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.

Q: In evaluating the fair value of net assets in an acquisition the auditor has to gather independent…

A: Audit Evidence -The data that the business's auditor obtains from the business is known as audit…

Q: What must external auditors do to use the work of internal auditors in the audit of an entity’s…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: Auditors obtain reasonable assurance that financial statements are fairly stated by performing all…

A: Reasonable assurance is the term of auditing which states the level of the assurance auditors are…

Q: tangible fixed assets

A: The audit of tangible fixed assets is done to verify the authenticity, existence, accuracy and…

Q: The auditing procedure that could least likely lead the auditor to find unrecorded property, plant,…

A: Audit: An audit is a formal verification of an organization's account that is usually conducted by…

Q: Substantive analytical procedures are performed by auditor: To identify and assess detection risk To…

A: Auditor is the person who is responsible for performing audit work. Audit means checking and…

Q: Auditors of financial statements are designed to obtain reasonable assurance of detecting material…

A: The auditor is required to obtain reasonable assurance that financial statements aa a whole are free…

Q: What is the auditors’ reporting responsibility for (a) other information accompanying the…

A: Auditors' main responsibility is to express an opinion on the financial statements of an entity that…

Q: In testing the existence assertion for an asset, an auditor ordinarily works from the

A: The correct answer is: (D) Accounting records to the supporting evidence. An auditor works from the…

Q: In substantive procedures, why is the emphasis on the completeness assertion for liabilities instead…

A: Substantive procedures are the activities performed to ensure that there is no material misstatement…

Q: Which of the  factors below does not have to be  considered by the auditor in determining the Key…

A: Key audit matters (KAM) are the significant matter which was found during the audit of the financial…

Q: To obtain an understanding of a continuing client in planning an audit, an auditor most liky would;…

A: To build an audit, the question centers on the most likely approach an auditor will use to…

Q: What are auditors’ responsibilities for subsequently discovered facts if these are identified…

A: Subsequently Discovered Facts: These are the facts that become available or known to the auditor…

Q: The auditor should consider audit risk when planning and performing an audit of financial…

A: The objective of the question is to understand the interrelationship between the three components of…

Q: Which of the following is most likely to be presumed to represent fraud risk on an audit?

A: The correct answer is: (D) improper revenue recognition. There are a few different types of fraud…

Q: Listed below are several of the auditors’ general objectives in performing substantive procedures on…

A: Audit procedures is the criteria or steps performed by the auditor in order to get all the…

Q: Which of the following best describes the independent auditor's approach to obtaining satisfaction…

A: Business organizations are required to charge the depreciation expense so that the assets are shown…

Q: When auditing the existence assertion for an asset, auditors proceed from thea. Financial statement…

A: Definition: Existence assertion: Existence assertion is a management assertion where it is asserted…

Q: An independent auditor has the responsibility to design the audit to providereasonable assurance of…

A: The independent auditor’s plays a vital role regarding the internal controls of a public company.…

Q: What is the auditor's primary concern with respect to related party transactions?

A: Related party transactions are those transactions which are made by the one entity with the another…

Q: When auditing related party transactions, an auditor places primary emphasis on O A. B. C. D.…

A: Assessing and reducing the risks of significant misstatement resulting from transactions and…

Q: not a procedure used by an auditor in searching for unrecorded disposals of long-lived assets?

A: Option a is wrong because the examination of property tax records provides information on tax on…

Q: b) Discuss TWO (2) audit procedures to ensure sufficiency of audit evidence

A: There are various audit procedures that are used to ensure the sufficiency of audit evidence. These…

Q: When auditors become aware of noncompliance with a law or regulation committed byclient personnel,…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: The objectives of the audit includes the following, except: a. To enable an auditor to express an…

A: Audit is the procrss of checking and examining books of accounts and financial information of…

Q: What assertions found in PP&E, investments, and intangibles accounts are of interest to an…

A: Management assertion refers to the claim made by the management assuring about the accuracy of…

Q: Why deos the auditor obtain an understanding of the clients business, enviroment and related risk of…

A: Obtaining an understanding of the client’s business is key to an effective and efficient audit.…

Q: According to auditing standards, financial statements presented on a special-purpose framework…

A: According to auditing standards, financial statements presented on a special-purpose framework…

Q: When the auditor uses supporting evidence for amounts posted to account balances with documentary…

A: The term "audit" refers to the process of determining the information's trustworthiness and…

Q: An auditor's primary substantive procedures for investments typically include evaluating the…

A: In performing the substantive audit procedures, auditor needs to address the various assertions of…

Q: Audit documentation is the written record of the basis for the auditor's conclusions that provides…

A: Audit Documentation:-It refers to the detailed documents and procedures which the auditor performed,…

Q: Which of the following audit procedures will apply to obtain the reliable audit evidence relating to…

A: Auditing is the process of inspecting various books of accounting.

Q: s and obligation assertion when auditing payables and contrast this with the audit of asset…

A: An auditor is a person or a company hired by a company to conduct an audit. A person must be…

Q: vidence is defined as any information used by the auditor to determine whether the quantitative…

A: The auditor checks the reliability and consistency of accounting information.

Q: Management's assertions in the financial statements are of relevance to the audit process because…

A: Lets undestand the basics. Audit is an examination of books of account in order to given opinion on…

Q: Which of the following does NOT accurately describe the concept of materiality? O performance…

A: The Materiality refers to the relevance, accuracy and reliability of the financial statements of thr…