Explain why the auditor can be persuaded only with a reasonable level of assurance, rather than convinced, that the financial statements are correct

Q: Before expressing an audit opinion on financial statements, an auditor should obtain what level of…

A: Assurance is the type of opinion which is given by the auditor at the conclusion of audit about the…

Q: Which of the following statements are true a) The auditor has a responsibility to plan and perform…

A: Audit -  The audit is an independent examination of the financial information of an entity whether…

Q: The auditor's consideration

A: Materiality is a concept or convention within auditing and accounting relating to the…

Q: TRUE OR FALSE?

A: An unqualified opinion is an opinion given by an auditor after analyzing the financial statements of…

Q: When the au

A:

Q: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain…

A: Auditing is described as the on-site verification activity of a process or quality systems, such as…

Q: The risk that the auditors will conclude, based on substantive procedures, that a material…

A: The risk you are referring to is known as the risk of substantive procedures not detecting a…

Q: What is the appropriate nature of opinion when the auditor having obtained sufficient appropriate…

A: The auditor will express an Adverse opinion when the auditor obtains all the necessary proofs and…

Q: If the auditor concludes that financial statements are not free from material misstatements and the…

A: Auditing refers to the art of inspecting and investigating financial accounts of a company. It is…

Q: According to the BarChris decision, how did auditors violate generally accepted auditing standards?

A: Generally Accepted Auditing Standards (GAAS):   "GAAS refers to professional external auditing…

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: Which of the following statement is not true about assurance ? Assurance is based on the auditor's…

A: Assurance refers to the certainty of any event given by an assurer on the basis of assessment of…

Q: The auditor's obligations with regard to "going concern assumptions" are not well defined

A: The notion of a going concern is as follows: This notion is predicated on the premise that the…

Q: when the auditor find that the financial statement are not present fairly in all material respect .…

A: An auditor is appointed to check the accuracy of the financial statements of the company. After…

Q: Why might an auditor issue a disclaimer of opinion after an audit? A. All of these may cause an…

A: Disclaimer of opinion: The disclaimer of opinion is the opinion given by the auditor on the…

Q: True or False Accounts receivable confirmations are likely to be more effective for the existence…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Audit evidence obtained directly by the auditor will not be reliable if Select one: a. it is…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: An independent auditor’s report is a guarantee that the financial statements are free from fraud or…

A: Auditor primary objectives is to give opinion on the financial statements and to give true and fair…

Q: In an auditor's report the absence of any reference to a material uncertainty about the entity’s…

A: Going concern means the assumption of the entity that it will go on and would be able to pay off its…

Q: Which of the following characteristics is not considered essential to good audit evidence? a.…

A: The audit is a process of examining the financial statements of the business , other records and…

Q: What type of opinion is issued by the auditorr if he or she is unable to determine the overall…

A: Introduction: The act of examining, confirming, and analyzing all financial information and papers…

Q: Which of the following statements are not true about auditors responsibilities? a) The financial…

A: The responsibility for preparation and presentation of financial statements is the responsibility of…

Q: What is meant by a “colorable claim”? Do you believe auditors should be liable for investor losses…

A: Legitimate claim of a person is known as Colorable claim. It can be asserted based on the current…

Q: Under what circumstances auditor may express an unqualified opinion? 1. The view presented by the…

A: Auditor's opinion refers to the report, which is issued to the management after a complete audit of…

Q: Discuss various type  of opinion is issued by the auditorr if he or she is unable to determine the…

A: Introduction: Auditing is the process of finding, verifying, and continuously analyzing all…

Q: Which of the following statements is false regardingsubstantiveanalytical procedures?a. Substantive…

A: Audit is the process of checking and authenticating books of accounts and financial statements. It…

Q: a) Explain why auditors’ reports are important to users of financial statements and why it   is…

A: Auditing means an examination of the financial statements of the company and ensuring that…

Q: a change in accounting principle is inseparable from the effect of a change in estimate, this…

A: The change in accounting  change than  accounting principles change in accounting estimate in…

Q: Which of the following presumptions is correct about the reliability of evidential matter?

A: The correct answer is : (C) Effective internal control provides more assurance about the reliability…

Q: What type of opinion is issued by the auditor on the financial statements when there is some…

A: There are 4 types  of  audit opinions  1.Unqualified opinion  2.Qualified opinion  3.Adverse opinion…

Q: The auditor is typically concerned with two major types of mistakes that materially impact the…

A: Option A) Risk of Assessing Control Risk Too Low/Risk of Incorrect Rejection is incorrect because…

Q: What is the appropriate nature of opinion when the auditor is unable to obtain sufficient…

A: Auditor's opinion is a report based on the audit of a company's financial statement. Therefore, it…

Q: Auditors often use a client's historical experience and subsequent transactions to evaluate the…

A: Auditors are responsible for the checking accounts and see that they are prepared with as per…

Q: What type of opinion is issued by the auditor if he or she is unable to determine the overall…

A: Introduction: The process of checking, validating, and conducting an investigation of all financial…