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Question 1 i) In an audit of a non-public company, the more control risk there is, the smaller the amount of planned substantive evidence that is required. a)True b) False ii) Hiring the same audit staff from year to year is a major consideration in audit staffing. a) True b)False iii) If a company has an effective internal audit department, the internal auditors can express an opinion on the fairness of the financial statements. a) true b) false

Question 1 i) In an audit of a non-public company, the more control risk there is, the smaller the amount of planned substantive evidence that is required. a)True b) False ii) Hiring the same audit staff from year to year is a major consideration in audit staffing. a) True b)False iii) If a company has an effective internal audit department, the internal auditors can express an opinion on the fairness of the financial statements. a) true b) false

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter15: Audit Reports For Financial Statement Audits
Section: Chapter Questions
Problem 23CYBK
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Question 1 i) In an audit of a non-public company, the more control risk there is, the smaller the amount of planned substantive evidence that is required. a)True b) False ii) Hiring the same audit staff from year to year is a major consideration in audit staffing. a) True b)False iii) If a company has an effective internal audit department, the internal auditors can express an opinion on the fairness of the financial statements. a) true b) false Please answer by giving reason
Transcribed Image Text:Question 1 i) In an audit of a non-public company, the more control risk there is, the smaller the amount of planned substantive evidence that is required. a)True b) False ii) Hiring the same audit staff from year to year is a major consideration in audit staffing. a) True b)False iii) If a company has an effective internal audit department, the internal auditors can express an opinion on the fairness of the financial statements. a) true b) false Please answer by giving reason
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