Audit standards require auditors to _______. conduct specific audit procedures to identify subsequent events that may occur up through the date of the auditor’s report conduct specific audit procedures to identify subsequent events that may occur after the date of the auditor’s report. apply optional use of analytical procedures to increase assurance levels related to subsequent events delegate auditing of subsequent events to the internal audit function
Audit standards require auditors to _______.
conduct specific
conduct specific audit procedures to identify subsequent events that may occur after the date of the auditor’s report.
apply optional use of analytical procedures to increase assurance levels related to subsequent events
delegate auditing of subsequent events to the internal audit function
A compilation engagement is _______.
an audit of the financial statements, whereby an auditor expresses an opinion on the financial statements
an audit of the system of internal control, whereby an auditor expresses an opinion on the system of internal control
when an
when an audit firm assists management in the presentation of financial statements and attempts to provide assurance as to whether the financial statements are presented fairly
A reliance on controls strategy would involve _______.
the auditor performing primarily tests of controls
the auditor performing primarily substantive procedures
the external auditor relying on the internal audit function
obtaining written assertions and representations from management
The auditor can _______.
never be certain that a representative sample has been achieved
always be certain that a representative sample has been achieved
request management check the sample for evidence of bias
request the internal auditor check the sample for evidence of bias
The financial statements are prepared by client management _______.
on the basis of conditions existing at year-end
on the basis of conditions that existed at the beginning of the year
on the basis of conditions existing throughout the year
and sent to the Securities and Exchange Commission (SEC) for approval
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