Which of the following engagement planning procedures would most likely assist the auditor in identifying related-party transactions before the balance-sheet date?a. Interviewing internal auditors about their reporting responsibilities.b. Reviewing accounting records for recurring transactions occurring near year-end.c. Inspecting communications with the client’s legal counsel regarding recorded contingentliabilities.d. Scanning the minutes for significant transactions with members of the board of directors

Q: In addition to the preparation of financial statements, it is also the responsibility of those…

A: It is the responsibility of management  and Those charged with governance the  Financial statements…

Q: 6) Cutoff tests designed to detect purchases made before the end of the year that have been recorded…

A: 6) Correct option is 'completeness'

Q: Assume that a CPA serves as an audit client’s business consultant and performs each of the following…

A:

Q: When performing an audit, which of the following is a primary objective of obtaining an…

A: Obtaining an understanding of the entity and its environment, including internal control, is a…

Q: Which of the following BEST (select one) describes why auditing can be viewed as a continuous…

A: Auditing is a critical process that helps companies ensure that their financial statements and…

Q: Financial statements that have been audited and verified by an external auditor are considered more…

A: Financial statements are the indicator of financial position of the business. It includes Income…

Q: Which of the following would be an example of a reasonable assurance engagement?

A: The audit is done in order to review the financial statement and finds the errors and misstatement…

Q: auditor assessed the preliminary a

A: If the internal controls are of higher quality then auditor does not have to perform extensive test.

Q: Which non-audit service is permitted for an SEC audit client?     Preparing a…

A: The objective of the question is to identify which non-audit service is permitted for an SEC audit…

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: An audit includes a number of letters between the auditors and the company such as the report to…

A: Auditors are the professionals who check each detail furnished by the client through his/her…

Q: The auditors have determined that each of the following objectives will be a part of the audit of…

A: The audit of different items contained in the financial statements through appropriate audit…

Q: In which of the following situations does the auditor potentially lack objectivity?Select one:…

A: Objectivity is a fundamental principle in auditing. It refers to the auditor's ability to maintain…

Q: As part of the ongoing audit of Winter Enterprises, the external auditor, Ghassan CPAS are reviewing…

A: An audit is an independent examination of financial information of any entity, whether profit…

Q: You've been assigned to the risk advisory department at the CPA firm of Debits & Credits. You are…

A: Auditing is defined as the process of verifying the financial statements of a business. The…

Q: Describe the audit procedures you would use to learn about each of the situations listed. Begin…

A: Audit procedures are procedures adopted by auditors to obtain sufficient and appropriate audit…

Q: Identify major activities performed by auditors in completing the substantive procedures following…

A: Auditors are required to perform several substantive procedures following the date of financial…

Q: An auditor issues a report dated 2/12/Year 2 on financial statements for the year ended 12/31/Year…

A: Auditor's responsibility: The auditor's goals and responsibilities are to provide an auditor's…

Q: Before issuing a report on the compilation of financial statements of a non-public entity, the…

A: Explanation of Assurance Services:Assurance services are professional services provided by certified…

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.