Which of the following statements is true? Select one: a. If evidence is subjective, it cannot be reliable b. Evidence must be relevant to all of the audit objectives c. Evidence obtained directly by the auditor may not be reliable if the auditor lacks the qualifications to evaluate the evidence. d. The persuasiveness of evidence can be evaluated after considering its sufficiency

Q: Which of the following case, an audit opinion with unqualified Report with Modified Wording will be…

A: Sometimes a company can receive unqualified report, but it is unlike the other unqualified report as…

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: Determine which of the following is most correct statement regarding the reliability of audit…

A: Auditing refers to the process of physically inspecting all the financial records of an entity or an…

Q: b. A reply from a receivable confirmation letter received from the customer through the client is…

A: Confirmation letters are part of audit procedure and are sent to outside parties to confirm certain…

Q: Which one below is not an example of auditors'substantive testing? Select one: a. Controls testing.…

A: Substantive testing is such an audit procedure that is used for examination of financial statement…

Q: Which of the following statements are True i. The auditor has a responsibility to plan and perform…

A: Option The auditor has a responsibility to plan and perform the audit so as to obtain reasonable…

Q: What category of audit report will be issued if the auditor concludes that the financial…

A: Given: The issue to the auditors if the unfair financial statements are concluded.

Q: What is the appropriate nature of opinion when the auditor having obtained sufficient appropriate…

A: The auditor will express an Adverse opinion when the auditor obtains all the necessary proofs and…

Q: Which of the following statements best describes auditors’ responsibility for detecting a client’s…

A:

Q: Which of the following statements correctly defines the term reasonable assurance? A. A substantial…

A: The objective of the auditor is to obtain high level or assurance.

Q: What is the difference between Error and Fraud (as defined in auditing) and how shall the auditor…

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

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: According to the BarChris decision, how did auditors violate generally accepted auditing standards?

A: Generally Accepted Auditing Standards (GAAS):   "GAAS refers to professional external auditing…

Q: Which of the following is an accurate statement about professional skepticism? Select one: a.…

A: Professional Skepticism is simply means an attitude of questioning mind. Professional Skepticism…

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: Which of the following statement is not true about assurance ? Assurance is based on the auditor's…

A: Assurance refers to the certainty of any event given by an assurer on the basis of assessment of…

Q: Why might an auditor issue a disclaimer of opinion after an audit? A. All of these may cause an…

A: Disclaimer of opinion: The disclaimer of opinion is the opinion given by the auditor on the…

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: Inherent risk and control risk differ from detection risk in which of the following ways? A.…

A: Inherent risk is the risk of misstatement of financial statements due to factors other than flaws in…

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 among the following is the most important limitation of an audit, which result in most of the…

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

Q: Which of the following statements is incorrect regarding the reliability of audit evidence? a.…

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

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 characteristics is not considered essential to good audit evidence? a.…

A: The audit is a process of examining the financial statements of the business , other records and…

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

A:

Q: Which of the following statements is false regardingsubstantiveanalytical procedures?a. Substantive…

A: Audit is the process of checking and authenticating books of accounts and financial statements. It…

Q: Generally, which of the following audit procedures is the least expensive to perform?   A.…

A: Answer -  Correct Option is Option A - Analytical procedures.

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 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: 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: Characteristics that affect the reliability of evidence include: a. Form of the evidence obtained b.…

A: Reliability of evidence is the degree to which one can believe blindly on the evidence, that is, the…

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 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: Using experts can provide high quality audit evidence in specialist situations, therefore the…

A: Introduction:- Auditor’s can use an expertise according to requirements other than accounting.…

Q: Which of the following is least likely to be considered an appropriate response relating to risks…

A: assessing risks at financial statements level - - evaluation of period-end financial statements…

Q: What is the appropriate nature of opinion when the auditor is unable to obtain sufficient…

A: Auditor's opinion is a report based on the audit of a company's financial statement. Therefore, it…

Q: .“It is the auditors’responsibility to gather sufficient appropriate evidence to reachtheir opinion.…

A: .“It is the auditors’responsibility to gather sufficient appropriate evidence to reachtheir opinion.…

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: Which of the following statements regarding audit evidence is generally correct?    The auditor's…

A: SOLUTION- The auditor must obtain a sufficient amount of relevant and reliable evidence to form an…

Q: Incorporating elements of unpredictability in the selection of audit procedures to be performed by…

A: Audit Procedures: The particular and specific procedures undertaken by auditors to procure evidence…

Q: Explain why in most instances audit evidence is persuasive rather than convincing

A: Audit is an independent examination of financial statement of an entity to find out that it shows…

Q: What steps do you believe auditors should take if the client is not pleased with the type of audit…

A: Here discuss about the details of the Steps which are taken by the Auditors whether the Client are…

Q: Generally, which of the following audit procedures is the least expensive to perform?   A.…

A: Analytical procedures are the least expensive audit procedures to perform. Test of controls are…

Q: Why is the audit team more concerned with controlling the exposure to the risk of overreliancethan…

A: Issuance of an unqualified record of financial statements due to the auditor's inability to correct…

Q: With regard to corrective action on audit results, which of the following is not theinternal…

A: Internal auditor is the one who provides independent and correct evaluation of operating and…

Q: The size of the subset of items the auditor examines is primarily a function of materiality and the…

A: Audit sampling is the application of an audit procedure to less than 100 percent of the items within…