An internal auditor's work would most likely affect the nature, timing, and extent of an independent CPA's auditing procedures when the internal auditor's work relates to assertions about the: a. Existence of contingencies. b. Valuation of intangible assets. c. Estimated salvage values of fixed assets. d. Valuation of related party transactions. e. Completeness of accounts payable.

What do auditors consider when determining the extent to which the internal auditors’ work will affect the auditors’ procedures?     A. The materiality of the account balance or transaction, the risk of material misstatement of the assertions, and the amount of subjectivity involved in evaluating the evidence gathered.   B. Only the risk of material misstatement of the assertions related to the account balance, transaction, or disclosure and the amount of subjectivity involved in evaluating evidence gathered.   C. Only the amount of subjectivity involved in evaluating the evidence gathered.   D. Only the materiality of the account balance or transaction and the risk of material misstatement of the assertions.

1) 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.

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 audit procedures