How might an auditor's individual characteristics affect his or her professional judgments about materiality?

Q: Define materiality as it is used in audit reporting. What conditions will affect the auditor’s…

A: IAS 320 Materiality in planning and performing an audit, describes the omission or misstatement that…

Q: What are going-concern uncertainties? What is the auditors’ responsibility for evaluating…

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Q: What is the difference between an internal auditor and external auditor?

A: Auditing is the process of thorough examination of financial records with an aim to express an…

Q: For what does an auditor use professional skepticism?

A: Professional skepticism can be explained as the confirmation of information through inquiry, the…

Q: How might an auditor individual characteristics affect his or her professional judgment about…

A: The concept of Materiality refers to the recognition of some matters which either individually or…

Q: When expertise in a field other than accounting or auditing is necessary to obtain sufficient…

A: Auditing is the verification of financial statements by the auditor who then provides judgmental…

Q: Identify the type of evidence the auditor would gather in assessing the integrity of management?…

A: Auditor is the person who is responsible for auditing and verifying books of accounts and records of…

Q: What is the primary duty of an auditor?

A: Primary duty of an auditor: Primary duty of an auditor is to express an opinion on the financial…

Q: What is the difference between Error and Fraud (as defined in auditing) and how shall the auditor…

A: Definition: Auditor: The auditor is an accounting professional hired by a company to review the…

Q: What is the relationship between the audit procedure and audit evidence used in the auditor's work…

A: Audit working papers contains the findings of the auditor which have been obtained in the course of…

Q: What steps has the external auditing profession taken to minimize potential bias toward independent…

A: The auditors are appointed to provide their opinion on the financial reports examined. The auditor…

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A: The temptation to interpret data in a way that supports assumptions might seduce an audit and derail…

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with

A: Internal audit involves assessment and evaluation of of effectiveness with which company is managing…

Q: Distinguish between independence in fact and independence in appearance. Can auditors be independent…

A: Independence in fact means when the auditor is actually independent and not working as the puppet of…

Q: In referencing professional standards, what factors should auditors consider in evaluating potential…

A: Going concern is an accounting concept that makes the assumption that business will be able to…

Q: Why do you think independence in form and in substance is a requirement in external auditing?

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: What are the obligations of the auditor in the case of a 'going concern'?

A: This question explains about the obligations of the auditor in the case of a 'going concern'

Q: Why is communication an important skill of an auditor?

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: What factors should an auditor consider prior to accepting anengagement? Explain.

A: Introduction: A financial audit is a purposive inspection and assessment of the financial statements…

Q: What sources of information can auditors use in connection with deciding whether to accept a new…

A: Definition: Auditing: Auditing is the process by which assertions made by management about financial…

Q: How does the quality of audit evidence vary depending on who has provided it?

A: Audit evidence is primarily the data and accounts of the client and its associated third parties,…

Q: A document which the auditor receives from client ,but which was prepared by someone outside the…

A: Auditing is the process of examination or verification of books of accounts of the business in order…

Q: Define the term "materiality" in the context of audit reporting. What factors will influence the…

A: Introduction: 320 IAS When preparing and completing an audit, materiality refers to the omission or…

Q: What is due care? To what standards are auditors held with respect to due care?

A: Due Care: The performance level which is required to be achieved by reasonable auditors in…

Q: What are theresponsibilities of the company’s auditor?

A: An auditor is an independently qualified person who is appointed to give shareholders an…

Q: What is the purpose of the auditors’ opinion and report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

Q: What audit procedures can be used to verify officers’ compensation?

A: Audit procedures are those procedures or techniques which are followed through the auditors, in…

Q: How does the concept of materiality influence the auditors’ report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

Q: What are the differences between an external audit and an internal audit?

A: Internal audit is performed within organization by the auditor appointed by management.

Q: What must an auditor understand with respect to internal auditors?

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Q: What are the auditor's responsibilities for 'going concern assumptions’'?

A: Going concern assumption is one of the concept of accounting, under which it is assumed that the…

Q: What is the importance for auditors to exercise a reasonable care and skill in the performance of…

A: Operational efficiency and effectiveness can be improved through performance audits and operational…

Q: What is internal control? Why is an auditor interested in a client’s internal control?

A: Internal Control: Internal controls are the mechaniisms, rules, and procedures legally by an…

Q: What are the auditor’s responsibilities for ‘going concern’?

A: Going-concern: It can be defined as the principle of accounting that is based on an assumption that…

Q: The auditors' report is influenced by the idea of materiality.

A: This question explains about the auditors' report is influenced by the idea of materiality.

Q: What are the advantages and disadvantages of a qualified audit opinion

A: Qualified Audit opinion :- Qualified Audit Opinion is the opinion of the Auditors on Financial…

Q: What is the major difference between auditing services and assurance services?

A: Audit and assurance both are the process used to analyse and evaluate the financial records of the…

Q: What are the requirements from Sarbanes-Oxley regarding using the same auditor

A: Audit is an independent examination of financial information of any entity, whether profit…

Q: Why should receiving reports be prenumbered in the first place? With the help of the receiving…

A: According to management, this is true. A managerial assertion is a claim made by a company's top…

Q: To whom is the auditors’ report addressed?

A: The financial statement of a company is examined by an independent auditor with regard to their…