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 5, Problem 15TFQ
To determine
Introduction: Audit is a procedure of verifying or examining the correctness of the financial statements of a company. Auditisperformed by a professional expert who has the relevant knowledge and experience.
To state:Whetherthe given statement is true or false.
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Students have asked these similar questions
A company's records for auditing have been destroyed. Would it be okay if the auditor asked the client to reproduce the data.
Is it necessary for an auditor to understand the client's internal control if the auditor does not plan to depend on it throughout the audit? Explain.
If an auditor does not intend to rely on internal controls in the audit, does the auditor needto obtain an understanding of the client’s internal control? Explain.
Chapter 5 Solutions
Auditing: A Risk Based-Approach to Conducting a Quality Audit
Ch. 5 - Prob. 1TFQCh. 5 - Prob. 2TFQCh. 5 - Prob. 3TFQCh. 5 - Prob. 4TFQCh. 5 - Prob. 5TFQCh. 5 - Prob. 6TFQCh. 5 - Prob. 7TFQCh. 5 - Prob. 8TFQCh. 5 - Prob. 9TFQCh. 5 - Prob. 10TFQ
Ch. 5 - Prob. 11TFQCh. 5 - Prob. 12TFQCh. 5 - Prob. 13TFQCh. 5 - Prob. 14TFQCh. 5 - Prob. 15TFQCh. 5 - Prob. 16TFQCh. 5 - Prob. 17TFQCh. 5 - Prob. 18TFQCh. 5 - Prob. 19TFQCh. 5 - Prob. 20TFQCh. 5 - Prob. 21TFQCh. 5 - Prob. 22TFQCh. 5 - Prob. 23TFQCh. 5 - Prob. 24TFQCh. 5 - Prob. 25MCQCh. 5 - Prob. 26MCQCh. 5 - Prob. 27MCQCh. 5 - Prob. 28MCQCh. 5 - Prob. 29MCQCh. 5 - Prob. 30MCQCh. 5 - Prob. 31MCQCh. 5 - Which of the following accounts would not be...Ch. 5 - Prob. 33MCQCh. 5 - Which management assertion addresses whether the...Ch. 5 - Prob. 35MCQCh. 5 - Prob. 36MCQCh. 5 - Prob. 37MCQCh. 5 - Prob. 38MCQCh. 5 - Prob. 39MCQCh. 5 - Prob. 40MCQCh. 5 - Prob. 41MCQCh. 5 - Prob. 42MCQCh. 5 - Prob. 43MCQCh. 5 - Prob. 44MCQCh. 5 - Prob. 45MCQCh. 5 - Prob. 46MCQCh. 5 - Prob. 47MCQCh. 5 - Prob. 48MCQCh. 5 - Prob. 49RSCQCh. 5 - Prob. 50RSCQCh. 5 - Ray, the owner of a small company, asked Holmes,...Ch. 5 - Prob. 52RSCQCh. 5 - Prob. 53RSCQCh. 5 - Prob. 54RSCQCh. 5 - Professional guidance indicates that the auditor...Ch. 5 - Prob. 56RSCQCh. 5 - Assume that an organization asserts that it has...Ch. 5 - Prob. 58RSCQCh. 5 - Prob. 59RSCQCh. 5 - Prob. 60RSCQCh. 5 - Prob. 61RSCQCh. 5 - Prob. 62RSCQCh. 5 - Prob. 63RSCQCh. 5 - Prob. 64RSCQCh. 5 - Prob. 65RSCQCh. 5 - Prob. 66RSCQCh. 5 - Prob. 67RSCQCh. 5 - Prob. 68RSCQCh. 5 - Prob. 69RSCQCh. 5 - Prob. 70RSCQCh. 5 - Prob. 71RSCQCh. 5 - Prob. 72RSCQCh. 5 - Prob. 73RSCQCh. 5 - Prob. 74RSCQCh. 5 - Prob. 75RSCQCh. 5 - Prob. 76RSCQCh. 5 - Prob. 77RSCQCh. 5 - Prob. 79RSCQCh. 5 - Prob. 80RSCQCh. 5 - Prob. 81RSCQCh. 5 - Prob. 82RSCQCh. 5 - Prob. 83RSCQCh. 5 - Prob. 84RSCQCh. 5 - Prob. 85RSCQCh. 5 - Prob. 86RSCQCh. 5 - Prob. 87RSCQCh. 5 - Prob. 89RSCQCh. 5 - Prob. 90FFCh. 5 - Prob. 91FF
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Similar questions
- Explain auditors’ responsibilities with respect to a client’s failure to comply with laws or regulations.arrow_forwardADCB conducts regular internal investigations and audits to comply with regulatory requests. These internal audits are not that important. Is the statement True or False? Choose the correct option and select SUBMIT. False. True.arrow_forwardAre internal controls required even if an auditor doesn't plan to rely on them in his audit? Explain.arrow_forward
- Many companies request that their auditors provide them with other services, such as tax or consultancy, as well as the external audit. Discuss the arguments for and against auditors providing non-audit services.arrow_forwardIs it necessary for an auditor to get a knowledge of a client's internal controls if the auditor does not plan to depend on the client's internal controls in the course of the audit? Explain.arrow_forwardBased on the Sarbanes Oxley act, what are some of the activities that an auditing firm cannot be involved with in respect to their audit client? Please explain.arrow_forward
- Define the obligations of auditors in the event that a client fails to comply with applicable laws or regulations.arrow_forwardAudit working papers are the property of the auditors, who may distort the papers, sell them, or give them to third part. Is this statement true or false? Justify with your explanation.arrow_forwardThe company being audited has an internal auditor who is both competent and objective.The independent auditor wants to assign tasks for the internal auditor to perform. Under these circumstances, the independent auditor maya. Allow the internal auditor to perform certain tests of internal controls. b. Allow the internal auditor to audit a major subsidiary of the company. c. Not assign any task to the internal auditor because of the internal auditor’s lack of independence. d. Allow the internal auditor to perform analytical procedures but not be involved with any tests of details.arrow_forward
- What form of internal control documentation will an auditor likely use when they are not personally familiar with the industry they are auditing? O combination of narratives and flowcharts narratives O preformatted questionnaire O flowchartsarrow_forwardThis is a process of evaluating the effectiveness of a client's internal controls in preventing or detecting material misstatements in the financial statements is called __________________ (answer in All CAPS)arrow_forwardA document which the auditor receives from client ,but which was prepared by someone outside the client's organization is an ?arrow_forward
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