The auditor's assessment of the reliability and sufficiency of the information contained in the underlying accounting records is a part of ______________ a. Audit Test b. Comparison c. Evaluation d. Judgement

Q: Once the auditor has gained a preliminary understanding of an entity’s accounting subsystem, they…

A: Explanation : A record of study and the evaluation of internal controls related to the accounting…

Q: of transactions and account balances. Determining the audit strategy occurs during which phase of…

A: Answer : b. Planning stage  In planning stage the audit staff collates the background information…

Q: The essence of the audit function is to: Select one: a. Examine individual transactions so that…

A: Audit simply means to examine as to whether the financial statements of the entity are free from…

Q: Which of the following statements is/are true with regard to Audit?   (A) Auditing is as old as…

A: An audit is an independent examination of financial information of an entity whether profit-oriented…

Q: Activities carried out by the auditor using comparisons and relationships of accounts or data to…

A: Auditing: Auditing is the process of examining the financial statements, to give a opinion on the…

Q: In the audit of accounts receivable, the most important emphasis should be on thea. Completeness…

A: The existence assertion is the assertion that liabilities, assets and shareholders capital balances…

Q: Audit Evidence means ___________ used by the auditor in arriving at the conclusions on which the…

A: Audit: It can be defined as the examination and inspection of the company’s financial statements.

Q: An independent audit aids in the communication of economic data because the audit ________.…

A: The role of the auditor is to determine whether the reports prepared by the management follow the…

Q: The auditor's responsibility in relation to the assessment of going concern basis of accounting is…

A: as per ISA 570(revised) : Going Concern   The Auditor Responsibility is to obtain sufficient…

Q: Describe the quality of following types of evidence giving two examples of each form of evidence…

A: 1.    (i)   The evidence obtained by the auditor is the evidence appearing before the auditor in the…

Q: How do auditors audit accounting estimates and other subjective information?

A: Accounting estimate is referred to as the recognition or measurement of an account, transaction,…

Q: The auditor can evaluate the materiality of a transaction or a balance with the "nature of the item"…

A: Materiality of a transaction or a balance is determined by the extent of its effect on decisions…

Q: A system that traces the detailed transactions relating to any item in an accounting record could be…

A: Audit trails is a process which has the recording of all the trade related, accounting and all othe…

Q: The external auditor: Group of answer choices Tests the underlying transactions that form the basis…

A: Definition of  Audit - The audit is an independent examination of the financial information of an…

Q: In determining whether transactions were really exist, the direction of the audit testing should be…

A: In determining whether transactions were really exist, the direction of the audit testing should be…

Q: Which of the following services provides the lowest level of assurance on a financial statement…

A: An assurance on financial statements refers to the confidence of the user in the financial statement…

Q: 1. Describe the quality of following types of evidence giving two examples of each form of evidence…

A: An auditor verifies the accuracy of reported business transactions. Auditors are responsible for…

Q: You have been asked by the audit manager to undertake preliminary analytical procedures. a)…

A: Analytical Procedures It is important for the Auditors include the analytical procedures in the…

Q: Where the auditor should summarize the overall audit strategy that contains the key decisions about…

A: Solution: - Where the auditor conduct an audit, At the time of conduct the audit auditor should…

Q: Compliance auditing often extends beyond audits leading to the expression of opinions on the…

A: An auditor is appointed to check the accuracy of the financial statements of the company.

Q: b) Discuss TWO (2) audit procedures to ensure sufficiency of audit evidence

A: There are various audit procedures that are used to ensure the sufficiency of audit evidence. These…

Q: When an auditor uses the work of an expert, who has the responsibility for arriving at ar overall…

A: Introduction:- The auditor’s use of the work of an expertise in a field other than accounting or…

Q: When the auditor uses supporting evidence for amounts posted to account balances with documentary…

A: The term "audit" refers to the process of determining the information's trustworthiness and…

Q: Evidence is generally considered appropriate when: Select one: a. it has been obtained by random…

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

Q: The auditing assesses the reliability and sufficiency of the information through _____________ a.…

A: The auditing assesses the reliability and sufficiency of the information through _____________ .

Q: Reading BOD minutes of meeting by the internal auditors is an example of an audit procedures called:…

A: An auditor is a person appointed to check the accuracy of the financial statements of the company.

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

A: Since you have asked multiple questions we will solve the first question for you,If you want any…

Q: In auditing receivables, what are the audit objectives and how would you be performed to arrive at…

A: Auditing implies an exhaustive and formal review of your records. Auditors give extraordinary…

Q: In auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most…

A: Management assertion is something that helps in the verification of the accuracy of the information…

Q: Generally accepted auditing standards (the performance principle) require auditors to gather…

A:

Q: The final outcome of an audit process is a/an _______________ a. Audit report b. Profit or loss c.…

A: The audit is a process of analyzing the reports of business.

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

A: Auditing is a subset of attestation engagements that focuses on the certification of financial…

Q: Regarding Target’s audit report:a. Who is Target’s auditor?b. Did Target receive a “clean”…

A:

Q: Which is NOT the function of an auditor? a. To give a true and fair view b. To ensure compliance to…

A: The function of an auditor is to apply proper audit procedure to obtain appropriate audit evidence,…

Q: Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the…

A: Auditing means the independent checking of a company's operation by the outsider known as an…

Q: state whether each of the following terms is correct or incorrect and correct the false one:…

A: An audit is a thorough scrutiny of the books of accounts and related documents of an entity.

Q: For each of the general audit procedures of (1) recalculation, (b) observation, (c) confirmation…

A: Audit procedures:  the procedures of audit are those techniques or processes which the auditors…

Q: An auditor reviews aged accounts receivable to assess likelihood of collection to support…

A: The aged account receivable is reviewed by the auditor that assess the posibility in order to…

Q: Assessment of audit risk is carried out by the auditor at this stage of the audit process: a. Audit…

A: Audit risk: It can be defined as the risk that the entity’s financial statements are significantly…

Q: A(n) ________ is the detailed instruction that explains the audit evidence to be obtained during the…

A: During an audit, an auditor is required to obtain reasonable assurance that is based on the evidence…

Q: Audit documentation is the written record of the basis for the auditor's conclusions that provides…

A: Audit Documentation is the record of all the Audit procedures that are performed, sufficient Audit…

Q: A major objective of written representations is toa. Shift responsibility for financial statements…

A: The auditor requires collecting sufficient and appropriate audit evidence during the audit for…

Q: Audit procedures are takes performed by the internal auditors and the auditee to gather the evidence…

A: The given statement has some typing errors. The correct question is: Audit procedures are specific…

Q: ustify the auditor's duty to evaluate conformity with applicable rules and regulations. How does…

A: As defined in IAS 250, Consideration of laws and regulations in financial statement auditing.

Q: Financial audit Q&A What is the inspection activities to ensure the shipping or Destination Point in…

A:

Q: When auditing account balances of liabilities, auditors are most concerned with management’s…

A: Answer: