Obtaining an understanding of an entity's internal control is more likely to be performed more extensively in the audit of specialized industries than in other industries. a. True b. false

Can the auditor obtain more audit evidence to compensate for the lack of perceived appropriateness (quality) of the evidence which is available?

Which of the following BEST (select one) describes why risk assessment can be viewed as the foundation of the audit function: a) Risk assessment provides a framework for allocating limited resources to achieve maximum benefits and value derived from the audit process. b) Risk assessment enables flexibility in approaching audits and the performance of control testing. c) Risk assessment enables an orderly approach to conducting audits. d) Rsk assessment provides for a measurement criteria to evaluate audit results and communicate to management.

Audit evidence obtained through inquiry of management about proper segregation of custodianship and recordkeeping functions is less reliable than evidence acquired through the auditor's personal observation.  TRUE OR FALSE? WHY?

Plz explain in detail

When a substantive audit strategy is adopted, an auditor will O determine internal controls are effective in mitigating risks. O increase the amount of their substantive testing. O test controls extensively. O not need to document the internal control system.

Strong internal control will increase the reliability of certain types of evidence and thereby increase the overall quantity of substantive procedures performed by the auditors. True or False True False

Obtaining an understanding of the internal control structure is required for first time audit client, but not necessary for recurring clients.  TRUE OR FALSE? WHY?

essentially describe what materiality means in the context of the audit.

Evaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data from internal versus external sources. Written data versus verbal conversation records. Data obtained from direct versus indirect methods. Data obtained from original documents versus electronic scans.