What is an auditor’s primary method to corroborate information on litigation, claims, andassessments?a. Examining legal invoices sent by the client’s attorney.b. Verifying attorney–client privilege through interviews.c. Reviewing the response from the client’s lawyer to a letter of audit inquiry.d. Reviewing the written representation letter obtained from management.

Q: Why are written representation and attorney letters obtained near the end of the evidence gathering…

A: Written representations include information about entity's financial statements, about internal…

Q: document

A: audit documentation is generally made in written.

Q: The date of the CPA’s opinion on the financial statements of the client should be the date of the:…

A: Certified Public Accountant (CPA): CPA is the accountant who is certified and licensed to examine…

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: Compare and contrast traditional auditors’ legal responsibilitiesto clients and third-party users…

A: An Audit is the process of collection of information & data, assess them & identifies the…

Q: During financial statement audits, the auditors' consideration of their clients internal control is…

A: Financial Statement Audit - It is an examination of financial statement of and provide disclosures…

Q: Which of the following statements is most likely to be included in an attorney letter?a. “Certain…

A:

Q: The primary reason auditors request responses to attorney letters is to provide auditorsa. The…

A: An attorney’s letter refers to a legal document that gives someone the authority to act for someone…

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: Discuss the duties and responsibilities of a CPA. Consider why independent auditors' reports are…

A: A Certified Public Accountant (CPA) is a certified accounting practitioner who has the Certified…

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: Which of the following is least likely to be required on an audit?    Evaluate the business…

A: Which of the following is least likely to be required on an audit?    1. Evaluate the business…

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: Explain what is meant by determining the degree of correspondencebetween information and established…

A: To do an audit, there must be information in a verifiable form and some standards(criteria) by which…

Q: Auditors are required on every engagement to obtain a representation letter from the client.   a.…

A: a. The letter of representation from the client is regarded as supporting audit evidence. They are…

Q: Which of the following is NOT an example of externally generated evidence sent directly to the…

A: Audit evidence refers to data obtained by an auditor for arriving at his judgment while performing…

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: "Auditor should remain alert to the possibility that other audit procedures applied may bring…

A: Substantive tests includes the activities performed by auditor to detect material misstatements at…

Q: Describe the action that an auditor should take if an attorneyrefuses to provide information that is…

A: In general, Auditor is a person or firm who is appointed by the company to execute or to…

Q: Other than technical knowledge of accounting standards, etc., what other skills are critical for…

A: There are many skills critical for forensic accounting and fraud examinations

Q: Which of the following aspects are required to be included in the basis for opinion section in the…

A: Auditor Opinion The foremost responsibility of an Auditor to his client to express the opinion…

Q: Explain auditors’ responsibilities with respect to a client’s failure to comply with laws or…

A: Auditor’s  report: Auditor’s report can be defined as a formal document prepared by an auditor in…

Q: The scope of an audit is not restricted when an attorney letter limits the response toa. Matters to…

A:

Q: Is it OK to give the client copies of the auditor's previous documents? If so, what should the…

A: Independent review of accounting and financial records is referred to as auditing. The purpose of…

Q: The main object of an audit is a. Expression of expert opinion b. Detection and Prevention of fraud…

A: THE MAIN OBJECTIVE OF AN AUDITOR IS TO  EXAMINES THE BOOKS OF ACCOUNTS OF A COMPANY THROUGH WHICH…

Q: In addition to obtaining responses to attorney letters, what other procedures can be used to gather…

A: Audit Evidence: The pieces of evidence provided by the audit team to prove their opinion with…

Q: When planning the audit, the auditor should make inquiries of management in order to do the…

A: Inquiry is an audit procedure that is used extensively throughout the audit and often is…

Q: Why are written representation and attorney letters obtained near the end of the evidencegathering…

A: Written representations include information about entity's financial statements, about internal…

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: A CPA firm’s quality control procedures pertaining to the acceptance of a prospective audit client…

A: CPA is the Certified public accountant which is generally appointed in order to perform audit…

Q: Define the obligations of auditors in the event that a client fails to comply with applicable laws…

A: Report of the auditor: An auditor's report is a formal document created by an auditor. The auditor…

Q: What are the responsibilities of (a) client management, (b) auditors, and (c) the client’s…

A:

Q: What is the auditors responsibility regarding the noncompliance with laws by a client?

A: Audit:   It is an inspection of the financial statements of the company. It is mandatory for every…

Q: Describe the action that an auditor should take if an attorney refuses to give information that is…

A: In general, an auditor is a person or organization employed by a business to conduct or oversee an…

Q: Refer to the fundamental principles governing an audit. Under the responsibilities principle,…

A: Given information is: Under the responsibilities principle, auditors are required to exercise due…

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

A: Audit is the process of checking and examining books of accounts in order to ensure that financial…

Q: Briefly describe the key requirements included in professional auditing standards regarding the…

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

Q: What are some of the similarities and differences between evidence in a legal case and evidence…

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

Q: If an auditor believes that an understanding with an audit client has not been established he or she…

A: As per the ISA 220, Agreeing the terms of the audit engagement, One of the basic objectives of the…