FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1. What is appropriate audit evidence? How does an auditor determine whether the appropriate audit evidence is sufficient to support the opinion expressed in the auditor's report?
2. Explain the types of
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- Which one of the following section of the auditor's report gives a description of an audit conducted as per ISA standards? Management's responsibility. Introductory. Basis for Opinion. Auditor's responsibility. Which one of the following statements is most appropriate to Control risk? Auditing and Cont ENarrow_forward1. In auditing receivables, what are the audit objectives and how would you be performed to arrive at the most reliable information to express an opinion?arrow_forwardThe auditor's assessment of the reliability and sufficiency of the information contained in the underlying accounting records is a part of ______________ a. Audit Test b. Comparison c. Evaluation d. Judgementarrow_forward
- Discuss the meaning of "sufficient appropiate audit evidence"arrow_forwardThe reliability of evidence depends on the nature and source of the evidence. Which of the following presumption is correct about the reliability of audit evidence? Select one: a. Evidence from sources outside an entity is more reliable than evidence obtained solely from within the entity. b. All the given answers are correct. c. Evidence in the form of documents or written representations is more reliable than oral representations. d. Evidence obtained directly by the auditor is more reliable than evidence obtained from the client.arrow_forwardwhat are business risks associated with an entity that an auditor should consider when performing an audit?arrow_forward
- Audit documentation is the written record of the basis for the auditor's conclusions that provides the support for the auditor's representations, whether those representations are contained in the auditor's report. Required: b. Discuss TWO (2) important factors that affect the form of audit documentation.arrow_forwardExplain the factors that influence the reliability of audit evidence.arrow_forwardIn audit reporting, what does an unqualified opinion mean?arrow_forward
- What is the importance for auditors to exercise a reasonable care and skill in the performance of his duties?arrow_forwardA.“It is the auditors’responsibility to gather sufficient appropriate evidence to reachtheir opinion. Discuss the above statement by explaining the differences between the evidence’s sufficiency and appropriateness. Your answer should include a discussion of two types of audit evidence.arrow_forwardAudit procedures are the processes, techniques, and methods that auditors perform to obtain audit evidence, and includes: O a. Risk assessment procedures; Test of Controls; Substantive procedures O b. Test of Controls only O c. Substantive procedures & Test of controls O d. Risk assessment procedures onlyarrow_forward
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