Compare the objectives of an audit as per AICPA Standards of auditing and International Standards on Auditing. Explain whether are there substantive differences in the objectives of the audit as defined by two sets of standards.

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Answer 1

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Chapter 6, Problem 24DQP

1.

To determine

Compare the objectives of an audit as per AICPA Standards of auditing and International Standards on Auditing. Explain whether are there substantive differences in the objectives of the audit as defined by two sets of standards.

2.

To determine

Explain the objectives of an audit of internal control over financial reporting according to PCAOB auditing standards.

3.

To determine

Explain whether financial statements are stated fairly and whether internal controls are effective.

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The auditor should consider audit risk when planning and performing an audit of financial statements. Audit risk should also be considered together in determining the nature, timing, and extent of auditing procedures and in evaluating the results of those procedures. Required: a. Define audit risk. b. Describe the components of audit risk (e.g., inherent risk, control risk, and detection risk). c. Explain how these components are interrelated. (AICPA, adapted)

Which of the following is required documentation in an audit in accordance with generally acceptedauditing standards? Group of answer choices a. A flowchart or narrative of the accounting system describing the recording and classification of transactions for financial reporting. b. All major stakeholder groups. c. An internal control questionnaire identifying controls that assure specific objectives will be achieved. d. The overall audit strategy and audit plan.

What is the objective of external auditing? Describe the role ofexternal auditing in meeting demands for unbiased financial statementand internal control information.

Answer 2

Question

Chapter 6, Problem 24DQP

1.

To determine

Compare the objectives of an audit as per AICPA Standards of auditing and International Standards on Auditing. Explain whether are there substantive differences in the objectives of the audit as defined by two sets of standards.

2.

To determine

Explain the objectives of an audit of internal control over financial reporting according to PCAOB auditing standards.

3.

To determine

Explain whether financial statements are stated fairly and whether internal controls are effective.

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Answer 3

Question

Chapter 6, Problem 24DQP

1.

To determine

Compare the objectives of an audit as per AICPA Standards of auditing and International Standards on Auditing. Explain whether are there substantive differences in the objectives of the audit as defined by two sets of standards.

2.

To determine

Explain the objectives of an audit of internal control over financial reporting according to PCAOB auditing standards.

3.

To determine

Explain whether financial statements are stated fairly and whether internal controls are effective.

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Answer 4

Question

Chapter 6, Problem 24DQP

1.

To determine

Compare the objectives of an audit as per AICPA Standards of auditing and International Standards on Auditing. Explain whether are there substantive differences in the objectives of the audit as defined by two sets of standards.

2.

To determine

Explain the objectives of an audit of internal control over financial reporting according to PCAOB auditing standards.

3.

To determine

Explain whether financial statements are stated fairly and whether internal controls are effective.

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Answer 5

Chapter 6, Problem 24DQP

1.

To determine

Compare the objectives of an audit as per AICPA Standards of auditing and International Standards on Auditing. Explain whether are there substantive differences in the objectives of the audit as defined by two sets of standards.

2.

To determine

Explain the objectives of an audit of internal control over financial reporting according to PCAOB auditing standards.

3.

To determine

Explain whether financial statements are stated fairly and whether internal controls are effective.

Answer 6

Chapter 6, Problem 24DQP

1.

To determine

Compare the objectives of an audit as per AICPA Standards of auditing and International Standards on Auditing. Explain whether are there substantive differences in the objectives of the audit as defined by two sets of standards.

Answer 7

Chapter 6, Problem 24DQP

1.

To determine

Compare the objectives of an audit as per AICPA Standards of auditing and International Standards on Auditing. Explain whether are there substantive differences in the objectives of the audit as defined by two sets of standards.

Answer 8

2.

To determine

Explain the objectives of an audit of internal control over financial reporting according to PCAOB auditing standards.

Answer 9

2.

To determine

Explain the objectives of an audit of internal control over financial reporting according to PCAOB auditing standards.

Answer 10

3.

To determine

Explain whether financial statements are stated fairly and whether internal controls are effective.

Answer 11

3.

To determine

Explain whether financial statements are stated fairly and whether internal controls are effective.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Compare the objectives of an audit as per AICPA Standards of auditing and International Standards on Auditing. Explain whether are there substantive differences in the objectives of the audit as defined by two sets of standards.

Compare the objectives of an audit as per AICPA Standards of auditing and International Standards on Auditing. Explain whether are there substantive differences in the objectives of the audit as defined by two sets of standards.

Explain the objectives of an audit of internal control over financial reporting according to PCAOB auditing standards.

Explain whether financial statements are stated fairly and whether internal controls are effective.

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Chapter 6 Solutions