What will the auditor NOT consider when reaching a conclusion on the results of substantive procedures performed during an audit? O responses to inquires made during the performance of the procedures O resolution of any misstatements identified during the audit conclusion of prior year's substantive procedures O results of all the testing related to the account balances

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 would be inappropriate during the risk assessment procedure of the audit…

A: We shall answer the first question, since the exact question wasn't specified.Please resubmit a new…

Q: g. One of your client’s subsidiaries was audited by another audit firm, whose opinion was qualified…

A: There are four types of auditors opinion  a)Unqualified opinion b)Qualified opinion c)Disclaimer of…

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: What are the auditor’s responsibilities to communicate information to the audit committee under…

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Q: If the auditor found misstatements in financial statements resulting from fraud, the auditor…

A: As per Auditors responsibilities to consider the fraud in an audit of financial Statements.  If The…

Q: Auditors make materiality judgments during the planning phase of the audit in order to be sure they…

A: 1.

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: If subsequent to the issuance of the audited financial statements, the auditor becomes aware of…

A: Audited financial statements are those that are properly examined by the professional called…

Q: he auditor should document the overall audit strategy and the audit plan, including any significant…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS CORRECT ANSWER:  Statement of changes in equity WHILE…

Q: dentify the primary audit objectives that auditors hope to accomplish by confirming a client's…

A: Accounts receivable (AR) is the amount owing to a business for goods or services delivered or used…

Q: Several independent audit situations are presented here. Assume that everything other than what is…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The main purpose of the auditor's consideration of internal control for a non-SEC client is to A.…

A: Audit of internal control is conducted by auditors to assess its efficiency and effectiveness and…

Q: Corrective action has been taken by an auditee immediately after the identification of a reportable…

A: Auditors may come across various errors which they may refer to the management.  Management also…

Q: When an auditor is planning an audit, the auditor should:   Consider whether the extent of…

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

Q: An auditor has completed the risk assessment process for the firm and is evaluating the results. If…

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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: Written representations are considered audit evidences.

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

Q: When can controls tested by an auditor in a prior year be used in the current year's audit…

A: Internal controls provides reasonable assurance that material misstatements will be prevented,…

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: Uncorrected Misstatements and Performance Materiality. During the conduct of an audit, auditors may…

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Q: Where the auditor has assessed the risk of material misstatement of trade creditors as low, the…

A: Auditing is a procedure under which an auditor is appointed to check the accuracy of the financial…

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: What are auditors’ responsibilities for subsequently discovered facts if these are identified…

A: Subsequently Discovered Facts: These are the facts that become available or known to the auditor…

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: Which of the following is a correct statement regarding audit evidence? a.   A large sample of…

A: An auditor is the skilled and qualified person who was appointed to examine the financial statements…

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: 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: The results of analytical procedures may identify previously unrecognized risk of material…

A: Analytical procedures: In obtaining the audit evidence, the auditor has to finally undergo…

Q: An independent auditor has the responsibility to design the audit to providereasonable assurance of…

A: The independent auditor’s plays a vital role regarding the internal controls of a public company.…

Q: matters are communicated to those charged with governance at the end of an audit

A: Third option is wrong because the expected modifications to the audit report are based on the…

Q: Required: For each of the above events, state the appropriate action (if any) that the auditor would…

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Q: After the audit report release date, auditors determine that an important auditing procedure was…

A: After the audit report release date, auditors determine that an important auditing procedure was…

Q: Which of the following statements is incorrect?

A: In order to authenticate the financial statements which has been prepared by the company and in…

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: Auditors use different types of audit procedures to gather the evidencenecessary to conclude that…

A: Audit evidence is the evidence the auditor collects from the documents, the information provided…

Q: Which of the following factors most likely would cause a CPA not to accept a new audit engagement?…

A: The audit engagement conducted by the CPA are accepted while considering various norms related…

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: The external auditor should fulfill several performance responsibilities in order to obtain…

A: Audit = Auidit is external examination of Books of Account to check whether the financial statements…

Q: The audit report should be dated: a. Earlier than the date the audit evidence was checked b. Not…

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

Q: Supervision and review are essential parts of managing an engagement. When the auditor obtains…

A: Financial statement assertions also known as the management assertions are defined as an official…

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: 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: Which of the following factors most likely would cause an auditor not to accept a new audit…

A: Internal Controls: Internal controls are the principles, procedures and rules applied by a company…

Q: Several independent audit situations are presented here. Assume that everything other than what is…

A: Auditing represents the independent examination done on the financial statements prepared by the…