The audit program is a list of procedures used to gather sufficient and appropriate audit evidence. Tests of controls generally consist of combination of procedures such as inquiry of client personnel, inspection and observation, and recalculation Group of answer choices False, True True, True False, False

Q: Which of the following statements is correct concerning the understanding of internal control needed…

A: As per relevant standard related to internal control auditor must understand the control environment…

Q: For each of the following, determine how the effectiveness of the entity's internal control affect…

A: a)  As the entity's internal control is more effective. Auditor would assess less level of material…

Q: Auditors obtain reasonable assurance that financial statements are fairly stated by performing all…

A: Reasonable assurance is the term of auditing which states the level of the assurance auditors are…

Q: hoose the one correct answer. Which of the following audit approaches is most likely to provide an…

A: Solution : Which of the following audit approaches is most likely to provide an auditor the most…

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: True or false Tests of controls generally consist of combination of procedures such as inquiry of…

A: Auditing is the procedure in which the auditor checks and examines the financial statements of the…

Q: What is the primary objective of the fraud brainstorming session?a. Determine audit risk and…

A: Brainstorming Session:   The brainstorming sessions are the ones in which critical audit areas are…

Q: The general standards in the generally accepted auditing standards include all of the following…

A: Audit in general term to check whether the financial health of the company is shown correct or not.…

Q: Which among the following is not a major purpose of onsite fieldwork conducted by the auditor as a…

A: The fieldwork consists of examining the risks involved in processes, evaluation of internal controls…

Q: (A) The requirement is to find the best statement concerning an auditor’s assessment of…

A: Control risk alludes to the probability that a large misrepresentation originating from a caused by…

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: During planning phase of a client’s financial audit, the CPA firm of Arthur Smith, LLP discovered a…

A: The limited number of employees in the enterprise makes the segregation of duties difficult and…

Q: EXPLAIN.Which of the following is not done by an auditor when obtaining an understanding of an…

A: Internal controls are the mechanisms and standards that businesses use to protect their sensitive…

Q: Auditing standards indicate that if the preliminary control risk assessment is low, the auditor then…

A: The selection of control by the auditor is based on assessing whether the entity's controls…

Q: explain .After documenting internal control in an audit engagement, the auditor may perform tests on…

A: The following tests that the auditor might perform are presented in the order of the evidence that…

Q: You are required to read the following statement carefully, and then, discuss the factors behind the…

A: The auditor needs to obtain a reasonable assurance that the financial statement is free from…

Q: Risk assessment procedures include

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

Q: Which of the following describes the circumstances that exist when an auditor assesses control risk…

A: Solution Concept Control risk means the risk that the internal controls that are required to prevent…

Q: "The objective of the auditor is to design and perform audit procedures in such a way as to enable…

A: Bartleby's Guideline: “Since you have posted a question with multiple sub-parts, we will solve first…

Q: The auditor’s risk assessment procedures identified severalrisks that the auditor deems to be…

A: Due to the financial misstatement, there is a possibility that an auditor gives an unqualified…

Q: uld consider whether A. the evidential matter obtained from the study of the internal control…

A: Internal control refers to the systematic approach of formulating policies, programs, rules in order…

Q: Some audit procedures may be performed before the end of the reporting period. The more the auditor…

A: Auditing is done in order to know and get the report from the auditors that the financial statements…

Q: In obtaining audit evidence, the auditor should use professional judgment to assess the risk of…

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

Q: Grounds for Dismissal. This case is designed like the ones in the chapter. Your assignment is to…

A:

Q: Which of the following best describes the relationship between auditing and…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: When gathering data, an audit team identified both subjective and objective criteria for measuring…

A: Audit risk is the risk that auditor may give inappropriate opinion when financial statements are…

Q: Analytical procedures are required as a part of the:     Internal control assessment.     Detailed…

A: Analytical methods are a form of evidence that may be utilized in an audit. Analytical processes…

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: After obtaining an understanding of an entitiy's internal control, an auditor may assess control…

A: Solution: After obtaining an understanding of an entitiy's internal control, an auditor may assess…

Q: In assessing control risk, an auditor selects from a variety of techniques, including A. Inquiry and…

A: Introduction: Auditing means a systematic examination of books to verify the authenticity and…

Q: On the basis of audit evidence gathered and evaluated, an auditor decides to increaseassessed…

A: (1) Increase in inherent risk will lead to an increase in audit risk level as they are directly…

Q: Although the quantity, type, and content of audit documentation will vary with thecircumstances,…

A: Audit can be referred to as the procedure by which an auditor assesses the reliability of the…

Q: Which of the following is ordinarily performed last in the audit examination?a. Securing a signed…

A: Definition: Audit examination: Audit examination is an organized and independent work to examine…

Q: The audit plan is more detailed than the overall audit strategy in that it includes the nature,…

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

Q: Based on evidence gathered and evaluated, an auditor decides to increase the assessedlevel of…

A: Definition: Planned detection risk is the risk in audit evidence for a segment that will fail to…

Q: auditor is able to rely on previous audits' assessments

A: In some cases, auditor may have to place reliance on the work done by the previous auditor or other…

Q: Auditors identify and assess the risk of material misstatement at these two levels Select an answer…

A: According to SA 315, Auditor should assess about the business environment and the entity controls of…

Q: In making client acceptance and continuance decisions, the auditor will perform various procedures…

A: ISA 210 Agreeing the terms of Audit Engagement: This Standard deals with the preconditions for…

Q: Which of the following would generally not be used ? Select one : O a. Re -perform client procedures

A: Internal control procedures means control procedures that are used for safeguarding of assets of the…

Q: Which of the following audit techniques ordinarily would provide an auditor with the least assurance…

A: Test of controls -  Test of controls is the audit procedure that tests the effectiveness of the…

Q: What are the primary reasons for conducting an evaluation of an audit client’s internal control?

A: An evaluation of internal control involves an examination of the effectiveness of associate…

Q: The client and the auditor usually agree that some schedules, analyses, reconciliations, and…

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

Q: Please outline the audit process, concentrating on the notion of materiality in the audit plan,…

A: The audit process refers to examining a client's financial records by an auditing company or…