Which of the following statements about management assertions, audit objectives, and audit evidence is incorrect? Group of answer choices a. Management assertions are representations of management, whether express or implied, about classes of transactions, account balances, and presentation and disclosure in the financial statements. b. Audit objectives remain the same from audit to audit but audit evidence may vary. c. An auditor may design more than one audit procedures to validate the same assertion. d. Audit procedures designed to evaluate one assertion may not be used anymore to evaluate another assertion.

Q: 3 types of misstatements

A: Misstatements are the under or over-statements of account balances or class of transactions…

Q: Which of the following activities should the internal audit function NOT be involved in? a.…

A: Lets understand the meaning of internal audit here. Internal audit is a auditing design for the…

Q: 2-17 (Objective 2-7) The following questlols the best response. a. The nature and extent of a CPA…

A: Quality control under auditing are the set of policies and procedures that should be followed by…

Q: The auditor shall communicate with those charged with governance an overall approach and scope of…

A: Auditor shall communicate to the management regarding its scope of audit.

Q: Practice question:

A: ANSWER No, I disagree with the statement that ''Having competent technical talents and capabilities…

Q: whether there is a reasonable possibility that the company's internal control system will fail to…

A: Internal control is the managements’ effective and efficient controls for achieving goals and…

Q: high for all financial statements assertions, an auditor should document the auditor’s     A B…

A: An Auditor understanding of its environment, it's entity and then assessing the risk of material in…

Q: effectiveness of audit

A: An audit is performed by auditor to express an independent opinion on financial statements whether…

Q: The auditor shall communicate with those charged with governance an overall approach and scope of…

A: The auditor shall communicate with those charged with governance an overall approach and scope of…

Q: Understand auditors’ responsibility forsubsequent events and subsequentlydiscovered facts

A: Subsequent Event: A subsequent event is an event or transaction that occurs after the date of the…

Q: which of the following is correct about the appropriateness of evidence? A. Audit evidence from…

A: Audit is the process of checking the financial statement and identifying the errors and…

Q: Because of the risk of managers acting in their own self-interest rather than the company's best…

A: Ans. While conducting audit, the auditor is required to follow certain code of conduct,such as…

Q: The acceptable audit risk for the financial statements overall tends to be low and is set by the…

A: In auditing, setting the acceptable audit risk for financial statements is crucial for ensuring the…

Q: The following questions deal with assessing controlrisk in a financial statement audit. Choose the…

A: Internal controls can be defined as the procedures to be followed in order to ensure the accounting…

Q: The objective of the auditor is to plan the audit so that it will be performed in an effective…

A: Audit is a sort of examination which is conducted to check the accuracy of the statements of an…

Q: When planning an audit, which of the following is not a factor that affects auditors’ decisions…

A: An auditor is a professional body appointed by firm or enterprise to examine books of accounts and…

Q: If an analytical procedure performed, identify fluctuations or relationships that are inconsistent…

A: If an analytical procedure performed, identify fluctuations or relationships that are inconsistent…

Q: materiality

A: The first statement is true because the transactions of personal capacity affect the business entity…

Q: potential bias in management's ncerns,

A: Option 1 is wrong because the management' bias in estimation calculations is to be considered to…

Q: When evaluating whether accounting estimates made by management are reasonable, auditors would be…

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

Q: Which of the following is the independent auditor’s principal purpose for obtaining an understanding…

A:

Q: ment of materiality guides audit planning and testing   materiality is used to guide the validity…

A: To find the incorrect option as,

Q: statement would appear in the:   a. Engagement letter.

A: The right answer is option c.  Management representation letter.

Q: t assertions are provided to the auditor in the assertions letter, but are not disclosed on the…

A: Management Assertions are directly connected to the financial reporting framework adopted by the…

Q: Which of the following matters is an auditor not required to communicate to those charged A.…

A: A. Significant adjustments arising from the audit that were recorded by management: Auditors are…

Q: Which of the following audit techniques would most likely provide an auditor with the least…

A: Effective Internal control will satisfy company objectives.  Internal controls will identify and…

Q: Which of the following statements is correct about the reliability of audit evidence? a.…

A: Audit evidence means evidence or supportings that is obtained by auditor during the course of audit.…

Q: Which of the following does NOT accurately describe the concept of materiality? O performance…

A: The Materiality refers to the relevance, accuracy and reliability of the financial statements of thr…

Q: If the Financial Statements are prepared do not achieve fair presentation, then an auditor shall O…

A: An audit is defined as the examination of financial statements in order to check whether or not the…