Which of the following matters relating to an entity’s operations would an auditor most likely consider as an inherent risk factor in planning an audit?a. The entity’s fiscal year ends on June 30.b. The entity enters into significant derivative transactions as hedges.c. The entity’s financial statements are generated at an outside service center.d. The entity’s financial data is available only in computer-readable form.

Q: Which of the following is a reason that an entity may receive an audit? Select the best response and…

A: A listed Entity may receive audit requirement by any law or authority such type of audit is called…

Q: why would an auditor ensure that all revenue-related disclosures are made in the financial…

A: Explanation of disclosures Disclosures refer to that piece of information that includes figures,…

Q: What must external auditors do to use the work of internal auditors in the audit of an entity’s…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: Which of the following normally occurs earliest in the audit examination?a. Discovery of an omitted…

A: Audit examination is the examining of all the audit workings and review them in order to ensure…

Q: Which of the following types of documentary evidence should the auditor consider the most reliable?…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Which of the following substantive procedures would auditors most likely perform to obtain evidence…

A: Answer:   Option b

Q: TRUE OR FALSE? WHY? For purposes of examining the client's financial statements, the auditor is…

A: Solution Concept Internal control               Internal control is the process laid down by the…

Q: MOST likely to be performed before the balance sheet date? a. Determine the date of the Letter of…

A: Auditing is independent examination of financial statements to express an opinion on the financial…

Q: Which of the following statements is not true with respect to the auditors’ report on…

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: An independent audit aids in the communication of economic data because the audit ________.…

A: The role of the auditor is to determine whether the reports prepared by the management follow the…

Q: During an audit of an entity’s stockholders’ equity accounts, the auditor determines whether there…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: The accountant's report that expresses an opinion on an entity's internal controls would not include…

A: The auditor's report on the audit of internal control over financial reporting includes the…

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 types of audit evidence provides the least assurance of reliability?

A: Answer:   Option B

Q: all statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true

A: Correct option : B

Q: List the functions needs to be done on the part of auditor to verify contingent liabilities of an…

A: An contingent liability is a kind of liability which may or may not happen in the future and it was…

Q: Which of the following is NOT a purpose of an audit of financial statements? a.To express an opinion…

A: Introduction:- The main purpose of audit on entity financial statements to express an opinion as to…

Q: 1. Auditors use substantive

A: Planned detection risk is the risk that audit evidence will fail to detect misstatements…

Q: Which of the following questions would auditors most likely include on an internal control…

A:

Q: will not participate in the audit

A: The scope of audit include verification of books and accounts to ensure they are free from material…

Q: The most important objective of risk assessment procedures performed by auditor is a. To identify…

A: As per ISA 315 IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENTS: The most important…

Q: Most auditors believe that financial statements are "presented fairly" when the statements are in…

A: Auditing evidence is the data gathered for survey of an organization's monetary transactions, inside…

Q: Which of the following information would be included in the introductory paragraph of the auditors’…

A:

Q: which of the following application would an auditor apply to determine the probability of a…

A: An auditor is a person who performs the check of accounts and the financial statements to prepare a…

Q: S1: After conducting an audit and release of the audit report, the primary responsibility on the…

A: S1: After conducting an audit and release of the audit report, the primary responsibility on the…

Q: Why is there a need on the part of the client entity to monitor internal controls over time? a.…

A: Internal Control- It is a process which is made by the entity to put control on its operations and…