Which of the following statements would most likely appear in an auditor's engagement letter? O a. Fees for our services are based on our regular per diem rates, plus travel and other out-of-pocket expenses. O b. The auditor's preliminary assessment of the risk factors relating to misstatements arising from fraudulent financial reporting. OC. A reminder that management is responsible for illegal acts committed by employees. O d. After performing our preliminary analytical procedures, we will discuss with you the other procedures we consider necessary to complete the engagement. e. Required evidence is needed to issue a qualified opinion.

Which of the following statements would most likely appear in an auditor's engagement letter? O a. Fees for our services are based on our regular per diem rates, plus travel and other out-of-pocket expenses. O b. The auditor's preliminary assessment of the risk factors relating to misstatements arising from fraudulent financial reporting. OC. A reminder that management is responsible for illegal acts committed by employees. O d. After performing our preliminary analytical procedures, we will discuss with you the other procedures we consider necessary to complete the engagement. e. Required evidence is needed to issue a qualified opinion.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Completing A Quality Audit

Section: Chapter Questions

Problem 3CYBK

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Concept explainers

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.

Question

Which of the following statements would most likely appear in an auditor's engagement letter?
O a. Fees for our services are based on our regular per diem rates, plus travel and other out-of-pocket
expenses.
O b.
The auditor's preliminary assessment of the risk factors relating to misstatements arising from fraudulent
financial reporting.
OC.
A reminder that management is responsible for illegal acts committed by employees.
O d. After performing our preliminary analytical procedures, we will discuss with you the other procedures we
consider necessary to complete the engagement.
O'e.
Required evidence is needed to issue a qualified opinion.

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Audit procedures for items of Financial Statement

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