When auditing account balances of liabilities, auditors are most concerned with management’s assertion abouta. Existence.b. Rights and obligations.c. Completeness.d. Valuation and allocation.

Q: Which of the following audit procedures is least appropriate for addressing the assertion of…

A: Assertion of Valuation is one of the 7 assertions of Auditing. Under the assertion of valuation, it…

Q: In auditing liabilities and expenses, the auditor is generally more concerned about the management’s…

A: Ans. There are various kinds of assertions which needs to be checked while auditing. Some of the…

Q: What are going-concern uncertainties? What is the auditors’ responsibility for evaluating…

A:

Q: Risk assessment procedures are performed by auditors to: a. detect material misstatements in the…

A: The risk assessment procedures include test of control, substantive procedures and assessment…

Q: What must external auditors do to use the work of internal auditors in the audit of an entity’s…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

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: analytical procedures

A: Analytical procedures are comparing the performance of the client over periods or other entities to…

Q: The auditor considers materiality from the point of ___________ a. Overall financial information and…

A: Concept of materiality states that the information is required to be provided in the financial…

Q: Explain the responsibilities of an auditor in relation to subsequent events.

A: Subsequent events   Events that occur after the date of financial statements and before the date of…

Q: What knowledge does the auditor need about the client’sbusiness in an audit of historical financial…

A: Auditing:   Auditing is a gathering of information and evaluation of evidence as to report on the…

Q: State the objectives of the ordinary audit of financial statements. In general terms, how do…

A:

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: What is an example of audit procedure when performing an accounts payable risk assessment for…

A: Auditing of Accounts Payable Accounts Payable is considered to be one of the important part in the…

Q: Explain the concept of “Reasonable Assurance” in the context of financial statement audit.

A: Reasonable assurance is the degree of the satisfaction of the auditor that the evidence gathered…

Q: Explain why auditors’ reports are important to users of financialstatements and why it is desirable…

A:

Q: Justify the purpose of performing a financial statement audit and an internal control audit.

A: Introduction: The audit reviews a financial statement that verifies that all financial transactions…

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: What should an auditor understand with respect to Information and Communication on an audit?

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

Q: The objective in an auditor’s review of credit ratings of a client’s customers is to obtain evidence…

A:

Q: Define the term "materiality" in the context of audit reporting. What factors will influence the…

A: Introduction: 320 IAS When preparing and completing an audit, materiality refers to the omission or…

Q: List the functions needs to be done on the part of auditor to verify contingent liabilities of an…

A: An contingent liability is a kind of liability which may or may not happen in the future and it was…

Q: In what ways are assurance services similar to attestation services (including audits of financial…

A: An attestation engagement is an engagement in which a practitioner is engaged to issue or does issue…

Q: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

Q: What are auditors’ reporting options when going-concern uncertainties are noted?

A:

Q: What are theresponsibilities of the company’s auditor?

A: An auditor is an independently qualified person who is appointed to give shareholders an…

Q: In auditing receivables, what are the audit objectives and how would you be performed to arrive at…

A: Auditing implies an exhaustive and formal review of your records. Auditors give extraordinary…

Q: In auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most…

A: Management assertion is something that helps in the verification of the accuracy of the information…

Q: The most important objective of risk assessment procedures performed by auditor is a. To identify…

A: As per ISA 315 IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENTS: The most important…

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: The auditors' report is influenced by the idea of materiality.

A: This question explains about the auditors' report is influenced by the idea of materiality.

Q: Define the term "materiality" as it pertains to financial reporting. What is the difference between…

A: Financial Statement Materiality:- The effect of omissions and misstatements of information in the…

Q: Tests of controls in a GAAS audit are required fora. Obtaining evidence about the financial…

A: Test of controls is the process of the audit to check the effectiveness of the controls by a client…

Q: identify the primary audit objective for anaccrued liability such as Bankrates SEM accrual. what…

A: The expression accrued liability refers to a business expenditure that has been committed but has…

Q: What is the objective of external auditing? Describe the role ofexternal auditing in meeting demands…

A: Introduction: An external audit is a review undertaken by an outside accountant. This form of audit…

Q: Why is the selection of the auditors at the right time critical to the success of a financial…

A: Auditor: He is a person appointed by the government who investigates the finances of a company. In…

Q: The auditor should consider audit risk when planning and performing an audit of financial…

A: Auditing is a safeguard measure adopted by every organization to ensure the correctness in the data…

Q: Distinguish between management’s and the auditor’s responsibility for the financial statements being…

A: The responsibility of the management is for making fair representations in the financial statements,…

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.