Select all of the responsibilities noted below that pertain to the auditor when performing an audit. Hint: these are personal qualities of the auditor. Question 8 options: A) compliance with adequately supervising and planning the audit B) compliance with relevant ethical requirements C) be capable and competent D) exercise professional judgement and maintain professional skepticism

Select all of the responsibilities noted below that pertain to the auditor when performing an audit. Hint: these are personal qualities of the auditor. Question 8 options: A) compliance with adequately supervising and planning the audit B) compliance with relevant ethical requirements C) be capable and competent D) exercise professional judgement and maintain professional skepticism

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter4: Professional Liability, Auditor Judgment Frameworks, And Professional Responsibilities

Section: Chapter Questions

Problem 23MCQ

See similar textbooks

Similar questions

IT audit standards of practice require that IT auditors: [SELECT ALL THAT APPLY] a) Must exercise due professional care when performing audit procedures. b) Must maintain objectivity and independence to avoid introducing bias in their reports. c) Should be professionally competent, and possess the skills and knowledge to conduct the audit. d) Must obtain an audit certifications
Choose the preliminary engagement activity of an auditor. O a. Establishing an understanding of the term overall audit strategy O b. Assist the management in identifying and evaluating events O c Establishing an understanding of the terms of the engagement O d. Establishing an understanding of the term of audit planning
{Auditing} 11. How could an auditor ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques? a. Through confidentiality of information b. All the options c. Through professional competence and due care d. Through Professional behavior
The auditor's __________ safeguard the auditor's ability to form an audit opinion without being affected by any kind of influences. a. Confidentiality b. Objectivity c. Independence d. Integrity
In making a decision whether to accept or reject an engagement, an auditor should consider competence, independence, integrity of the prospective client's management and its ability to serve the client properly. Furthermore, the auditor is expected to perform the following (choose all the items that apply to the previous statement): * a. Obtain a preliminary knowledge of the client's business and industry to determine whether the client management has the degree of competence required by the engagement. b. Consider whether there are any threats to the firm's independence and objectivity, and if so, whether adequate safeguards can be established. c. Evaluate auditability. d. Investigation of the integrity of the client's management through inquiry to appropriate parties or communication with the successor auditor. e. Agree on the terms of the engagement and prepare a management representation letter. f. Evaluation of the firm's ability to serve the prospective client.
Auditors are required to maintain an attitude of professional skepticism throughout the audit. The word professional skepticism implies: a. Alertness b. Confidence c. Faith d. Trust
What effect will exercising professional skepticism have on the following 1. Obtaining sufficient audit evidence 2. Obtaining appropriate audit evidence
Identify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more than one element.) Use the following elements in providing your response: Reasonable assurance • Planning and supervision • Materiality ⚫ Risk assessment • Audit evidence a. Evaluating the effectiveness of the client's internal control in preventing or detecting misstatements. b. Obtaining an understanding of the client's business and industry. c. Acknowledging that the risk of failing to detect a material misstatement cannot be reduced to zero. d. Obtaining confirmations from the client's customers as to the ending balances in accounts receivable. e. Preparing a written audit plan. f. Designing audit procedures to identify misstatements that would have a significant effect on financial statement users' decisions. g. Considering the likelihood that the account balance contains a material…
Which of the following aspects are required to be included in the basis for opinion section in the auditor's report? O a. Statement that an auditor is dependent of the entity in accordance with the relevant ethical requirements relating to an audit O b. Statement that the audit was conducted in accordance with Standards on Auditing OC. Statement that the financial statements have been audited O d. Statement whether the management (client) believes that the audit evidence an auditor has obtained is sufficient and appropriate to provide a basis for the auditor's opinion
What does it mean the audit documentation should be self-explanatory? O a. It shall be sufficient to enable management to understand the internal control O b. It shall be sufficient to enable employee to understand the internal control O c It shall be sufficient to enable an experienced auditor to understand the audit procedures O d. It shall be sufficient to enable auditor to understand the engagement letter