Under which clause of ISA, the auditor's responsibilities relating to prevention and detection of errors and frauds in audit of financial statements are considered only secondary? a. ISA 240 (Redrafted) paragraph 10 b. ISA 250 (Redrafted) paragraph 4 c. ISA 250 (Redrafted) paragraph 10 d. ISA 240 (Redrafted) paragraph 4

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: Which of the following statements are true a) The auditor has a responsibility to plan and perform…

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

Q: Members of the audit engagement team are required to discuss the susceptibility of the entity's…

A: Audit frauds are conducted to hide the actual position of the financial statements of the company to…

Q: ancial reporting framework on a single financial statement or one or more specific elements,…

A: An Auditor is an person who becomes an Auditor after getting professional accounting degree i.e…

Q: Audit standards distinguish auditors’ responsibility for planning procedures for detecting…

A: Auditors have duty to distinguishing material error of budget summaries because of resistance with…

Q: Auditing} 10. Choose the circumstances in which financial statements are not true and fair. a. When…

A: An auditor is a person who is responsible for auditing the financial statement of the company and…

Q: The auditors are responsible for performing an independent audit of the financial statements and…

A: Audit is the scrutinizing of the records and reports of an entity so as to disclose a true view of…

Q: Which of the following is correct about unmodified audit opinion? O a. Opinion issued once auditors…

A: Auditing: The process of examining the accuracy of the information reported in the books of accounts…

Q: In an audit in accordance with generally accepted auditing standards, the auditors must test…

A: In accordance with GAAS, the auditor must perform test compliance as part of risk assessment…

Q: ervasive effects on the financial

A: Pervasive misstatements are misstatement in financial statements that affect the essence of…

Q: 27.  If the auditors disagree with management regarding an accounting principle used in the…

A: Audit is the process of checking and verifying the authenticity of financial statements and…

Q: What is the appropriate nature of opinion when the auditor having obtained sufficient appropriate…

A: The auditor will express an Adverse opinion when the auditor obtains all the necessary proofs and…

Q: Under which section of the audit report the matters that pose challenges to the auditor in obtaining…

A: "Key audit matters" is the section of the audit report that contains the issues that the auditor…

Q: Which of the following statements is not true with respect to the  auditors' report on internal…

A: An audit report is crucial in order to determine the reliability of the financial reports of an…

Q: In accordance with ISA 315, the auditor shall identify and assess the risks of material misstatement…

A: ISA 315 -IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING…

Q: In line with International Standards on Auditing (ISAs), which of the following are the overall…

A: INTERNATIONAL STANDARDS ON AUDITING (ISA) ARE PROFESSIONAL STANDARDS FOR THE AUDITING OF FINANCIAL…

Q: When a contingency is resolved subsequent to the issuance of audited financial statements, which…

A: A contingency is a character or any rationally possible losses and any pledges, including highest…

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: Which of the  factors below does not have to be  considered by the auditor in determining the Key…

A: Key audit matters (KAM) are the significant matter which was found during the audit of the financial…

Q: : When client-imposed restrictions significantly limit the scope of the audit, the auditor generally…

A: Solution: True, When client-imposed restrictions significantly limit the scope of the audit, the…

Q: f the auditor obtains sufficient evidence on a client's accounts receivable balance through…

A: EOM paragraph provide by the auditor when he wants to explain some audit procedures or matter that…

Q: The primary purpose of accumulating sufficient and appropriate audit evidence is to Group of answer…

A: Sufficient and Appropriate Audit evidence Sufficient Audit evidence refers to Quantity of Audit…

Q: To correct all errors they discover in the accounting records for the year under audit. The auditors…

A: The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about…

Q: Which of the following statements are not true about auditors responsibilities? a) The financial…

A: The responsibility for preparation and presentation of financial statements is the responsibility of…

Q: When the auditor identifies that a key control absent he/she would most probably: Select one: a.…

A: d.  Issue a qualified or disclaimer of opinion on internal controls over financial reporting.…

Q: An auditor's engagement letter most likely would include a statement regardıng: 1. Conditions under…

A: Auditing involves an independent examination of financial records of an entity with a view to…

Q: Which of the following is not included in the specific objectives of the auditor under ISA 250? a.…

A: Following is the answer to the given question

Q: If the auditors encounter a significant scope limitation in evaluating a public company's internal…

A: If the auditors encounter a significant scope limitation in evaluating a public company's internal…

Q: In forming the auditor’s opinion, the auditor is required to obtain reasonable assurance about…

A: Reasonable Assurance: When it comes to major misstatements, reasonable assurance is a high degree of…

Q: Write a memo to Mr Mika discussing the audit objectives and an auditor's responsibilities in…

A: Auditor's objectives regarding Fraud in an audit of financial statements : The primary objective of…

Q: 3. Which of the following is NOT part of the control activities applicable to Financial Statement…

A: Solution Concept Financial statement audit                 During the audit of the financial…

Q: In an audit of financial statements for a company, the auditor considers internal control a. To the…

A: Audit refers to the examination or checking of the financial statements or the books of company in…

Q: ned to afford a reasonable basis for the opinion regarding financial statements under audit.…

A: The auditor's responsibilities revolve around ensuring that financial statements are presented…

Q: When asked to perform an audit to express an opinion on one or more specified elements,accounts, or…

A: Auditing procedures are used to determine the fairness and authenticity of the financial records…

Q: S1: When an Other Matter paragraph is included to draw users' attention to a matter relevant to…

A: Solution: False, When an Other Matter paragraph is included to draw users' attention to a matter…

Q: Question 30 If the auditor plans to assess control risk at less than the maximum and rely on…

A: Introduction:- The auditor intends to evaluate audit risks at a reduced level than highest and…

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

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

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: Question 25 When performing an audit of a public company, PCAOB standards do not require the…

A:

Q: 9. In which of the following types of reports do the auditors express negative assurance? Group of…

A: Negative assurance is the assurance which is provided by auditor in the absence of positive…

Q: Which of the following statements are not true about auditors responsibilities? a) The financial…

A: As per ISA 200, The auditor's objectives are to obtain reasonable assurance about whether the…

Q: Under which section of the audit report the matters that pose challenges to the auditor in obtaining…

A: The auditor's report is a report that contains the auditor's opinion on whether a company's…

Q: Which of the following statements regarding additional information that is included in a document…

A: Audited financial statement is the financial statement which has been audited by the qualified…

Q: Auditing} 23. From the options given below, identify an opinion formed by an auditor when financial…

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

Q: An auditor conducting an audit in accordance with ______________is responsible for obtaining…

A: An auditor conducting an audit in accordance with ISAs is responsible for obtaining reasonable…

Q: Which one of the following is NOT a duty of the auditor? Duty to report on any violation of law Duty…

A: The duties of an Audi have been laid down by the companies Act , 2013, providedd in section 143.

Q: when the auditor discover a misstatement in the financial statement and this misstatement is…

A: The auditing will be conducted to find whether there are any errors or mistakes in the financial…