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, Problem 46MCQ

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 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.

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 of the following terms best describes the risk that audit procedures will fail to detect material misstatements? a. Control risk. b. Inherent risk. c. Detection risk. d. Audit risk.

Answer 2

Question

Chapter 5, Problem 46MCQ

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 46MCQ

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 46MCQ

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 46MCQ

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 46MCQ

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 46MCQ

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

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.

Want to see the full answer?

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.