From the options given below identify the sources of audit evidence necessary to support the auditor's opinion and report. O a. Quality control procedure of firm O b. All the options O c. Entity's accounting records O d. Work of Management experts

Q: Ethical requirements relating to an audit of financial statements is specified under ISA 250 and it…

A: Auditing is the verification of the accounts of the entities to provide the opinion for the position…

Q: 1. A client has departed from GAAP for what you, the auditor, considers to be not justifiable. It…

A: As per our protocol we provide solution to the one question only but you have asked multiple…

Q: ISA 250 paragraph 10

A: ISA refers to International Standards on Auditing.

Q: 7. The following items are the auditor's primary consideration with respect to the components of…

A: solution concept                 Auditor shall understand the internal control and its component as…

Q: 41-An auditor audits financial statements which include Income Statement, Position Statement and…

A: Option A: It is the responsibility of Management to prepare the Financial statement of the company…

Q: Briefly discuss THREE (3) benefits of a financial statement audit to a company.…

A:

Q: According to ISA 260, it is important for auditors to communicate throughout the audit with those…

A: Solution- A- Importance of reporting to those charged with governance   In accordance with ISA 260…

Q: Problem 12: Describe the stages of an audit from beginning to end. Detail all steps in a…

A: There are mainly 3 stages of audit: Planning an audit/ Determining scope and objective Conducting…

Q: 1) To obtain reasonable assurance about whether the financial statements as a whole are free…

A: Question 1: Answer is a  In  Financial statement the auditor has to express a fair opinion of audit,…

Q: {Auditing} 48. Identify the relevance of “Professional Competence and Due Care” with one of the…

A: Professional Competence and Due Care to guarantee that a company or employer obtains adequate…

Q: From the options given below what should be the appropriate date of audit report? O a. None of the…

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Unless all TCWG are involved in managing the entity, the auditor shall communicate with TCWG events…

A: (d) All the options

Q: From the options given below identify the accounting data obtained by an auditor which are…

A: There are three types of audit opinions as follows: Unqualified opinion Qualified opinion Adverse…

Q: In accordance with ISA 315, the auditor shall identify and assess the risks of material misstatement…

A: ISA 315 -IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING…

Q: 32-ISA is issued by IFAC through IAASB. Which one of the following ISAS contains other information…

A: Following is the answer to the given question

Q: ISA 700 deals in O a. Planning the audit O b. Obtaining sufficient appropriate evidence O .…

A: ISA  stands for International Standards on Auditing

Q: Who among the following professionals is assigned the task of internal auditing in the company? a.…

A: A managing director is a person who manages all the functions of the organisations and keeps an…

Q: udit working papers are used to record the results of the auditor's evidence-gathering procedures.…

A: Solution: When preparing working papers, the auditor should remember that working papers should be…

Q: 18-from the options given below identify which of the following is not responsibility of management…

A: Answer

Q: Opinions on the effectiveness of the internal control system and the fairness of the amounts…

A: The internal control system is implemented in the company to ensure efficiency and effectiveness in…

Q: Which of the following factor disregarded by auditor while conducting the audit of a company? a.…

A: The auditor would assess the factors of  1.Past experience and honesty of those charged with…

Q: -Collecting evidence by observation refers to:

A: As per accounting, evidence is defined under the audit procedure, were the auditor is held…

Q: 13 From the options given below identify the duty of an auditor of a company a. All the options b.…

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

Q: 16. True or False. Write true if the statement is correct, or false if the statement is incorrect.…

A: Internal auditor is appointed by management in order to find deficiencies in internal controls…

Q: 10. S1: The major beneficiary of an internal audit is the management.  S2: An auditor should design…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: s for a public company, the PCAOB requires auditors to audit internal controls over:…

A: The following are the three objectives of the internal control system: 1. Financial reporting…

Q: PINALAYA NIYA CO. has an internal audit department consisting of a manager and three staff auditors.…

A: Internal Auditor: Internal auditors are employed by companies  and they are trained professional .…

Q: Question 2 ISA 320 Materiality in planning performing an Audit provides guidance on the concept of…

A: The auditor is the person who audits the books of the company. The auditor analyzes the books of the…

Q: 7-Planning involves establishing the overall audit strategy and developing the audit plan. Identify…

A: Audit Planning Audit Planning is on of the important process while performing the Auditing work for…

Q: SA 250 paragraph 10 cover the aspects of ________ a. Audit Conclusion and Reporting b. General…

A: Explanation: This International Standard on Auditing (ISA) deals with the auditor's responsibility…

Q: Terms of auditing and duties and responsibilities of auditors are discussed through a. Engagement…

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

Q: A review of how an organization’s management and its operating procedures are functioning with…

A: An audit involves examination of historical financial/Non-Financial information in order to…

Q: Assume, Mr. A is appointed as an auditor of Jindal Steel to evaluate the internal control system by…

A: Introduction: Auditing: Auditing means examining the books of accounts , various processes…

Q: 11. How could an auditor ensure that a client or employer receives competent professional services…

A: EXPLANATION:- Professional Competence and Due Care – to webservice or company receives knowledgeable…

Q: All statements are true b. All statements are false c. S1 and S2 are true d. S2 and S3 is true

A: Correct Option : D

Q: 9. In a financial statement audit, which is not an element of assurance engagement? A. Independent…

A: Assurance Engagement:-It means it is an engagement where a practitioner expresses his or her opinion…

Q: Question 25 When performing an audit of a public company, PCAOB standards do not require the…

A:

Q: 43-From the options given below find out the end result of entire audit process O a. Gather audit…

A: Audit process While conducting the Auditing work for the organisation there some process which…

Q: What may be the possible purpose of using oral explanation in the audit documentation? O a. To…

A: Audit documentation: The records containing all the auditor's procedures, evidence obtained by the…

Q: 25. Which of the following would not be included in an accountant's review report on the financial…

A: Accountant's Review Report - Accountant's Review report includes report on financial information,…

Q: .Which of the following control objectives in the General Ledger activities under the…

A: Answer: There are control objectives for General ledger activities under record to report process.

Q: What do you understand by verbal evidence

A: Audit evidence : Audit evidence is the information collected by auditor which can be used by the…

Q: Documentation 24. The auditor shall document: (a) Issues identified with respect to compliance with…

A: Auditing is an important activity that is undertaken by all the business organizations in the…

Q: 29. S1. When the chief audit executive concludes that management has accepted a level of risk that…

A: Risks are the situations or circumstances that can provide potential loss to the organisation. Risk…