Auditing: A Risk Based-Approach to Conducting a Quality Audit
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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Chapter 1, Problem 23MCQ
To determine

Introduction:An organized and independent examination of financial services to express an opinion onthe financial statements, whether such statements as a whole are free from material misstatement and give a true and fair view of the state of the entity is known as auditing.

To identify:The option that involves quality audit.

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In a financial statement audit, the auditor obtains a reasonable level of assurance about whether the financial statements are free of material misstatement in order to express an opinion. In order to obtain reasonable assurance, the auditor must have prior experience in the industry in which the audit client operates. examine all documents available that support the financial statements. obtain sufficient audit evidence. test controls around significant transaction cycles.
The auditor should consider audit risk when planning and performing an audit of financial statements. Audit risk should also be considered together in determining the nature, timing, and extent of auditing procedures and in evaluating the results of those procedures. Required: a. Define audit risk. b. Describe the components of audit risk (e.g., inherent risk, control risk, and detection risk). c. Explain how these components are interrelated. (AICPA, adapted)
In the auditing process Select one: a. the criteria for evaluating information will not vary depending on the information being audited. b. the audit report communicates the auditor's findings to users. c. the types and amounts of evidence remain constant from audit to audit d. evidence are gathered by the auditor to determine whether the audited information is stated in accordance with SEC standards.
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