Which of the following is correct about audit opinion? a. It does not assure the future viability of the entity b. It does not assure about the audit procedures c. It does assure the future viability of the entity d. It does assure the efficiency of the management

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: 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: 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 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: effectiveness of audit

A: An audit is performed by auditor to express an independent opinion on financial statements whether…

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

A: Answer:   Option a.

Q: Which of the following is not required by generally accepted auditing standards?a. Written…

A: Generally accepted auditing standards (GAAS): These are defined as the set of general principles and…

Q: Which of the following best describes how the detailed audit plan of a financial statementauditor…

A:

Q: (A) The requirement is to find the best statement concerning an auditor’s assessment of…

A: Control risk alludes to the probability that a large misrepresentation originating from a caused by…

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: Other changes may affect comparability but not consistency in the use of accounting principles and…

A: The question is related to Auditing. Accounting Principles are specific guidelines and principles…

Q: Which of the following is least likely to be a factor that might indicate to an auditor that an…

A: special considerations are used by auditors where there is a high risk of material misstatements in…

Q: An auditor would issue an adverse opinion if: * The audit was begun by other O independent auditors…

A: An audit opinion refers to the statement given by the auditors on the financial statements of an…

Q: The objective of the auditor is to plan the audit so that it will be performed in an effective…

A: Audit is a sort of examination which is conducted to check the accuracy of the statements of an…

Q: Which of the following is not a benefit claimed for the practice of determining materiality inthe…

A: The audit is an independent review of an entity's business records. The objective of audit is the…

Q: Which of the following characteristics is not considered essential to audit evidence? a.…

A: SOLUTION- CHARACTERISTICS NOT CONSIDERED AS AN ESSENTIAL OR NECESSARY TO AUDIT EVIDENCE- THE…

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: 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: Which of the following is not a content of current audit file? Copies of communication with experts…

A: The content of the current audit file: Copies of communication with experts or other auditors…

Q: Which of the following does NOT describe sufficient appropriate audit evidence? O appropriateness…

A: Audit evidence would seem to be data or information used or collected by auditors as the portion of…

Q: Generally, audit evidence cannot be obtained entirely through substantive procedures   True or…

A: Substantive procedures are the method or audit tests designed by an auditor to evaluate the…

Q: ment of materiality guides audit planning and testing   materiality is used to guide the validity…

A: To find the incorrect option as,

Q: In which of the following cases should an Unqualified Report with Explanatory Paragraph be issued?…

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

Q: The auditor is required to maintain professional skepticism throughout the audit. Which of the…

A: Professional skepticism entails having an inquisitive mind. Keeping on the lookout for anything that…

Q: Which of the following statements is true? Select one: a. If evidence is subjective, it cannot be…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: If the audit report states that the financial statement is not free from material misstatements , it…

A: Audit is the examination and verification of financial statement for the particular period to…

Q: Which of the following factors are to be considered by the auditor to express a modified audit…

A: Auditor's opinion is based on the review of the financial statements of a company. An auditor's…

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: Which of the following statements concerning audit evidence is true?(1) To be appropriate, audit…

A: The auditor should form a reasonable opinion based on the appropriate and sufficient audit evidence.…

Q: Which of the following presumption is correct about the reliability of audit evidence

A: Reliability of audit evidence :-  Evidence from sources outside an entity is more reliable than…

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: inappropriate during the risk assessment procedure of the audit engagement?

A: First option is wrong because the oral inquiries will help the auditor to procure information…

Q: Describe the audit opinion that should be given and explain why. a)When the client is not a going…

A: Going concern assumption is a basic assumption used for the preparation of financial statements.…

Q: For each of the above deficiencies, identify the possible impact on the company’s operation and…

A: Internal control is a system of organizing the company in which a set of rules, policies, and…

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: Critically evaluate whether the manner in which the market for the supply of audit services is…

A: An audit is the study of an organization's financial report - as presented in the annual report - by…

Q: An unqualified opinion: a) is given when there is a conflict of interest. b) is one made without…

A: Introduction:- The followingtypes of auditor opinions are as follows under:- Unqualified opinion.…

Q: When completing the audit of internal controls for an issuer, the severity of an internal control…

A: Internal control is the managements’ effective and efficient controls for achieving goals and…

Q: In the auditor's judgement, management's use of going concerm basis of accounting is appropriate,…

A: As per standards on auditing , If the adequate disclosure is not made in the financial statement…

Q: Audit evidence is more persuasive when : A_Information is provided by the board of directors of the…

A: The documents that are being collected by the auditor to support its work are audit evidences. For…

Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and…

A: Audit risk refers to those risks which the auditor states while there in is an inappropriate opinion…

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 .…