which of the following regarding errors is correct Select one: a. intentional misstatement of the financial statements,

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

A: Option A is the correct answer.

Q: Distinguish between fraudulent financial reporting and misappropriation of assets. Discuss the…

A: Fraudulent financial reporting generally occurs when there is some international misrepresentation…

Q: What is the primary difference between fraud and error infinancial statement reporting?a. The…

A: Financial statements are those statements which are prepared at the end of the period for the review…

Q: Determine if false financial reporting or misuse of assets has occurred. Compare and contrast the…

A: Generally, fraudulent financial reporting happens when an international deception occurs in the…

Q: ervasive effects on the financial

A: Pervasive misstatements are misstatement in financial statements that affect the essence of…

Q: Distinguish between the terms errors and fraud. Distinguish between fraudulent financial reporting…

A: Answer 1) Fraud is an intentiional act Involving the use of deceptiion that results in a materiial…

Q: Which of the following statements is invalid relating to confirmation of accounts receivable?  a. A…

A: Solution: Positive confirmation means inquiry that requires response from customer confirming the…

Q: the susceptibility of an account balance or class of transactions to misstatements that could be…

A: Internal controls: Internal controls are maintained to decline the possibility of fraud. They ensure…

Q: For the following statements identify the assertion related to the risk of material misstatement.…

A: Assertion or audit assertions refers to the claim /representation made by the management which is…

Q: basic step in auditing unclaimed salaried and wages is to verify disposition of the account…

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

Q: f the auditor want to assure that Receivables have not been sold. What assertion he or she want to…

A: Existence represents that whether accounts receivable of the company really exist on a particular…

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: Auditors allocate the preliminary judgment about materiality to financial statement segments rather…

A: Audit:   It is an independent examination of the financial information of an organization to test…

Q: The following audit procedures are consistent with gathering evidence about the valuation assertion…

A: Accounts receivables are those accounts to whom business has made credit sales on account and amount…

Q: What is tolerable misstatement? How do auditors use it when deciding whether account balancesare…

A: A Tolerable misstatement is the financial statement item amount that differs from the correct amount…

Q: An auditor must identify the relevant assertions about each significant financial statement account…

A: a.

Q: Which of the following procedures is usually performed by the auditor to determine if obsolete…

A: Obsolete inventory is an inventory that gets obsolete and remains unserviceable and loses its…

Q: ecognize the difference between dishonest financial reporting and the misuse of property. Compare…

A: Answer: Fraudulent and forgery activities are done to manipulate numbers in financial statements

Q: not a procedure used by an auditor in searching for unrecorded disposals of long-lived assets?

A: Option a is wrong because the examination of property tax records provides information on tax on…

Q: ZZZ best fraud case, auditors obtained third party confirmation to support the contract, reviewed…

A: Audit procedure: Auditor applies procedures to perform audit engagement. These procedures include…

Q: which of the following regarding errors is correct Select one: a. it is easier for the auditor to…

A: Ans. Errors can be of two types - i. Intentional error ii. Unintentional error Intentional errors…

Q: Which of the following statements is FALSE? A. Irregularities are intentional misrepresentations…

A: A. An accounting irregularity is an entry or statement that does not conform to the normal laws,…

Q: Which of the following statements is invalid relating to confirmation of accounts receivable?  a. A…

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

Q: According to auditing standards, financial statements presented on a special-purpose framework…

A: According to auditing standards, financial statements presented on a special-purpose framework…

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 statements is incorrect?

A: In order to authenticate the financial statements which has been prepared by the company and in…

Q: Which of the following statements is associated with analytical procedure test? a. It helps to…

A: Analytical procedures involve comparisons of recorded amounts, or ratios developed from recorded…

Q: Which one of the following statements is most appropriate to Control risk? Susceptibility of account…

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

Q: Applying substantive tests to the details of asset and liability accounts as of an interim date,…

A: SOLUTION- Substantive testing is an audit procedure that examines the financial statements and…

Q: How could the auditors have determined that the inventory balance was materially misstated? What…

A: Auditor is the independent qualified personnel who is a professional certified CPA. Auditor is…

Q: From the options given below which of the document is included by an auditor in the audit…

A: Audit is independent verification of the financial statements by an auditor, where the auditor…

Q: Which of the following tests of details most likely would help an auditor determine whether accounts…

A:

Q: The following are examples of circumstances that may indicate the possibility that the financial…

A: Audit is the process of checking and verifying financial statements of the business so that it can…

Q: The following questions concern types of audit tests.Choose the best response.a. The auditor looks…

A: Answer:   Option 2.

Q: Which of the following audit findings would be considered a deficiency in internal controls in the…

A: Deficiency in the internal control generally monitored by the internal auditors. Every transactions…

Q: How will this situation affect the evidence you should accumulate in auditing fixed assets as…

A: Fixed asset additions can be examine through supporting documents i.e. invoices and can conduct…

Q: Read the case. Then answer the questions based on it.   BACKGROUND: Audit standards indicate that…

A: Answer:- 2 Auditors should mitigate the risk associated with both very large and very small…

Q: When accounts receivable are confirmed at an interim date, auditors need not be concerned witha.…

A: Step 1 Accounts receivable is frequently a vital asset so auditors required an extensive and…

Q: What procedures must the auditor perform when gathering evidence related to contingencies? (Several…

A: Audit evidence: Audit evidence refers to the information and explanations used by the auditor in…

Q: Which of the following statements describes why a properly designed and executedaudit may not detect…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: If the auditor concludes that there is a high likelihood of material misstatement in accounts…

A: Auditing means the independent checking of company operation by outsider.

Q: Question 1 Which of the following is not true about the review of historical financial statements?…

A: A)REVIEW ENDS UP WITH PREPARING A REPORT ON THE RELIABILITY OF THE FINANCIAL STATEMENT: It refers to…

Q: An auditor discovered the following errors and irregularities while performing tests of controls:…

A: 1. An effective internal control system for inventory will include all procedures and actions that…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.