The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence. To define: The scenario where it is more likely to obtain substantive evidences.

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Answer 1

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Chapter 5, Problem 44CYBK

To determine

Introduction: The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence.

To define: The scenario where it is more likely to obtain substantive evidences.

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Which of the following is true when the auditor determines the client has a low risk of material misstatement? O increased reliance on substantive tests of transactions and account balances O increased reliance on testing of controls O detection risk is assessed as low O inherent risk is assessed as high

Which statement is false? a. If control risk is assessed as low, the auditor cannot plan on relying on the controls to increase substantive procedures for account balances. b. The auditor will not perform tests of controls; instead, the auditor must plan for substantive procedures, without relying on the client's internal controls. c. Based on obtaining an understanding through risk assessment procedures, the auditor assesses control risk ranging from high (weak controls) to low (strong controls). d. Assessing control risk as high means the auditor does not have confidence that internal controls will prevent or detect material misstatements; assessing control risk as low has the opposite implication.

Why is the audit team more concerned with controlling the exposure to the risk of overreliancethan with the risk of underreliance?a. Only the risk of overreliance results in an incorrect audit decision.b. The risk of underreliance is not related to the audit team’s study and evaluation of internalcontrol.c. The risk of overreliance can ultimately result in the audit team’s failing to reduce auditrisk to acceptable levels.d. The risk of underreliance can be controlled by performing tests of controls during theinterim period.

Answer 2

Question

Chapter 5, Problem 44CYBK

To determine

Introduction: The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence.

To define: The scenario where it is more likely to obtain substantive evidences.

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Answer 3

Question

Chapter 5, Problem 44CYBK

To determine

Introduction: The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence.

To define: The scenario where it is more likely to obtain substantive evidences.

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Answer 4

Question

Chapter 5, Problem 44CYBK

To determine

Introduction: The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence.

To define: The scenario where it is more likely to obtain substantive evidences.

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Answer 5

Chapter 5, Problem 44CYBK

To determine

Introduction: The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence.

To define: The scenario where it is more likely to obtain substantive evidences.

Answer 6

Chapter 5, Problem 44CYBK

To determine

Introduction: The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence.

To define: The scenario where it is more likely to obtain substantive evidences.

Answer 7

Chapter 5, Problem 44CYBK

To determine

Introduction: The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence.

To define: The scenario where it is more likely to obtain substantive evidences.

Answer 8

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Answer 9

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Answer 11

Ch. 5 - Prob. 1CYBK Ch. 5 - Prob. 2CYBK Ch. 5 - Prob. 3CYBK Ch. 5 - Prob. 4CYBK Ch. 5 - Prob. 5CYBK Ch. 5 - Prob. 6CYBK Ch. 5 - Prob. 7CYBK Ch. 5 - Prob. 8CYBK Ch. 5 - Prob. 9CYBK Ch. 5 - Prob. 10CYBK

The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence. To define: The scenario where it is more likely to obtain substantive evidences.

Solution Summary: The author explains that substantive evidence is gathered to support the existing document that the management has kept as a proof of assertions related to financial statements.

Introduction: The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence.

To define: The scenario where it is more likely to obtain substantive evidences.

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Chapter 5 Solutions

The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence. To define: The scenario where it is more likely to obtain substantive evidences.

Solution Summary: The author explains that substantive evidence is gathered to support the existing document that the management has kept as a proof of assertions related to financial statements.

Introduction: The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence. To define: The scenario where it is more likely to obtain substantive evidences.

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Chapter 5 Solutions

Introduction: The supporting evidences gathered to support the assertion made by the management to check their accuracy are known as substantive evidence.

To define: The scenario where it is more likely to obtain substantive evidences.