The objective of the auditor is to plan the audit so that it will be performed in an effective manner. The effectiveness of audit deals with a. It deals with both error free audit opinion and profitable audit O b. Profitable audit c. None of the options d. Error free audit opinion

Q: ltimate purpose of assessing control risk is to contribute to the auditor’s evaluation of the: a.…

A: Control Risk: It is also known as internal control risk; this risk arises due to the inefficiency…

Q: preliminary judgement about materiality is the ______________ amount by which the auditor believes…

A: Materiality: Materialiity is the threshold above which missing or incorrect informatiion within the…

Q: The company being audited has an internal auditor who is both competent and objective.The…

A: Answer:   Option b.

Q: irector of the client. B. An auditor acts as an advocate on behalf o

A: Here in the given MCQ, the option C & D are self interest threats. (whereas other two options…

Q: Which of the following is not true a. Inherent risk and control risk are assessed by the auditor…

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

Q: Which of the following statements are True i. The auditor has a responsibility to plan and perform…

A: Option The auditor has a responsibility to plan and perform the audit so as to obtain reasonable…

Q: effectiveness of audit

A: An audit is performed by auditor to express an independent opinion on financial statements whether…

Q: audit engagement

A: Statement 1 is correct because an audit engagement is opinion based. The auditor conducts the…

Q: You are the audit manager for a new audit client. Your staff auditors are unsure of what constitutes…

A:

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Self-review threats:- This threat may occur when a previous judgment needs to be re-evaluated by the…

Q: Which of the following is an accurate statement about professional skepticism? Select one: a.…

A: Professional Skepticism is simply means an attitude of questioning mind. Professional Skepticism…

Q: The following questions deal with assessing controlrisk in a financial statement audit. Choose the…

A: Internal controls can be defined as the procedures to be followed in order to ensure the accounting…

Q: a) The risk of the auditor "getting it wrong" or giving opinions that are not 100% accurate will…

A: Materiality as it is used in audit reporting can be defined as determining those significant issues,…

Q: When planning an audit, which of the following is not a factor that affects auditors’ decisions…

A: An auditor is a professional body appointed by firm or enterprise to examine books of accounts and…

Q: Generally accepted auditing standards require auditors to be independent.Included within this…

A: Definition: An Independent audit report helps in the development of practices of the business and…

Q: Which of the following is not a benefit claimed for the practice of determining materiality inthe…

A: The audit is an independent review of an entity's business records. The objective of audit is the…

Q: Which among the following is the most important limitation of an audit, which result in most of the…

A: the audit is an independent examination of financial information of an entity whether…

Q: Risk of incorrect acceptance is defined as _______.     the risk that the auditor concludes that a…

A: Risk of incorrect acceptance may be defined as situation where audit sample supports a conclusion…

Q: materiality

A: The first statement is true because the transactions of personal capacity affect the business entity…

Q: is always a good idea for auditors to begin an audit with the professional skepticism characterized…

A: Audit: It is an independent examination of books of account of the company to represent a true and…

Q: Incorporating elements of unpredictability in the selection of audit procedures to be performed by…

A: Audit Procedures: The particular and specific procedures undertaken by auditors to procure evidence…

Q: If an audit of any of these companies is performed according to the AICPA auditing standards, and…

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

Q: In most audits of large entities, control risk assessment contributes to audit efficiency,…

A:

Q: Give one reason why performing advisory services could enhance audit quality. Give one reason why…

A: Here discuss about the details of the importance of performance advisory service which are needed…

Q: Which of the following statements is not correct? A) There are many ways an auditor can accumulate…

A: Lets understand the basics. Auditing is a verifying books of account to check whether it shows true…

Q: Which sentence below is true about audit risk:  A. Audit risk is the risk that a company may hire…

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

Q: The auditor is required to maintain professional skepticism throughout the audit. Which of the…

A: Professional skepticism entails having an inquisitive mind. Keeping on the lookout for anything that…

Q: Which of the following statements is true? Select one: a. If evidence is subjective, it cannot be…

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

Q: Which of the following statements concerning audit evidence is true?(1) To be appropriate, audit…

A: The auditor should form a reasonable opinion based on the appropriate and sufficient audit evidence.…

Q: From the options given below which of the following is not the reason of inherent limitation of…

A: Inherent limitation of audit comprises of all those things that are responsible for limiting or…

Q: An expert under employ by the client cannot be used for purposes of the auditor’s work because doing…

A: An audit planning refers to the strategy and the detailed approach related to the nature, timing,…

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: The auditor designs and performs a combination of tests of controls and substantive procedures to…

A: Financial statements are referred to as reports containing monetary information regarding the…

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: Which threat may occur when a professional accountant may be deterred from acting objectively by…

A: Intimidation threat may occur when a professional accountant may be deterred from acting objectively…

Q: If auditor maintains high degree of independence, it will result in _________ a. Attention of media…

A: Independence of auditors means when auditor is not biased while analysing and reviewing financial…

Q: statements about audit evidence is correct

A: First option is wrong because the statement is about relationship between audit objective and audit…

Q: Professional skepticism is a. An attitude that includes a questioning mind. b. The auditor's…

A: Audit is the process of checking and verifying books of accounts and financial information of…

Q: Alljau is an auditor discussing the results of analytical procedures with the management, Amjad…

A: A.  Professional skepticism : Professional skepticism can be explained as the confirmation of…

Q: In applying a top-down, risk-based approach to an audit, should the auditor start with the ending…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: when the auditor want to assure that There are no unrecorded receivables. What assertion he or she…

A: Answer  Completeness means All transactions are recorded and all related disclosures are included in…

Q: A related party transaction is a transfer of resources, services, or obligations between related…

A: As per IAS 24  a related party transaction is a transfer of resources, services, or obligations…

Q: Generally, which of the following audit procedures is the least expensive to perform?   A.…

A: Analytical procedures are the least expensive audit procedures to perform. Test of controls are…

Q: Documentation of an Audit Data Analytic (ADA), should be sufficient enough such that: O An…

A: Audit data analytics is an analysis of an entire population.  It is not done on the sampling basis.…

Q: The primary difference between operational auditing and financial auditing is that in operational…

A: Operational audit means examination of the operation whether the operations  are conducted  in the…

Q: Audit evidence is more persuasive when : A_Information is provided by the board of directors of the…

A: The documents that are being collected by the auditor to support its work are audit evidences. For…

Q: Which of the following is correct about audit opinion? a. It does not assure the future viability of…

A: Correct option is A It does not assure the future viability of the entity Explanation The auditor's…