The main objective of an audit is а. Maintaining books of accounts properly b. Presentation of true and fair accounts с. Expression of expert opinion d. Detection and Prevention of errors and frauds

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: Audit evidence can come in different forms with different degrees of reliability. Which of the…

A: Auditing: It is an independent process of inspection, verification, examination of financial…

Q: An audit opinion of a company’s fi nancial reports is most likely intended to:A . detect fraud.B .…

A: Audit opinion: The opinion present by an auditor of findings of the audit examination is known as…

Q: Auditors try to identify predictable relationships when using analytical procedures. Relationshiipss…

A: Analytical Procedure- Analytical Procedure is evaluation through analysis of financial information…

Q: Which of the following statements reflects an auditor’s responsibility for detectingfraud?(1) An…

A: Fraud in accounting means manipulation or modification of financial statements so that a false…

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: 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: determine if statement 1 and 2 are true or false 1 - The overall audit strategy sets the scope,…

A: 1 - The overall audit strategy sets the scope, timing, and direction of the audit, and guides the…

Q: The overall objective in the audit of the acquisition and payment cycle is:  Group of answer…

A: Introduction:- An audit is an "independent examination of financial statements of an organization.…

Q: In the audit of accounts payable, an auditor’s procedures will most likely focusprimarily on…

A: 1. Existence or occurrence - The best way to establish existence and ownership of investments is…

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: Which of the following procedures would provide the most reliable audit evidence?a. Inquiries of the…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoice and other documents…

Q: Which of the following is most correct with respect to the use of analytical procedures? *…

A: As per the SA 520 Analytical Procedures means evaluation of financial information through analysis…

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: The most probable audit processes to verify receivables written off as uncollectible include Explain…

A: Procedure for auditing: Audit procedures are the processes, strategies, and methods used by auditors…

Q: Indicate whether each of the following audit procedures is a testof controls, a substantive test, or…

A:

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

A: Accounts receivable: It can be defined as the sum of money that is owed by the customers to the…

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: Which of the following is most closely related to the relevance of audit evidence?a. Auditors decide…

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

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: emphasis of the auditor in the following audit procedures?

A: Option 1 is wrong because by confirming the total amount of accounts payable subsidiary record with…

Q: The following are two specific audit objectives in the audit of accounts payable. The list referred…

A: Accounts payables are accounts related to those suppliers from whom business has made credit…

Q: The following are two specific balance-related audit objectives inthe audit of accounts payable. The…

A: Audit is an assessment of the financial statements in which, an independent auditor checks whether…

Q: (i) Differentiate between the audit strategy and the audit plan.

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

Q: To gather audit evidence related to accounts receivable, the client should mail the confirmation…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: Auditing standards do not require auditors of financial statements toa. Understand the nature of…

A:

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: he auditor has a responsibility to plan and perform the audit so as to obtain a _________ about…

A: An audit is conducted with the objective that the financial statement that they audit provide a true…

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: 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: b. Existence and completeness objectives. c. Existence, realisable-value and accuracy o

A: The right answer is c. Existence, realizable-value and accuracy objectives.

Q: Listed in the table below are some common audit procedures. For each procedure below: Identify…

A: An audit of financial statements is an examination conducted by an independent auditor on the…

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: a) The primary responsibility for the prevention and detection of fraud rests with both those…

A: 1) Yes, I completely agree because it is the management and the government entity that are…

Q: The following are specific balance-related audit objectives applied to the audit of accounts…

A: The importance of assertions in auditing cannot be overstated. In the auditing process, assertions…

Q: The audit risk model includes the four risks listed below. Match the type of risk with the related…

A: Audit risk is the risk that financial statements are material misstatement and audit opinion states…

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: Audit evidence can come in different forms with different degrees of persuasiveness.Which of the…

A:

Q: The following questions concern types of audit tests.Choose the best response.a. The auditor looks…

A: Answer:   Option 2.

Q: When completing the audit of internal controls for an issuer, the severity of an internal control…

A: Internal control is the managements’ effective and efficient controls for achieving goals and…

Q: What audit procedures are most likely to be used to verify accountsreceivable written off as…

A: Audit procedure:   Audit procedures are the processes, techniques, and methods that auditors perform…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.