Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
10th Edition
ISBN: 9780077732509
Author: William F Messier Jr, Steven M. Glover Associate Professor, Douglas F. Prawitt Associate Professor
Publisher: McGraw-Hill Education
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Question
Chapter 1, Problem 1.25P
A
To determine
Introduction: Auditing is a systematic process wherein the auditor investigates the financial statements, data, information and other records to determine whether the financial statements show the true and fair position of the firm or not.
To explain: Audit evidence
B
To determine
Introduction: Audit evidence refers to evidences collected by the auditor and his team through various sources which support the fact that the information provided by the client in the financial statements is true and all the rules and regulations have been complied with.
To explain: Relation of audit evidence with the assertions and audit report.
C
To determine
Introduction: Evaluation of audit evidence includes verifying the evidences and checking if they support the assertions or not.
To explain: Characteristics of an audit evidence that an auditor should be concerned about while evaluating audit evidences.
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Saleha was recently hired by the accounting firm of Haron & Associates. After two weeks of joining the firm, Saleha was sent to the first-year staff training course. The instructor asked her to prepare answers for the following questions:a. Briefly explain the definition of Audit Evidence.b. How does evidence relate to assertions and to the audit report?c. What are the characteristics of evidence should an auditor be concerned with when searching for and evaluating evidence?
d.List and explain the objective and benefits of financial statement audit.
You are an audit student who has been invited to attend an interview for a graduate training program in auditing.At the interview you are asked question relevant to audit procedures. You are required to briefly describe the seventypes of audit procedures which can be used to obtain audit evidence
sSaleha was recently hired by the accounting firm of Haron & Associates. After two weeks of joining the firm, Saleha was sent to the first-year staff training course.The instructor asked her to prepare answers for the following questions:a. How does evidence relate to assertions and to the audit report?b. What are the characteristics of evidence should an auditor be concerned with when searching for and evaluating evidence?
c.List and explain the objective and benefits of financial statement audit.
Chapter 1 Solutions
Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
Ch. 1 - Prob. 1.1RQCh. 1 - Prob. 1.2RQCh. 1 - Prob. 1.3RQCh. 1 - Prob. 1.4RQCh. 1 - Prob. 1.5RQCh. 1 - Prob. 1.6RQCh. 1 - Prob. 1.7RQCh. 1 - Prob. 1.8RQCh. 1 - Prob. 1.9RQCh. 1 - Prob. 1.10RQ
Ch. 1 - Prob. 1.11RQCh. 1 - Prob. 1.12RQCh. 1 - Prob. 1.13MCQCh. 1 - Prob. 1.14MCQCh. 1 - Prob. 1.15MCQCh. 1 - Prob. 1.16MCQCh. 1 - Prob. 1.17MCQCh. 1 - Prob. 1.18MCQCh. 1 - Prob. 1.19MCQCh. 1 - Prob. 1.20MCQCh. 1 - Prob. 1.21MCQCh. 1 - Prob. 1.22MCQCh. 1 - Prob. 1.23MCQCh. 1 - Prob. 1.24PCh. 1 - Prob. 1.25PCh. 1 - Prob. 1.26PCh. 1 - Prob. 1.28P
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