which of the following regarding errors is correct Select one: a. it is easier for the auditor to detect because it is not intentional b. misappropriation of assets is an kind of errors c. it is more difficult for the auditor to detect because it is not intentional d. intentional misstatement of the financial statements,

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 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: Which of the following statements are true a) The auditor has a responsibility to plan and perform…

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

Q: Give an example of an error or fraud that would misstate financial statements to affect the accounts…

A: Given: The example for the financial statement that would be misstated by the error or fault.

Q: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain…

A: Auditing is described as the on-site verification activity of a process or quality systems, such as…

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: 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: 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: 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: The SEC notes, with respect to materiality, that Group of answer choices Professional judgment…

A: The auditor is responsible for forming an opinion on the financial statement audited. The auditor…

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: 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: 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: 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: 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: which of the following regarding errors is correct Select one: a. intentional misstatement of the…

A: The financial statements are said to reflect the correct and accurate picture of the company when…

Q: The risk of a material misstatement in the financial statements arising due to error or omission as…

A: Error or Omission is an unintentional mistake which leads to risk of material misstatement in the…

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

A:

Q: Choose the one correct answer Which of the following statements is valid relating to confirmation…

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

Q: A material weakness is a situation in whicha. It is probable that an immaterial financial statement…

A: Material weakness: Combination of deficiencies in internal control over financial reporting of 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: 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: 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: ment of materiality guides audit planning and testing   materiality is used to guide the validity…

A: To find the incorrect option as,

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: If the auditor plans to assess control risk at less than the maximum and rely on controls, and the…

A:

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: Which of the following best describes why auditors audit leased assets in conjunction with the audit…

A: The question is related to the audit of leased assets. Lease is an agreement between two parties…

Q: An auditor discovered the following matters while performing tests of controls: 1.An obligation for…

A: Internal Controls: The process designed, implemented, and maintained by those charged with…

Q: which of the following regarding errors is not correct Select one: a. unintentional misstatement of…

A: It is pertinent to note that Fraud is an intentional act by the Management, Those charged with…

Q: Assume that the client’s internal controls over the recordingand classifying of fixed asset…

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

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: In deciding upon the acceptable risk of incorrect acceptance for an account, an auditor considers…

A: Auditing is the procedure of finding the errors and misstatements presented in the financial…

Q: What is risk of incorrect acceptance?     A. The risk that the auditor concludes that a material…

A: The risk of incorrect acceptance is referred to a situation in which the results of an audit sample…

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: Required For each of the questions above, answer the following: a) State the purpose of the internal…

A: Here asked for multi sub part question we will solve for first three sub part question for you.  If…

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: 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: when the auditor want to assure that There are no unrecorded receivables. What assertion he or she…

A: Answer  Completeness means All transactions are recorded and all related disclosures are included in…

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: 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: 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: The risk of not detecting a misstatement resulting from fraud is greater than that resulting from…

A: Audit is the process of verifying books of accounts and financial statements of business and it…