Which of the  factors below does not have to be  considered by the auditor in determining the Key Audit Matters to be reported in the audit report? A. The effect on the audit of significant events that occurred during the period. B. Significant auditor judgments relating to areas in the financial statements that involved significant management judgment C. The misstatements determined resulting from fraudulent transactions. D. Areas of higher assessed risk of material misstatement

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: What will the auditor NOT consider when reaching a conclusion on the results of substantive…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

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: 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: 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: the auditor to doubt the reliability of one or more written representations? I. One or more written…

A: Written representation are obtained as a direct written response from the management, only to…

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: Which of the following statements is not true with respect to the performance principle?a. Auditors…

A: Answer:   Option a.

Q: Mr. Mohammed, the auditor of Sunrise LLC planned the audit properly and performed it in accordance…

A: Audit risk is the risk that  the financial statements may contain misstatements even though auditor…

Q: Auditors of financial statements are designed to obtain reasonable assurance of detecting material…

A: The auditor is required to obtain reasonable assurance that financial statements aa a whole are free…

Q: If the auditor performing an integrated audit identifies one or more material weaknesses in a…

A: Material weakness is defined as a deficiency or the combination of deficiencies in the company…

Q: The audit report provides reasonable assurance that thefinancial statements are free from material…

A: Introduction Audit report: The auditor's report expresses the auditor's judgment about the accuracy…

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

A:

Q: The auditor shall express what kind of opinion when the auditor, having obtained sufficient…

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

Q: The auditor should assess control risk for each relevant assertion by evaluating the evidence…

A: Relevant assertion: The assertion that shows the possibility of happening a material misstatement is…

Q: Detection risk is the risk that O a client's system of internal controls will not prevent or detect…

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

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

A:

Q: Which of the following statements is incorrect regarding the reliability of audit evidence? a.…

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

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: 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: Matters that could affect the necessary extent of testing for a control activity as it related to…

A: Auditor: An auditor is a person who is accountable for preparing and examining financial records.…

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: The risk that the auditors’ own testing procedures will lead to the decision that…

A:

Q: List two major characteristics that are useful in predicting the likelihood of fraudulent financial…

A: Audit: An audit is defined as: the independent examination of and expression of opinion on the…

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: In a financial statement audit, inherent risk represents a. The risk that misstatements could occur…

A: In financial and managerial accounting, Inherent risk is that the risk expose by a slip-up or…

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: Which of the following statements concerning the independent auditor's required communication of…

A: 1. Weaknesses that had been reported in prior years' communications and have not been corrected need…

Q: Which of the following statements is false regardingsubstantiveanalytical procedures?a. Substantive…

A: Audit is the process of checking and authenticating books of accounts and financial statements. It…

Q: With respect to fraudulent financial reporting, which one of the following statements is not…

A: Auditor can obtain reasonable assurance only, not an absolute assurance.

Q: Which of the following best describes the reason why an independent auditorreports on financial…

A: Auditing is a systematic process of analyzing, verifying, and quantifying any given information. It…

Q: Which of the following characteristics is not a measure of the appropriateness of audit evidence?…

A: Relevance and reliability are the two most important characteristics of audit evidence.

Q: The auditor faces a risk that the examination will not detect material misstatements in the…

A: Introduction: An auditor verifies the accuracy of videoed commercial transactions. Auditors must…

Q: The auditor faces a risk that the audit will not detect material misstatements that occur in the…

A: Introduction:- The main objective of auditor is to acquire sufficient appropriate audit evidence…

Q: Which of the following statements is correct about the reliability of audit evidence? a.…

A: Audit evidence means evidence or supportings that is obtained by auditor during the course of audit.…

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: 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: Which of the following statements about materiality is considered true? a. Materiality is judged by…

A: Materiality means the items which is important while studying the financial statement and which is…

Q: Which of the following recognizes that an audit conducted under generally accepted auditing…

A: Reasonable assurance: It is the high level of assurance that material misstatement may not deduct on…

Q: Define the danger of substantial misrepresentation. RMM is measured by auditors at what level of the…

A: Introduction : Because you posed a question with numerous subparts, we will solve the first three…

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 statements is incorrect? A. As the risk of material misstatement in the…

A: It is important for the Auditors to detect the material misstatement which are involved to the…

Q: 1)Which of the following factors most likely would cause an auditor to decline a new audit…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

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.