EBK AUDITING & ASSURANCE SERVICES: A SY
10th Edition
ISBN: 9781259293245
Author: Jr
Publisher: MCGRAW HILL BOOK COMPANY
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Chapter 5, Problem 5.24MCQ
To determine
Introduction: Audit evidence refers to the proof or evidences which are procured by the auditor during financial audit of the client or the company’s financial statement. These are obtained to determine whether the financial transactions are correctly stated in the financial statement or not.
To choose: The correct option regarding the types of evidences that is not filled in the assurance bucket.
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Students have asked these similar questions
Explain how analytical procedures are useful in:
(1) The risk assessment stage of the audit.
(2) The substantive procedures stage of the audit.
(3) Near the end of the audit.
Audit teams use the test data method to gain certain assurances with respect toa. Input data.b. Machine capacity.c. Control procedures contained within the program.d. General controls
An audit plan is :
a.
The blueprint for conducting the audit and accomplishing the audit objectives.
b.
The flowchart for conducting the audit and accomplishing the audit objectives.
c.
The footprint for conducting the audit and accomplishing the audit objectives.
d.
The gannchart for conducting the audit and accomplishing the audit objectives.
Chapter 5 Solutions
EBK AUDITING & ASSURANCE SERVICES: A SY
Ch. 5 - Prob. 5.1RQCh. 5 - Prob. 5.2RQCh. 5 - Prob. 5.3RQCh. 5 - Prob. 5.4RQCh. 5 - Prob. 5.5RQCh. 5 - Prob. 5.6RQCh. 5 - Prob. 5.7RQCh. 5 - Prob. 5.8RQCh. 5 - Prob. 5.9RQCh. 5 - Prob. 5.10RQ
Ch. 5 - Prob. 5.11RQCh. 5 - Prob. 5.12RQCh. 5 - Prob. 5.13RQCh. 5 - Prob. 5.14RQCh. 5 - Prob. 5.15RQCh. 5 - Prob. 5.16RQCh. 5 - Prob. 5.17MCQCh. 5 - Prob. 5.18MCQCh. 5 - Prob. 5.19MCQCh. 5 - Prob. 5.20MCQCh. 5 - Prob. 5.21MCQCh. 5 - Prob. 5.22MCQCh. 5 - Prob. 5.23MCQCh. 5 - Prob. 5.24MCQCh. 5 - Prob. 5.25MCQCh. 5 - Prob. 5.26MCQCh. 5 - Prob. 5.27MCQCh. 5 - Prob. 5.28MCQCh. 5 - Prob. 5.29MCQCh. 5 - Prob. 5.30PCh. 5 - Prob. 5.31PCh. 5 - Prob. 5.32PCh. 5 - Prob. 5.33PCh. 5 - Prob. 5.34PCh. 5 - Prob. 5.35PCh. 5 - Prob. 5.36PCh. 5 - Prob. 5.37PCh. 5 - Prob. 5.38PCh. 5 - Prob. 5.39P
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Similar questions
- All auditing standards have: Select one: a.An executive summary b.An objective c.A summary d.All the given answers are correcarrow_forwardWhich of the following BEST describes the purpose of the audit planning phase? a) To determine the timing of the audit work. b) To communicate the results of the audit. c) To document the scope, objective(s), preliminary risk assessment and plan for the audit. d) To document the plan for substantive audit requirements.arrow_forwardThe documentation of the audit strategy is a record of the planned nature, timing and extent of riskassessment procedures and further audit procedures at the assertion level in response to theassessed risks True or False?arrow_forward
- The scope of an audit includes: a. Reliable Information b. Legal Requirements c. Entity Aspects d. All options are correctarrow_forwardAnalytical procedures are required as a part of the: Internal control assessment. Detailed tests of balances. Procedures performed near the end of the audit. Substantive testing.arrow_forwardThe auditing assesses the reliability and sufficiency of the information through _____________ a. Comparison b. Testing c. Evaluation d. Judgementarrow_forward
- During an audit, the internal auditor should consider the following factor(s) in determining the extent to which analytical procedures should be used: a. Adequacy of the system of internal control. b. Significance of the area being examined. c. Precision with which the results of analytical audit procedures can be predicted. d. All of the above.arrow_forwardThe most commonly used form of audit evidence is: a. Oral representation b. Written documents c. Visual observations d. Analytical procedurearrow_forwardThe auditor’s risk assessment procedures should always include the following, except a. Inquiries of management and of others within the entity b. Analytical procedures c. Observation and inspection d. Substantive test procedures and tests of controlarrow_forward
- Listed in the table below are some common audit procedures. For each procedure below: Identify whether it is a test of control (TOC), substantive test of transaction (STOT), analytical procedure (AP) or a test of details of balances (TODOB). Write your answer in the 2nd column of the table below. State one audit objective that is being satisfied. Write your answer in the 3rd column of the table below. Procedure (a) Type of Test (b) Audit Objective Example: Compare the quantity and description of items on duplicate sales invoices with related shipping documents. STOT Accuracy 1.Foot the list of accounts payable and trace the balance to the general ledger. 2. Account for the sequence of purchase orders 3. Select a sample of purchase transactions from purchase journal and trace them to vendors’ invoices and statements 4. Exam cash payments subsequent to the balance date to see if they are related to unrecorded…arrow_forwardAfter obtaining a sufficient understanding of internal control, the auditor: a. Determines the preliminary assessment of control risk b. Determine the assessed levels of detection risk and inherent risk c. Assess detection risk to determine the acceptable level of inherent risk d. Assess the need to apply GAASarrow_forwardOutline the sources of audit evidence the auditor can use as part of risk assessment procedures.arrow_forward
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