Which of the following is least likely to be required on an audit?    Evaluate the business rationale for significant, unusual transactions, Make a legal determination of whether fraud has occured, Review accounting estimates for biases, Test appropriateness of journal entries and adjustments

Q: In connection with the audit of financial statements, an independent auditor could be responsible…

A: Option A is the correct answer.

Q: Which of the following is a reason that an entity may receive an audit? Select the best response and…

A: A listed Entity may receive audit requirement by any law or authority such type of audit is called…

Q: With whom should the auditor communicate whenever he or she determines that fraud may be present,…

A: Auditor is the person examining the financial statements and reports of an entity to check if 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: Distinguish between fraudulent financial reporting and misappropriation of assets.

A: As per our guideline we provide solution to the one question but you have asked three different…

Q: Auditors provide “reasonable assurance” that the financialstatements are “fairly stated, in all…

A: a) Reasonable assurance: the term reasonable assurance refers to the assurance level that the…

Q: During financial statement audits, the auditors' consideration of their clients internal control is…

A: Financial Statement Audit - It is an examination of financial statement of and provide disclosures…

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: Which of the following statements reflects an auditor’s responsibility for detectingfraud?(1) An…

A: Fraud in accounting means manipulation or modification of financial statements so that a false…

Q: What is the objectives for Internal Auditors in doing a fraud audit? Briefly explain.

A: Fraud Audit :     Any type of audit assures the risk of material misstatements and ensures the…

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

A: Answer:   Option a.

Q: What is the primary objective of the fraud brainstorming session?a. Determine audit risk and…

A: Brainstorming Session:   The brainstorming sessions are the ones in which critical audit areas are…

Q: Distinguish between an auditor’s responsibilities to detect and report errors, illegal acts, and…

A: Definition: Auditor: Auditor is an accounting professional hired by a company to review the…

Q: Auditors must consider the possibility of fraud by employees or management on every audit…

A: Fraud: When someone intentionally uses false or misleading information in an effort to fraudulently…

Q: A primary objective of analytical procedures used in the final review stage of an audit is toa.…

A:

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

A:

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: What are the goals of a fraud audit for internal auditors? Explain briefly.

A: The Fraud Audit: There is a possibility of substantial misstatement with every audit form, but the…

Q: The overall objective in the audit of the acquisition and payment cycle is:  Group of answer…

A: Introduction:- An audit is an "independent examination of financial statements of an organization.…

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: When obtaining an understanding of the entity and its environment, including its internal control,…

A: The audit of the financial statement is required to be conducted so as to ensure that the financial…

Q: Which of the following statements is correct with regards to the auditor's responsibility concerning…

A: The answer is option (c)  [ The auditor is responsible for obtaining reasonable assurance that the…

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: Which of the  factors below does not have to be  considered by the auditor in determining the Key…

A: Key audit matters (KAM) are the significant matter which was found during the audit of the financial…

Q: Why do you think auditors were not able to detect the fraud in their previous audit

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

Q: Explain auditors’ responsibility for fraud risk assessment and define and explain the differences…

A: Fraud is an activity in a social environment with serious economic, corporate, and individual…

Q: Which of the following is NOT an example of externally generated evidence sent directly to the…

A: Audit evidence refers to data obtained by an auditor for arriving at his judgment while performing…

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: whom should the auditors contact when they suspect a fraud? a. senior management b. audit…

A: Auditors are the persons who examine the financial statements of an entity to check the accuracy and…

Q: If the auditor believes that a misstatement is or might be intentional and the effect on the…

A: An auditor’s foremost job is to analyze whether the financial statement of the entity has any…

Q: See the "Madoff Securities" case for this question. Professional auditing standards discuss the…

A: GAAS are a set of principles that auditors follow while analyzing a company's financial records.…

Q: What are the objectives of audit risk assessment, and why is it important in assessing the…

A: Given: The objectives of audit risk assessments and the importance of its assessment.

Q: Auditing standards do not require auditors of financial statements toa. Understand the nature of…

A:

Q: Auditing standards require that the engagement team members engage in discussion about the…

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

Q: After fieldwork audit procedures are completed, a partner of the CPA firm who has not been involved…

A: As per Standard of Auditing the main focuses of Second Review is Confirmation of Financial…

Q: Select from the following the main object of an audit. a. Expression of expert opinion b. Detection…

A: Audit means checking and verifying the authenticity of financial statements by examining them. It…

Q: When planning the audit, the auditor should make inquiries of management in order to do the…

A: Inquiry is an audit procedure that is used extensively throughout the audit and often is…

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: a) The primary responsibility for the prevention and detection of fraud rests with both those…

A: 1) Yes, I completely agree because it is the management and the government entity that are…

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: Which two of the following characterize the work of fraud examiners?a. Analysis of control…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

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: During its preparatory conversation concerning fraud risks, what factors should the audit team take…

A: Fraud risk refers to management's purposeful misrepresentation of financial accounts to earn…

Q: The fraud triangle consists of situational pressure, opportunity and ethics. Evaluate these three…

A: The fraud triangle is a concept widely used in auditing to describe the reason when an individual…