Which of the following statements is incorrect?
Q: What will the auditor NOT consider when reaching a conclusion on the results of substantive…
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Q: Which of the following is correct about unmodified audit opinion? O a. Opinion issued once auditors…
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A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: i need the answer quickly
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A: Auditing is performed so as to anlayze the financial statements of the business for their…
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Q: Which of the following is least likely to be a factor that might indicate to an auditor that an…
A: special considerations are used by auditors where there is a high risk of material misstatements in…
Q: control risk in order to reduce
A: Statement 1 is correct because by performing additional compliance tests, the auditor can ensure…
Q: STATEMENT 1: Most of the information included in the permanent file are accumulated during the…
A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…
Q: Which of the factors below does not have to be considered by the auditor in determining the Key…
A: Key audit matters (KAM) are the significant matter which was found during the audit of the financial…
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: When making a decision about the dollar amount in an account balance based on a sample, the audit…
A:
Q: Which of the following is least likely to be required on an audit? Evaluate the business…
A: Which of the following is least likely to be required on an audit? 1. Evaluate the business…
Q: Incorporating elements of unpredictability in the selection of audit procedures to be performed by…
A: Audit Procedures: The particular and specific procedures undertaken by auditors to procure evidence…
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A: The independent auditor’s plays a vital role regarding the internal controls of a public company.…
Q: matters are communicated to those charged with governance at the end of an audit
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Q: Which of the following statements is false regardingsubstantiveanalytical procedures?a. Substantive…
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Q: 3. Which of the following is NOT part of the control activities applicable to Financial Statement…
A: Solution Concept Financial statement audit During the audit of the financial…
Q: The audit reporting requirements for comparatives discuss the following I. Prior period financial…
A: The audit reporting requirements for comparatives discuss the following: 1. If the prior financial…
Q: Which of the following conditions identified during fieldwork of an audit is most likely to affect…
A: The correct answer is: (D) Missing documents Missing documents would most likely affect the…
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…
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Q: means the application of audit procedures to less than 100% of the items within an account balance…
A: Correct is Option C - Audit Sampling Audit sampling Means application of Audit procedures to less…
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Q: Which of the following statements is not true? a. Tests of transactions are often performed…
A: In Auditing there are two types of procedures involved and are enumerated as below: a) Substantive…
Q: audit procedures
A: S1 is true because the audit procedures are usually conducted by the audit staff. The auditor just…
Q: Inquiries of clients and reperformance normally have a low cost to perform. True False
A: As per the guidelines, only one question is allowed to be solved. Please upload separate questions…
Q: When applying analytical procedures during an audit, which of the following is the best approach for…
A: Analytical procedures are a crucial part of the audit process conducted by auditors to assess the…
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- The standard uniquified audit report Select one: a. is sometimes called a disclaimer report b. can be issued only with an explanatory paragraph c. can be issued if only a balance sheet and income statement are included in the financial statements. d. is sometimes called a clean opinion1-From the options given below which of the document is included by an auditor in the audit documentation? a. Oral explanation by auditor b. Complete notes c. Superseded draft of financial statements d. Previous copies of documents rectified for mistakesFinancial Audit Q&A Questions Answer Risks that may occur during assertion testing, but cannot be prevented due to the lack of time. Reports that need to be prepared to find out if there are significant changes in the client. The parties reported by the auditor are related to the results of the audit reports made. Terms that must be included in the document prepared by the client. Inspection activities to ensure the shipping or Destination Point in the recording of the financial statements is correct in accordance with the fragments. The auditor needs to know that the ending balance recorded in the financial statements is appropriate based on evidence of transactions in the company. The audit assertion underlying the vouching procedure. The audit assertion underlying the tracing procedure. The risk caused by the sample taken by the Auditor does not describe the characteristics of the data from the entire data population. The risk that arises because the auditor is unable to find…
- After the audit planning procedures, your audit team decided to place the preliminary audit risk at a high level. Which of the following is correct? A. The risk the planned further audit procedures will not be able to detect misstatement should be increased. B. The auditors should plan set the timing of its extensive substantive testing at year-end. C. The audit materiality levels should be increased. D. The auditors should plan extensive substantive testing through analytical procedures.Which of the following is NOT a reason the auditor performs some substantive procedures at an interim audit date? O increase the effectiveness of the overall audit O client may require it for reporting purposes O allow the audit firm to decrease the amount of work during their 'busy season' O increases the efficiency of the year-end audit7. Analytical procedures: A. are not a type of audit evidence. B. are not required during the completion phase of the audit. C. performed during the planning phase of the audit are used as a substantive test in support of account balances. D. do not provide reliable evidence unless it is corroborated with other evidence. 8. Reasonable assurance allows for: A. low likelihood that material misstatements will not be prevented or detected by internal controls. B. no likelihood that material misstatements will not be prevented or detected by internal controls. C. moderate likelihood that material misstatements will not be prevented or detected by internal controls. D. high likelihood that material misstatements will not be prevented or detccted by internal controls. 9. Management implements internal controls to ensure that all required footnote disclosures are accurate. Auditors tests those controls to provide evidence supporting the presentation. A. completeness and valuation B.…
- Management of an entity sometimes makes estimates where the actual amounts are not available. The role of auditor with respect to such management's estimates is to: a. accept the management's estimation O b. reject the management's estimation O c. evaluate the management's judgment d. withdraw from the auditIn an audit sampling application, an auditora. Performs procedures on all items in a balance and makes a conclusion about the entirebalance.b. Performs procedures on less than 100 percent of the items in a balance and formulates aconclusion about the entire balance.c. Performs procedures on less than 100 percent of the items in a class of transactions tobecome familiar with the client’s accounting system.d. Performs analytical procedures on the client’s unaudited financial statements when planning the audit.23. Analytical procedures used to form an overall audit conclusion generally include A. Considering unusual or unexpected account balances that were not previously identified. B. Performing tests of transactions to corroborate management's financial statement assertions. C. Gathering evidence concerning account balances that have not changed from the prior year. D. Retesting controls that appeared to be ineffective during the assessment of control risk.
- With regard to corrective action on audit results, which of the following is not theinternal auditor’s responsibility?(1) Soliciting auditees’ suggestions for corrective actions.(2) Recommending possible alternative corrective actions.(3) Directing the corrective actions.(4) Determining that the corrective actions are responsive to the audit results.(5) Evaluating new policy statements to determine whether they address the unsatisfactory conditions disclosed in the audit results.DETERMINE WHETHER TRUE OR FALSE S1- Toward the end of an engagement, after all audit evidence has been gathered by the auditor, the auditor again considers materiality by comparing the combined misstatements with the preliminary or revised estimate for the entire set of the financial statements as a whole. S2- Changes in the regulatory or operating environment can result in changes in competitive pressures and significantly different risks.State with reasons (in short) whether the following statements are correct or incorrect (a) The terms of audit engagement can restrict the scope of an audit. · (b) It is the function of an audit to establish that payments have been made validly to the persons who are shown to be recipients. (c) Letter of Representations received from Management relieve the auditors of their responsibility. (d) Stratified sampling method involves dividing the whole population to be tested in a few separate groups. (e) There is a very thin difference between advocacy threats and intimidation threats to an auditor while performing his duty