Generally, which of the following audit procedures is the least expensive to perform?   A. Analytical procedures   B. Tests of details of balance   C. Substantive tests of transactions   D. Tests of controls   E. Risk assessment procedure

Q: ltimate purpose of assessing control risk is to contribute to the auditor’s evaluation of the: a.…

A: Control Risk: It is also known as internal control risk; this risk arises due to the inefficiency…

Q: Which of the following is not true a. Inherent risk and control risk are assessed by the auditor…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: Risk assessment procedures are performed by auditors to: a. detect material misstatements in the…

A: The risk assessment procedures include test of control, substantive procedures and assessment…

Q: The objective of dual-purpose tests is to: A. Test internal controls as well as transactions and…

A:

Q: If the auditor is unable to rely on the IT general controls or application controls of a client,…

A: Correct option is D. Control risk as high   If the auditor is unable to rely on the IT general…

Q: Audit standards distinguish auditors’ responsibility for planning procedures for detecting…

A: Auditors have duty to distinguishing material error of budget summaries because of resistance with…

Q: Which one below is not an example of auditors'substantive testing? Select one: a. Controls testing.…

A: Substantive testing is such an audit procedure that is used for examination of financial statement…

Q: high for all financial statements assertions, an auditor should document the auditor’s     A B…

A: An Auditor understanding of its environment, it's entity and then assessing the risk of material in…

Q: effectiveness of audit

A: An audit is performed by auditor to express an independent opinion on financial statements whether…

Q: Which of the following statements is not true with respect to the performance principle?a. Auditors…

A: Answer:   Option a.

Q: Which of the following is part of phase III of the audit process, which is responding to assessment…

A: Answer: C) Asses the risk or material misstatement

Q: Many auditors assert that certain audit tests can be significantlyreduced for clients with adequate…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: If the tests of controls indicate certain controls are not as effective as the auditor originally…

A: Test of controls are performed  to determine the effectiveness of the control to detect and correct…

Q: An auditor’s preliminary control risk assessment is at a high level. Which of the following are…

A: Solution Explanation - The preliminary assessment of control risk is the process of evaluating the…

Q: If the auditor uses the primarily substantive apporach instead of the lower control risk approach…

A: Control risk is one of the risk related to material misstatements in books of accounts in the…

Q: audit procedures

A: The first statement is false, the higher amount of evidence is required if there is higher…

Q: The following questions deal with assessing controlrisk in a financial statement audit. Choose the…

A: Internal controls can be defined as the procedures to be followed in order to ensure the accounting…

Q: T/F The AICPA's “audit risk model" applies to the relevant assertion-level of an individual audit…

A: The audit risk model is the foundation of any audit. It is a tool used by auditors to understand the…

Q: Which of the following is least likely to be a factor that might indicate to an auditor that an…

A: special considerations are used by auditors where there is a high risk of material misstatements in…

Q: Inherent risk and control risk differ from detection risk in which of the following ways? A.…

A: Inherent risk is the risk of misstatement of financial statements due to factors other than flaws in…

Q: In which of the following circumstances would an auditor expect to find that an entity had…

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: The risk of a material misstatement in the financial statements arising due to error or omission as…

A: Error or Omission is an unintentional mistake which leads to risk of material misstatement in the…

Q: Identify, which of the following will be included in different types of review engagements A. Risk…

A: The different types of review engagement reports are::: Risk assessment reports Review of internal…

Q: In most audits of large entities, control risk assessment contributes to audit efficiency,…

A:

Q: Risk assessment procedures include

A: The first statement is false because the risk assessment procedures are the audit procedures to…

Q: Why is it desirable to design tests of details of balances beforeperforming tests of controls and…

A: It is desirable to design tests of details of balances before performing tests of controls and…

Q: ment of materiality guides audit planning and testing   materiality is used to guide the validity…

A: To find the incorrect option as,

Q: Which of the following does NOT describe substantive procedures? O includes inspection, inquiry, and…

A: The substantive procedure is the procedure used to create evidence to verify the material statements…

Q: Which of the following is NOT a task performed in the audit planning phase? a. reviewing an…

A: In audit planning phase, some tasks are performed: Reviewing an organization’s policies and…

Q: Which of the following statements is associated with analytical procedure test? a. It helps to…

A: Analytical procedures involve comparisons of recorded amounts, or ratios developed from recorded…

Q: Which one of the following statements is most appropriate to Control risk? Susceptibility of account…

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

Q: Audit procedures are the processes, techniques, and methods that auditors perform to obtain audit…

A: Audit procedures are the processes, techniques and methods that auditors perform to obtain audit…

Q: Which of the following approaches is most suitable for auditing the finance and investment cycle?a.…

A:

Q: Which of the following statements is correct about the reliability of audit evidence? a.…

A: Audit evidence means evidence or supportings that is obtained by auditor during the course of audit.…

Q: b. Existence and completeness objectives. c. Existence, realisable-value and accuracy o

A: The right answer is c. Existence, realizable-value and accuracy objectives.

Q: Which of the following does NOT accurately describe the concept of materiality? O performance…

A: The Materiality refers to the relevance, accuracy and reliability of the financial statements of thr…

Q: inappropriate during the risk assessment procedure of the audit engagement?

A: First option is wrong because the oral inquiries will help the auditor to procure information…

Q: When a substantive audit strategy is adopted, an auditor will O determine internal controls are…

A: The question is related to Auditing and is of Substantive audit Strategy. Substantive audit Strategy…

Q: Required For each of the questions above, answer the following: a) State the purpose of the internal…

A: Here asked for multi sub part question we will solve for first three sub part question for you.  If…

Q: determine whether statement 1 and 2 are true or false 2. S1- Studying the relationship of financial…

A: Auditing is an important activity that most organizations adhere to - either voluntarily or as a…

Q: Critically evaluate whether the manner in which the market for the supply of audit services is…

A: An audit is the study of an organization's financial report - as presented in the annual report - by…

Q: When completing the audit of internal controls for an issuer, the severity of an internal control…

A: Internal control is the managements’ effective and efficient controls for achieving goals and…

Q: A related party transaction is a transfer of resources, services, or obligations between related…

A: As per IAS 24  a related party transaction is a transfer of resources, services, or obligations…

Q: Generally, which of the following audit procedures is the least expensive to perform?   A.…

A: Analytical procedures are the least expensive audit procedures to perform. Test of controls are…

Q: The auditor’s risk assessment procedures should always include the following, except       a.…

A: Risk assessment processes should be performed by the auditor to provide a foundation for identifying…

Q: Which of the following is not a technique of collecting audit evidence? a. Analytical procedures. b.…

A: Audit Evidence It is the information collected by an auditor in order to make sure  the accuracy and…