How might an auditor individual characteristics affect his or her professional judgment about materiality

Q: What additional expertise must an auditor possess beyond that of an accountant?

A: The role of the duties and responsibilities of an  Accountant and an Auditor is different in all…

Q: Define materiality as it is used in audit reporting. What conditions will affect the auditor’s…

A: IAS 320 Materiality in planning and performing an audit, describes the omission or misstatement that…

Q: Compare and contrast the work of an internal auditor and an independent external auditor.

A: An audit report is provided by the independent external auditor of the company that contains the…

Q: What are going-concern uncertainties? What is the auditors’ responsibility for evaluating…

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Q: What is the difference between an internal auditor and external auditor?

A: Auditing is the process of thorough examination of financial records with an aim to express an…

Q: What is in the nature of work of an auditor that puts his or her safety at risk? Answer in your own…

A: Auditor is the person who checks the accounts and the financial statements which have to be verified…

Q: The Responsibilities principle requires that auditors be responsiblefor having appropriate…

A: Definition: Independent auditor: Independent auditor or external auditor is the accountant who is…

Q: Practice question:

A: ANSWER No, I disagree with the statement that ''Having competent technical talents and capabilities…

Q: When expertise in a field other than accounting or auditing is necessary to obtain sufficient…

A: Auditing is the verification of financial statements by the auditor who then provides judgmental…

Q: Identify the type of evidence the auditor would gather in assessing the integrity of management?…

A: Auditor is the person who is responsible for auditing and verifying books of accounts and records of…

Q: What knowledge does the auditor need about the client’sbusiness in an audit of historical financial…

A: Auditing:   Auditing is a gathering of information and evaluation of evidence as to report on the…

Q: When gaining an understanding of the client by speaking with the management of the client, the…

A: An auditor is a person who is appointed to check the accuracy of the financial statements prepared…

Q: What steps has the external auditing profession taken to minimize potential bias toward independent…

A: The auditors are appointed to provide their opinion on the financial reports examined. The auditor…

Q: What is the aim of the auditors' view and report

A: Definition  Auditing: Auditing is a systematic procedure in which the auditor reviews financial…

Q: t an audito

A: The temptation to interpret data in a way that supports assumptions might seduce an audit and derail…

Q: auditor obtains sufficient understanding of the internal control structure

A: Auditing is done to verify whether the underlying financial statements show true and fair view of…

Q: What are the fundamental requirements that must be completed before auditors may produce an…

A: The following is the definition of an unqualified audit opinion: An audit opinion is a verification…

Q: the difference between the principles and application in auditing?

A: The answer for the theory question on the difference between the principles and application in…

Q: What possible actions would an auditor might take if a client’s financial statements depart from…

A: Introduction: A set of financial statements summarizes a company's monetary results, financial…

Q: Describe the fundamental principle ofresponsibilities and how this principlerelates to the…

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Q: In referencing professional standards, what factors should auditors consider in evaluating potential…

A: Going concern is an accounting concept that makes the assumption that business will be able to…

Q: What is Legal Liability of Auditors?

A: Concerns about the legal obligation of auditors continue to grow daily. Auditors are very important…

Q: Explain why determination of materiality is a matter of auditor judgment. Refer to both qualitative…

A: The audit staff’s correct determination of materiality is a matter of sound professional judgment…

Q: What factors should an auditor consider prior to accepting anengagement? Explain.

A: Introduction: A financial audit is a purposive inspection and assessment of the financial statements…

Q: A document which the auditor receives from client ,but which was prepared by someone outside the…

A: Auditing is the process of examination or verification of books of accounts of the business in order…

Q: What is due care? To what standards are auditors held with respect to due care?

A: Due Care: The performance level which is required to be achieved by reasonable auditors in…

Q: How does the prudent person concept affect the liability of the auditor?

A: Prudence is one of the accounting principle, which says that all anticipated losses should be…

Q: Why do you think that inherent and control risk is responsible for the audited company(client) and…

A: Audit means checking, verifying and examining all the financial records and information to ensure…

Q: What are theresponsibilities of the company’s auditor?

A: An auditor is an independently qualified person who is appointed to give shareholders an…

Q: How might an auditor's individual characteristics affect his or her professional judgments about…

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Q: What audit procedures can be used to verify officers’ compensation?

A: Audit procedures are those procedures or techniques which are followed through the auditors, in…

Q: How does the concept of materiality influence the auditors’ report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

Q: What is ethics in auditing?

A: Ethics is the study of what is right or wrong in human conduct. This is a branch of Philosophy which…

Q: Assumptions of "going concern" are within the purview of the auditor.

A: This question explains about assumptions of "going concern" are within the purview of the auditor.

Q: What is the special function that auditors perform? Whom doesthe external auditing profession serve…

A: Auditing: It is an independent assessment of an organization's financial information to determine…

Q: what are the auditor Rules for Independence regarding the services they can offer the same client?

A: Auditing is the process of evaluation of companies' financial statements and reports by the auditor…

Q: What are the auditor's responsibilities for 'going concern assumptions’'?

A: Going concern assumption is one of the concept of accounting, under which it is assumed that the…

Q: What is the importance for auditors to exercise a reasonable care and skill in the performance of…

A: Operational efficiency and effectiveness can be improved through performance audits and operational…

Q: What are the auditor’s responsibilities for ‘going concern’?

A: Going-concern: It can be defined as the principle of accounting that is based on an assumption that…

Q: external auditors to utilize the work of internal auditors

A: External auditors are auditors appointed by the shareholders to report on the financial affairs of…