Lets understand the basics. Auditing is a verification of books of account to give true and fair…

Q: An internal auditor's work would most likely affect the nature, timing, and extent of an independent…

A: It is the responsibility of an Internal Auditor to verify that all of a company's operational…

Q: The auditing procedure that could least likely lead the auditor to find unrecorded property, plant,…

A: Audit: An audit is a formal verification of an organization's account that is usually conducted by…

Q: Depending on the severity of the audit issue, follow- Re-auditing the processes that originally led…

A: In an audit process, the following activities are involved: Planning  Fieldwork  Reporting or…

Q: hoose the one correct answer. Which of the following audit approaches is most likely to provide an…

A: Solution : Which of the following audit approaches is most likely to provide an auditor the most…

Q: The auditing standards regarding subsequently discovered facts refers to knowledge obtained aftera.…

A: Answer:   Option B

Q: Which of the following BEST (select one) describes the purpose of the audit work program? a) To…

A: Audit refers to verifying balances of financial statements of a organization by using proper…

Q: Explain why the emphasis in auditing property, plant, and equipment is on the current period…

A: The reason for the emphasis in auditing property, plant, and equipment is on the current period…

Q: Which of the following types of audit evidence generally is the most reliable

A: Answer:   Option B.

Q: Which of the following is correct about ISA 520? O a. ISA 520 deals with the procedures after an…

A: The International Standard on Auditing 520 focuses on the analytical procedure used by the auditors…

Q: In testing the existence assertion for an asset, an auditor ordinarily works from the

A: The correct answer is: (D) Accounting records to the supporting evidence. An auditor works from the…

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: 10. Which of the following situations would lead an auditor to test controls over long-lived assets?…

A: Introduction:- Long live assets means, Which are are look forward to contribute future economic…

Q: In what way can audit procedures be modified to address assessed fraud risks?a. Obtain more reliable…

A: Fraud: Fraud is the act of deliberately conducting false reporting of facts, to acquire funds or…

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: In order to help the audit team assigned to the audit of a major client's property, plant and…

A: Financial statement assertions are the representations or claims made by management regarding the…

Q: Spreadsheet software would be most useful for which of the following audit activities?a. Testing…

A:

Q: What are auditors’ responsibilities for subsequently discovered facts if these are identified…

A: Subsequently Discovered Facts: These are the facts that become available or known to the auditor…

Q: the heightened risk of material misstatement. d. The auditor would perform all of the above…

A: Auditing is the detailed process of checking and verifying books of accounts and assets of the…

Q: Operational auditing has grown in importance over the last few decades.   a. Define operational…

A: Introduction: An operational audit is a process for analyzing a company's daily and larger operating…

Q: Which of the following is most likely to be presumed to represent fraud risk on an audit?

A: The correct answer is: (D) improper revenue recognition. There are a few different types of fraud…

Q: Following are seven audit activities. O (Click the icon to view the audit activities.) Requirement…

A: Audit procedures are actions taken by auditors to obtain all relevant information about the quality…

Q: Listed below are several of the auditors’ general objectives in performing substantive procedures on…

A: Audit procedures is the criteria or steps performed by the auditor in order to get all the…

Q: When auditing the existence assertion for an asset, auditors proceed from thea. Financial statement…

A: Definition: Existence assertion: Existence assertion is a management assertion where it is asserted…

Q: Analytical procedures can be used in which of the following ways?a. As a means of overall review…

A:

Q: not a procedure used by an auditor in searching for unrecorded disposals of long-lived assets?

A: Option a is wrong because the examination of property tax records provides information on tax on…

Q: For which of the following audit tests would an auditor most likely use attribute sampling?…

A: Audit tests: An audit test is a sample drawn from a larger population with the intention of testing…

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: Analyze some common internal controls over inventories. Explain the significant inherent risks…

A: Introduction: Depreciation is an accounting procedure that distributes the cost of an item over its…

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: Which of the following best describes why auditors audit leased assets in conjunction with the audit…

A: The question is related to the audit of leased assets. Lease is an agreement between two parties…

Q: Analytical procedures are generally used to produce evidence froma. Confirmations mailed directly to…

A:

Q: The auditor is MOST likely to learn of retirements of equipment through which of the following? a.…

A: An equipment audit eliminates the possibility of a customer showing up for pick-up only to discover…

Q: 1) The auditors analyze repairs and maintenance expense to: a)determine that plant & equipment…

A: 1) The auditors analyze repairs and maintenance expense to determine that all maintenance items are…

Q: Working papers document the audit evidence collected by the auditors during the financial statement…

A: A lead schedule is a working paper or document used in the field of auditing to summarize and detail…

Q: 13. As part of auditing equipment, the auditor will inspect new equipment additions selected from…

A: Auditing is the detailed process of checking and examining books of accounts and financial records…

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,…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.