Which of the following is least likely to be considered an appropriate response relating to risks the auditors identify at the financial statement level? Assign more experienced staff, Incorporate additional elements of unperdictability in the selection of audit procedures, Increase the scope of auditor procedures, Emphasize the need to remain neutral, rather than to excercise professional skepticism

Q: Which of the following statements is correct concerning the understanding of internal control needed…

A: As per relevant standard related to internal control auditor must understand the control environment…

Q: For each of the following, determine how the effectiveness of the entity's internal control affect…

A: a)  As the entity's internal control is more effective. Auditor would assess less level of material…

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: A key criterion in auditing (both internal and external) is independence. In what way (s) can…

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A: Introduction: An auditor verifies the authenticity of commercial transactions that have been…

Q: When evaluating whether accounting estimates made by management are reasonable, the audit team would…

A: Accounting Estimates: Accounting estimates are the estimation of the amount to be deducted or…

Q: Explain what types of audit opinions auditors can issue and what are the possible reasons for…

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

Q: Many auditors assert that certain audit tests can be significantlyreduced for clients with adequate…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: After considering the client's internal control the auditors have concluded that it is well designed…

A: WHEN AUDITOR FINDS INTERNAL CONTROL TO BE EFFECTIVE , HE REDUCES THE SUBSTANTIVE PROCEDURE . IT…

Q: Which among the following is not a major purpose of onsite fieldwork conducted by the auditor as a…

A: The fieldwork consists of examining the risks involved in processes, evaluation of internal controls…

Q: What steps has the external auditing profession taken to minimize potential bias toward independent…

A: The auditors are appointed to provide their opinion on the financial reports examined. The auditor…

Q: Which of the following are indicators of a high-risk or low-risk profile client? Explain? Poor…

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

Q: Which of the following are common issues with benchmarking tool used by internal auditors?…

A: Benchmarking means analysing and comparing the performance of one (our) company with the other…

Q: If the auditor uses the primarily substantive apporach instead of the lower control risk approach…

A: Control risk is one of the risk related to material misstatements in books of accounts in the…

Q: Auditors have two strategies to choose from, the lower-assessed control risk strategy and the…

A: Incorrect (c)Auditors can always choose to use the predominantly substantive strategy regardless of…

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: EXPLAIN.Which of the following is not done by an auditor when obtaining an understanding of an…

A: Internal controls are the mechanisms and standards that businesses use to protect their sensitive…

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

A:

Q: Which of the following best demonstrates the concept of professional skepticism?a. Relying more…

A: Answer:   Option c.

Q: Which of the following is NOT an important consideration for the auditor’s assessment of audit…

A: Audit committee is entrusted with the task of overseeing the reporting and disclosure requirements…

Q: hich of the following statements is incorrect? Select one : a. Internal auditors provide assurance…

A: The auditor needs to know the financial information of the company in which he is being engaged as…

Q: various types of information, guide to scope of substantive procedures, compliance audits,…

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Q: What steps should auditors take if during a compilation engagement they become aware that the…

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

A: Through an understanding of the entity and its surroundings, the auditor's role is to detect and…

Q: You are required to read the following statement carefully, and then, discuss the factors behind the…

A: The auditor needs to obtain a reasonable assurance that the financial statement is free from…

Q: Statement on Auditing Standards No. 99 (AU 316) includes which of these recommendations? Group of…

A: SAS no. 99 defines a procedure in which the auditor acquires data to find risks of significant…

Q: When evaluating whether accounting estimates made by management are reasonable, auditors would be…

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Q: What type of opinion(s) would the audit team issue on the effectiveness of internal control over…

A:

Q: The following are the key types of risk that audit firms consider when they make client acceptance…

A: Given: The risk types of audit company in making decisions for the client.

Q: Explain how ratio analysis and industry comparisons can be useful to the auditor identifying…

A: Ratio Analysis is a tool by which an auditor can examine the data for the two financial years and…

Q: Which of the following statements is not correct? A) There are many ways an auditor can accumulate…

A: Lets understand the basics. Auditing is a verifying books of account to check whether it shows true…

Q: Which of the following aspects of an audit examination is not related to the performance principle?…

A: The audit is a process wherein the books of accounts are examined and checked so as to check their…

Q: Which of the following statements is correct concerning analytical procedures used in planning an…

A: Analytical procedures:   Analytical procedures are the examination of the financial statements. The…

Q: In obtaining audit evidence, the auditor should use professional judgment to assess the risk of…

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

Q: Which of the following best describes the relationship between auditing and…

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A:

Q: d. When documenting their understanding of a client's internal controls, auditors are required to…

A: The books of accounts are required to be audited by the auditor so as to check whether the…

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: Critical audit matters are most likely to include those matters that: Multiple Choice Are…

A: A CRITICAL AUDIT MATTER IS ANY MATTER THAT IS COMMUNICATED OR REQUIRED TO BE COMMUNICATED TO THE…

Q: Which threat may occur when a professional accountant may be deterred from acting objectively by…

A: Intimidation threat may occur when a professional accountant may be deterred from acting objectively…

Q: Select which option is correct. Select one or more: A. The level of professional skepticism can be…

A: Professional skepticism is an attitude that includes a questioning mind, being alert to conditions…

Q: Which of the following statements about management assertions, audit objectives, and audit evidence…

A: The overall objective of an auditor express an opinion on financial statements that it represents…

Q: The tolerable rate of deviation set by the auditor for tests of controls depends primarily on which…

A: The auditor should determine the maximum rate of deviations from the prescribed control that he…

Q: Auditors are required to obtain a sufficient understanding of each component of a client’s internal…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

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) indicate whether you believe the scenario reflects negatively on management integrity, and…

A: Management Integrity is the inbuilt quality of the managers to follow the code of ethics defined for…