Chapter 6, Problem 69FF

To determine

Introduction:

The term sufficient appropriate evidence explains that the evidence brought in is sufficient and appropriate enough to backup the conclusions arrived at and for the opinions formed by the auditor.

Requirement 1

To describe:

Explain the sufficient appropriate evidence and also how it distinguishes among the clients.

To determine

Introduction:

The type of audit procedure that involves addressing an identified material misstatement in the financial statements of a company.

Requirement 2

To describe:

Explain about substantive analytical procedures and find out when the evidence collected in the procedures is appropriate.

To determine

Introduction:

Unique evidence challenges are those that support the truthfulness of the proposition made with valid evidence that is unique and true.

Requirement 3

To describe:

Explain the possible unique evidence challenges for the accounts like allowance for doubtful accounts. And also explain how the professional skepticism will be helpful during the testing of this account.

To determine

Introduction:

Document containing a checklist of questions that are to be asked while an audit, is called the Standardized Audit Program.

Requirement 4

To describe:

Explain with reasons as to how the standardized audit program could bring about problems listed out in PCAOB inspection reports.