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: oo high, o

A: Since auditors can and often do not seek to review all activities, audit risk is essential to the…

Q: TRUE OR FALSE?

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

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 will the auditor do in respect of misstatement which in his opinion are immaterial? a. Give…

A: Unmodified Opinion is issued when there are no material misstatements.

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: Why are auditors more concerned with the risk of incorrect acceptance than the risk of incorrect…

A: Definition:

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: 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: factor to be considered by an auditor while performing analytical procedures?

A: Option a is wrong because it is a correct statement. Auditor will procure an expected amounts or…

Q: Why do auditors use the words "present fairly

A: Present Fairly Present fairly is a term used inside the text of an audit report back to indicate…

Q: What factors should the auditor take into consideration before concluding that a financial statement…

A: Financial statements should give crucial information to any interested user of financial data so…

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: f in the auditor’s judgment, management’s use of the going concern basis of accounting in the…

A: Under going concern concept, entity's financial statements are prepared on the assumption that the…

Q: Which of the following is least likely to be a factor that might indicate to an auditor that an…

A: special considerations are used by auditors where there is a high risk of material misstatements in…

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: External auditors cannot delegate responsibility for audit decisions to the internal auditors. *…

A: External auditors are not supposed to delegate authority to the internal auditors in respect of…

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: 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: true when the auditor determines the client has a low risk of material

A: First option is wrong because risk of material misstatements is judged not only based on the…

Q: Which of the following statements is not correct? A) There are many ways an auditor can accumulate…

A: Lets understand the basics. Auditing is a verifying books of account to check whether it shows true…

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: Which of the following statements is true? Select one: a. If evidence is subjective, it cannot be…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: Which of the following presumption is correct about the reliability of audit evidence

A: Reliability of audit evidence :-  Evidence from sources outside an entity is more reliable than…

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

A: Introduction: Auditing is the process of verifying, validating, and continuously investigating all…

Q: Auditors use evidence to help them draw conclusions Select one: True False

A: Auditing is a process in which a detailed examination of accounting records is carried out by the…

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…

Q: Why is the risk that the auditor might make a mistake in expressing a modified opinion on financial…

A: Auditing: Auditing can be defined as a process of evaluating the accuracy of the information…

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

A: As per ISA 200, The auditor's objectives are to obtain reasonable assurance about whether the…

Q: Which of the following statements regarding additional information that is included in a document…

A: Audited financial statement is the financial statement which has been audited by the qualified…