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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- The 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_forwardExplain the factors that influence the reliability of audit evidence.arrow_forward
- A.“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_forwardIn the assessment of an audit, what are the primary issues for consideration?Select one: a. All of the others are correct. b. The auditor must be perceived as independent. c. The auditor must be deemed competent. d. The auditor must be perceived as objective.arrow_forwardWhich of the following factors most likely affects the auditor's judgment about the quantity, type, and content of working papers? The nature and condition of the client's accounting and internal control systems The content of the client's representation letter. The timing of substantive tests completed prior to the balance sheet date d The usefulness of the working papers as a reference source for the clientarrow_forward
- 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)arrow_forward1) Name and describe the main tasks, duties or powers of the PCAOB. 2) What is audit risk? 3) What is materiality and how is it used or applied by the auditor.arrow_forwardHow does a very material GAAP issue affect the Audit Report?arrow_forward
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