The main object of an audit is a. Expression of expert opinion b. Detection and Prevention of fraud and error c. Examination of books of accounts d. Preparation of financial statements

Q: The auditing standard that is relevant to ISA 250, consideration of Laws and Regulations in an audit…

A: An auditor is appointed by the shareholders of the company to examine the accounting books including…

Q: The main objective of an audit is а. Maintaining books of accounts properly b. Presentation of true…

A: Audit is the process of checking, verifying and examining books of account and financial information…

Q: 3 types of misstatements

A: Misstatements are the under or over-statements of account balances or class of transactions…

Q: Distinguish between fraudulent financial reporting and misappropriation of assets.

A: As per our guideline we provide solution to the one question but you have asked three different…

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: Analytical procedures used in planning an audit should focus on identifying(1) material weaknesses…

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

Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and…

A: Audit risk It is the risk that financial statements are materially incorrect, even though financial…

Q: Which of the following types of documentary evidence should the auditor consider the most reliable?…

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

Q: When auditing the accounts receivable account on the balance sheet, an auditor’s procedures most…

A: Accounts receivable is the balance of money due to a firm for goods or services delivered or used…

Q: Auditors make materiality judgments during the planning/risk assessment phase of the audit to be…

A: Introduction: An auditor verifies the authenticity of commercial transactions that have been…

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: 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: The auditors have a responsibility to design the audit to provide reasonable assurance of detecting…

A: An audit is a process of checking and verifying the books of account and financial information of…

Q: When auditing the accounts payable balance on the balance sheet, an auditor’s procedures most likely…

A: Auditing is the inspection of the financial records of the company or organisations with no bias and…

Q: Which of the following types of audit evidence can be considered the least reliable? a. Purchase…

A: Audit evidence is the data and information which is collected by an auditor by examining the…

Q: Which among the following types of audit evidence can be considered the most reliable? a. Verbal…

A: Please see the next step for the solution

Q: Audit Objectives and Procedures for Accounts Receivable. In the audit of accounts receivable,…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: QUESTION 2 The purpose and objective of an auditor is to form opinions on whether the operations of…

A: The objective of audit is to give opinions on financial statements deals with whether the financial…

Q: In an audit of cash receipts, fraud detection is often a primary focus. It's up to the auditor to…

A: In this audit, the auditor focuses on cash since it is the most liquid asset of the organization.…

Q: Which of the following substantive audit procedures is most likely to be performed by the auditor to…

A: Substantive audit procedures refer to audit processes performed by the auditor to detect material…

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: SAS No. 99 (now PCAOB AS 2401) states that the auditor has the responsibility to plan and perform…

A: Professional skepticism is the attitude of critically identifying and assessing the audit evidence

Q: The most reliable types of audit evidence the auditor can obtain are: a. Physical examination by…

A: Audit evidence: It can be defined as the information collected or obtained by an auditor during the…

Q: Accounting Which of the following statements is true regarding the identification and assessment of…

A: While undertaking audit for a client, auditor shall try to identify the potential areas of risk to…

Q: In a financial statement audit, inherent risk represents a. The risk that misstatements could occur…

A: In financial and managerial accounting, Inherent risk is that the risk expose by a slip-up or…

Q: How does audit planning assist in the conduct of an audit? How do you explain the knowledge of the…

A: Audit is defined as examining the books of accounts by an auditor in order to check whether or not…

Q: audit objectives is usually more important

A: Audit of existence is the process of ensuring whether the accounts payable balance in the ledger…

Q: The execution stage of an audit involves: evaluating the results of the detailed testing and…

A: Auditing- The term "audit" is a very broad term that essentially means to thoroughly examine…

Q: An audit program is usually prepared after establishing the audit strategy and developing the audit…

A: An audit program refers to the audit plan which is the plan that is documented with the procedures…

Q: What are the objectives of audit risk assessment, and why is it important in assessing the…

A: Given: The objectives of audit risk assessments and the importance of its assessment.

Q: In planning the audit, an auditor takes three basic steps in determining the audit procedures to be…

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

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: How would you tell the difference between financial audits and forensic accounting, fraud auditing,…

A: This question explains about financial audits and forensic accounting, and fraud auditing, and…

Q: Auditing standards require that the engagement team members engage in discussion about the…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: The following questions concern the auditor’s responses to thepossibility of fraud.a. When fraud…

A: Auditor's responses should focus on how the groups will obtain will acquire proof to lessen the…

Q: Select from the following the main object of an audit. a. Expression of expert opinion b. Detection…

A: Audit means checking and verifying the authenticity of financial statements by examining them. It…

Q: What do auditors consider when determining the extent to which the internal auditors’ work will…

A: Risk of Material Misstatement: Material misstatement risk is the possibility that an organization's…

Q: Explain the responsibilities of external auditors in detecting fraud in the financial statements.

A: External auditors are the certified professionals appointed by the shareholders of the organization…

Q: As an auditor of ABC Co, apply auditing principles and standards examine the expectation gaps in the…

A: Expectation gap in Auditing means if the company and its management has some expectation in the…

Q: When auditing the accounts receivable account on the balance sheet, an auditor’s procedures most…

A: Accounts receivables include those consumers or firms which have not paid the amount to the…

Q: Analytical procedures are an important part of the audit process and consist of the evaluation of…

A: Planning the audit Audit planning is the vital and detailed program gives instructions about how…

Q: In a financial statement audit, the auditor obtains a reasonable level of assurance about whether…

A: The auditor's duty is to provide a reasonable assurance of whether financial statements are free…

Q: The fraud triangle consists of situational pressure, opportunity and ethics. Evaluate these three…

A: The fraud triangle is a concept widely used in auditing to describe the reason when an individual…