FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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According to the professional standards of practice, Internal Auditors demonstrate due professional care by:
1) In planning the audit, determining the extent of work needed to achieve the engagement's objectives.
2) Understanding the adequacy and effectiveness of governance, risk and related control processes.
3) Determining the relative complexity, materiality, or significance of matters to which assurance procedures are applied.
4) All of the above.
5) Only items 1 and 2.
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- In 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 is not true concerning materiality? a. Materiality is a matter of professional judgement O b. Materiality is used as a guide to planning substantive procedures O c. Materiality is used a guide for making decisions about the audit report d. All of the Above are True Statements e. None of the Above are True Statementsarrow_forwardWhat is the general character of the responsibilities characterized by the Performanceprinciples?(1) The competence, independence, and professional care of persons performingthe audit.(2) Criteria for the content of the auditor’s report on financial statements andrelated footnote disclosures.(3) The criteria of audit planning and evidence gathering.(4) The need to maintain an independence in mental attitude in all matters pertaining to the audit.arrow_forward
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