Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Question
Chapter 1, Problem 12TFQ
To determine
Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors, i.e., internal auditors and external auditors, that carry out the
To state: If the given statement is true or false.
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Students have asked these similar questions
Explain why the decision to accept a client is important and describe the primary features of client acceptance and continuance, including the purpose and content of an audit engagement letter.
The auditor's understanding established with a client should be confirmed through a (an): Oral communication with the client, Written communication with the client, Written or oral communication with the client, Completely detailed audit plan
When establishing an understanding with an audit client, that understanding should be documented
Group of answer choices:
a. Through a management representation letter.
b. In a manner completely based on the auditor’s seasoned professional judgment.
c. Either orally or in writing with the client.
d. Through use of an engagement letter.
Chapter 1 Solutions
Auditing: A Risk Based-Approach to Conducting a Quality Audit
Ch. 1 - Prob. 1TFQCh. 1 - Prob. 2TFQCh. 1 - Prob. 3TFQCh. 1 - Prob. 4TFQCh. 1 - Prob. 5TFQCh. 1 - Prob. 6TFQCh. 1 - Prob. 7TFQCh. 1 - Prob. 8TFQCh. 1 - Prob. 9TFQCh. 1 - Prob. 10TFQ
Ch. 1 - Prob. 11TFQCh. 1 - Prob. 12TFQCh. 1 - Prob. 13TFQCh. 1 - Prob. 14TFQCh. 1 - Prob. 15MCQCh. 1 - Prob. 16MCQCh. 1 - Prob. 17MCQCh. 1 - Prob. 18MCQCh. 1 - Prob. 19MCQCh. 1 - Prob. 20MCQCh. 1 - Prob. 21MCQCh. 1 - Prob. 22MCQCh. 1 - Prob. 23MCQCh. 1 - Prob. 24MCQCh. 1 - Prob. 25MCQCh. 1 - Prob. 26MCQCh. 1 - Prob. 27MCQCh. 1 - Which of the following factors is an example of a...Ch. 1 - Prob. 29RSCQCh. 1 - Prob. 30RSCQCh. 1 - Prob. 31RSCQCh. 1 - Prob. 32RSCQCh. 1 - Prob. 33RSCQCh. 1 - Prob. 34RSCQCh. 1 - Prob. 35RSCQCh. 1 - Prob. 36RSCQCh. 1 - Prob. 37RSCQCh. 1 - Prob. 38RSCQCh. 1 - Prob. 39RSCQCh. 1 - Prob. 40RSCQCh. 1 - Prob. 41RSCQCh. 1 - Prob. 42RSCQCh. 1 - Prob. 43RSCQCh. 1 - Prob. 44RSCQCh. 1 - Prob. 45RSCQCh. 1 - Prob. 46RSCQCh. 1 - Prob. 47RSCQCh. 1 - Prob. 48RSCQCh. 1 - Prob. 49RSCQCh. 1 - Prob. 50RSCQCh. 1 - Prob. 51RSCQCh. 1 - Prob. 52RSCQCh. 1 - Prob. 53RSCQCh. 1 - Prob. 54FFCh. 1 - Prob. 55FFCh. 1 - Enron and Arthur Andersen UP Enron was an energy...
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Similar questions
- Concerning litigation, claims, and assessments, which of the following is an audit procedure that an auditor Concerning litigation, claims, most likely would perform ? Select one: a. Confirm directly with the client’s lawyer that all litigation, claims, and assessments have been recorded or disclosed in the financial statements. b. Discuss with management its policies and procedures adopted for evaluating and accounting for litigation, claims, and assessments. c. Request the client’s lawyer to evaluate whether the client’s pending litigation, claims, and assessments indicate a going concern problem. d. Examine the legal documents in the client’s lawyer’s possession concerning litigation, claims, and assessments to which the lawyer has devoted substantive attention.arrow_forwardIs it permissible to provide the customer copies of the auditor's previous paperwork? If so, are there any other factors that auditors should consider before presenting client documentation? At the very least, three points should be made.arrow_forwardAuditors are required on every engagement to obtain a representation letter from the client. a. What are the objectives of the client’s representation letter? b. Who should prepare and sign the client’s representation letter? c. When should the client’s representation letter be obtained?arrow_forward
- 2. Briefly discuss any audit evidence that the auditors may consider or may expect during the stage of file review of the client during an assurance engagement.arrow_forwardAn audit engagement letter should normally include which of the following matters of agreement between the auditor and the client?a. Schedules and analyses to be prepared by the client’s employees. b. Methods of statistical sampling the auditor will use. c. Specification of litigation in progress against the client. d. Client representations about availability of all minutes of meetings of the board of directors.arrow_forwardIs it OK to give the client copies of the auditor's previous documents? If so, what should the auditors look for before giving the documentation to the client? At least three things.arrow_forward
- According to the professional standards, auditors may document the understanding established with an audit client through a (an): Written communication and oral communication with the client, Just written communication with the client, Just oral communication with the client, No communication (written or oral) with the clientarrow_forwardThe auditor shall plan the audit so that in can be performed effectively. The auditor shall study and evaluate the internal control system of the client to express an opinion about the operating effectiveness of such internal control system Group of answer choices False, True False, False True, True True, Falsearrow_forwardWhen applying the GAO's conceptual framework (framework), which step should the auditor apply first? Evaluate the threat to independence. Apply safeguards to mitigate threats to independence. Determine whether use of the framework is required. Identify the threat to independence. When applying the GAD's conceptual framework (framework), which step should the auditor apply first? Evaluate the threat to independence O Apply safeguards to mitigate threats to independence O Determine whether use of the framework is required. O Identify the threat to independencearrow_forward
- TRUE OR FALSE? WHY? The partner-in-charge of the audit engagement is obligated to review all audit working papers before deciding on the appropriate audit opinion.arrow_forwardBriefly describe the key requirements included in professional auditing standards regarding the preparation and retention of audit workpapers. Which party "owns" audit workpapers: the client or the audit firm?arrow_forwardThe date of the CPA’s opinion on the financial statements of the client should be the date of the: Select one: a. submission of the report to the client. b. closing of the client’s books. c. finalization of the terms of the audit engagement d. completion of all important audit proceduresarrow_forward
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