During an audit engagement, pertinent data are compiled and included in the auditfiles. The audit files primarily are considered to be(1) a client-owned record of conclusions reached by the auditors who performedthe engagement.(2) evidence supporting financial statements.(3) support for the auditor’s representations as to compliance with auditing standards.(4) a record to be used as a basis for the following year’s engagement

Q: Identify the primary audit objectives that auditors hope to accomplish by confirming a client's…

A: Accounts receivable (AR) is the money owed to a company for products or services that have been…

Q: OSelect the necessary words from the list of possibilities to complete the following statements.…

A: Auditing Standards: In the financial records of a corporation, generally accepted auditing standards…

Q: List and describe the required preengagement activities that auditors undertake before beginning an…

A: Pre-engagement activities: The summary of risk assessment procedure that need to be performed before…

Q: Discuss the auditor’s responsibility for detecting subsequent events (a) prior to the completion of…

A: Auditor is the independent professional personnel appointed by the business organizations to perform…

Q: The date of the CPA’s opinion on the financial statements of the client should be the date of the:…

A: Certified Public Accountant (CPA): CPA is the accountant who is certified and licensed to examine…

Q: Which of the following normally occurs earliest in the audit examination?a. Discovery of an omitted…

A: Audit examination is the examining of all the audit workings and review them in order to ensure…

Q: Besides the search for contingent liabilities and the review for subsequent events, the auditor has…

A: Final Evidence Accumulation is the process under which auditors accumulate the overall evidence for…

Q: Prior to accepting a new audit engagement, a public accounting firm shoulda. Attempt to contact the…

A: Auditing:   Examining the company’s financial records for accuracy by maintaining Accounting…

Q: Which of the following is the most important responsibility of the external auditor? a. To ensure…

A: An external auditor is a person outside the organization, who performs the audit, review of…

Q: When initiating communications with predecessor auditors, prospective auditors should expecta. To…

A: A predecessor auditor is an auditor who conducted the audit for a client in prior periods, but who…

Q: Which refers to the record of audit procedures performed, relevant audit evidence obtained, and…

A: Audit documentation can be termed as keeping various records and procedures which was performed by…

Q: If subsequent to the issuance of the audited financial statements, the auditor becomes aware of…

A: Audited financial statements are those that are properly examined by the professional called…

Q: (a) What are the key audit matters? How do these affect the format of the audit report?

A: Since you have asked multiple question, we will solve the first question for you. If you  want any…

Q: After the financial statements are issued, auditors finish the substantive procedures. Identify the…

A: Introduction: Substantive processes must be carried out after the date of financial statements.

Q: dentify the primary audit objectives that auditors hope to accomplish by confirming a client's…

A: Accounts receivable (AR) is the amount owing to a business for goods or services delivered or used…

Q: Which of the following types of audit evidence generally is the most reliable

A: Answer:   Option B.

Q: What shall the auditor do when he identified any matter that, although appropriately presented or…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: Which of the following is correct about assembling the audit documentation in an audit file? O a.…

A: Audit:- An audit is considered as the physical examination of books of account of company by an…

Q: Which one of the following document is considered as a permanent audit file? Significant analysis of…

A: Permanent audit file is that file which is maintained during the full course of audit. Under this,…

Q: Audit documentation is the written record of the basis for the auditor's conclusions that provides…

A: Audit:- An audit is referred as the physical examination of books of accounts of particular company…

Q: Auditing standards are: a. Ways to obtain / collect proof of transaction b. A collection of rules…

A: Audit is defined as the examination of the books of accounts or financial statement of the entity…

Q: North, CPA, is planning an independent audit of the financial statements of General Company. In…

A: (a) Whether the auditor’s work is relevant to Company N depends upon the role and objectives of an…

Q: The preparation of audit documentation is an integral part of an auditor’s examination of financial…

A: Audit Documentation:   Audit documentation is a written record that discloses the conclusions of…

Q: Following the date of the financial statements, auditors complete the substantive processes.…

A: Introduction: Following the date of financial statements, auditors are obliged to complete various…

Q: In which of the following paragraphs of an auditor's report for a nonissuer does an auditor…

A: An auditor’s report is that document which is presented by the auditor for the company quarterly,…

Q: Which of the following engagements is most likely to be considered an operational audit? The…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: a)What are key audit matters? How do these affect the format of the audit report?

A: “Hey, since there are multiple questions posted, we will answer first three questions. If you want…

Q: Which of the following engagement planning procedures would most likely assist the auditor in…

A: Answer:   Option d.

Q: 1. Johnson & Johnson CPAs, is considering accepting an engagement to perform an audit for a new…

A: The on-site verification activity of a process or quality system, such as inspection or examination,…

Q: Under which section in the auditor's report is stated that, "we have audited the financial…

A: An audit report is issued by the independent auditor of the company that contains the opinion on…

Q: Which of the following combinations of standards and types of audits are most closelyrelated to the…

A:

Q: Select the necessary words from the list of possibilities to complete the following statements:…

A: Please refer to the answers given in next step. As each one is of different concepts no explanations…

Q: Audit documentation is covered in _________. a. ISA 200 b. ISA 250 c. ISA 300 d. ISA 230

A: ISA 230 Audit Documentation is one of the International Standards on Auditing. It serves to direct…

Q: The external auditor should fulfill several performance responsibilities in order to obtain…

A: Audit = Auidit is external examination of Books of Account to check whether the financial statements…

Q: Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws…

A: An auditor is a person who has been appointed by the board of directors to provide shareholders with…

Q: rights of the auditor

A: The statement a is correct because the auditor has the right to get all the information and…

Q: Discuss and accounting firms responsibilities when it is retained to issue such a report.

A: When an accounting firm is engaged to provide an objective report on proper accounting treatment in…

Q: The audit report dates are: a. Closing date of client's book b. The date on which the letter of…

A: Audit report is the auditor’s opinion expressed by an internal or external auditor upon examining…

Q: Which of the following best describes the general contents of the introductory paragraph of the…

A: Reporting principle:  A fundamental principle that guides the auditor to file a written report which…

Q: Salim is an auditor planning with engagement team members how to obtain an audit evidence. In this…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :  I S…

Q: The evidence considered most appropriate by auditors is best described asa. Internal documents such…

A: Audit evidence: It can be defined as the information or data obtained by an auditor during the…

Q: What are key audit matters? How do these affect the format of the audit report?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: In a financial statement audit, the auditor obtains a reasonable level of assurance about whether…

A: The auditor's duty is to provide a reasonable assurance of whether financial statements are free…

Q: Explain the objectives and purpose of each financial statement and elaborate that how the auditor…

A: Financial statements are the reports that indicate the financial position of the business. The…