Which of the following attributes is likely to be unique to the audit work of CPAs as compared to the work performed by practitioners of other professions? Select one: a. Independence. b. Complex body of knowledge. c. Competence. d. Due professional care.

Which of the following attributes is likely to be unique to the audit work of CPAs as compared to the work performed by practitioners of other professions? Select one: a. Independence. b. Complex body of knowledge. c. Competence. d. Due professional care.

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 47RSCQ

See similar textbooks

Related questions

Q: Auditors’ understanding of the internal control in an entity provides information fora. Determining…

Q: irector of the client. B. An auditor acts as an advocate on behalf o

A: Here in the given MCQ, the option C & D are self interest threats. (whereas other two options…

Q: Which of the following is not correct about professional judgment? a. Professional judgement is…

A: professional judgment - professional judgment is an application of knowledge and experience of an…

Q: The standards are divided into attribute, performance and implementation guidance. Classify the…

A: The answer for the theory question on classification of attribute and performance standards is…

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 does it mean the audit documentation should be self-explanatory? O a. It shall be sufficient to…

A: An audit is a process of checking and verifying the books of account and financial information of…

Q: a. Describe how professional skepticism will assist the auditor to perform the audit effectively. b.…

A: Professional skepticism means an attitude that includes a questioning mind, being alert to…

Q: Professional Guidance. A challenge facing auditors is the wide array of professional guidance…

A: Statements on Auditing Standards: The statements issued by auditing standards board of AICPA for…

Q: Which of the following is not required by generally accepted auditing standards?a. Written…

A: Generally accepted auditing standards (GAAS): These are defined as the set of general principles and…

Q: cornerstone of the auditing profession?

A: internal external concern are convoluted when nominal independent division of a firm provide…

Q: What do you think is meant by the term ethical auditing with respect to the principles and rules of…

A: American Institute of Certified Public Accountants (AICPA): It is an association of certified…

Q: Which of the following is an accurate statement about professional skepticism? Select one: a.…

A: Professional Skepticism is simply means an attitude of questioning mind. Professional Skepticism…

Q: The following is an example of a CPA firm’s quality controlprocedure requirement: “Any person being…

A: Auditing: Auditing is the thorough verification of the books of accounts of an organization to test…

Q: Considering the competence of a firm should include consideration of whether the audit firm…

A: The auditor should have necessary competence to carry out the audit work of the client. If he has no…

Q: Which of the following is most closely related to the responsibilities principle?a. The auditors’…

A: Responsibility principle: A fundamental principle which is concerned with the ethical requirements…

Q: Discuss the duties and responsibilities of a CPA. Consider why independent auditors' reports are…

A: A Certified Public Accountant (CPA) is a certified accounting practitioner who has the Certified…

Q: In reviewing the Generally Accepted Auditing Standards (GAAS), there are three main conduct…

A: Auditing standards refers to the parameters or yardsticks against which quality and materiality of…

Q: internal controls

A: Internal controls are the set of operational policies and procedures implemented in an organization…

Q: Which of the following are reasons for the audit profession issuing auditing standards?…

A: Auditing standards need auditors to get a correct understanding of the Business Associate in Nursing…

Q: ch of the following factors is most important in determining the competence of audit evidence?…

A: Solution: "The reliability of the evidence in meeting the audit objective" is most important in…

Q: Compliance auditing often extends beyond audits leading to the expression of opinions on the…

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

Q: 1. Johnson & Johnson CPAs, is considering accepting an engagement to perform an audit for a new…

A: The on-site verification activity of a process or quality system, such as inspection or examination,…

Q: Which of the following documents or/ and procedures should be used by the auditor to gain a better…

A: Audit is the process of verifying and examining the financial statements and control procedures…

Q: Which of the following is not related to ethical requirements of auditors?a. Due care.b.…

A: As per the ethical requirement of an auditor it is imperative that the auditor's exercises due care,…

Q: What is the special function that auditors perform? Whom doesthe external auditing profession serve…

A: Auditing: It is an independent assessment of an organization's financial information to determine…

Q: A CPA accumulates various types of evidence on which to base the opinion on financial statements.…

A: Audit Confirmation: Audit confirmation is the procedure of obtaining the information from the…

Q: ____________ can ensure that those benefits and costs to third parties are considered in determining…

A: Accounting services are those that are being provided by the accountants to the entity. They majorly…

Q: Which of the following aspects are required to be included in the basis for opinion section in the…

A: Auditor Opinion The foremost responsibility of an Auditor to his client to express the opinion…

Q: An expert under employ by the client cannot be used for purposes of the auditor’s work because doing…

A: An audit planning refers to the strategy and the detailed approach related to the nature, timing,…

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: How will you explain the different types of audit opinion (e.g., Unqualified, Qualified, Adverse,…

A: Audit opinion refers to the opinion given by the auditor of the entity on examination of the…

Q: Answer the below: What do you understand by attestation services? Discuss the responsibility and…

A: Attestation Services:-These are services when a certified Public Accountant (CPA) expresses his…

Q: 29. This term means an engagement in which a practitioner expresses a conclusion designed to…

A: Engagement is a contract or agreement between auditor and the client, in which all matters related…

Q: What is meant by the evaluation of a client's ability to continue as a going concern? What are some…

A: Going concern concept states that the financial statements of an entity should be prepared on the…

Q: In making a decision whether to accept or reject an engagement, an auditor should consider…

A: An auditor should accept the audit engagement after checking certain preconditions and evaluation of…

Q: If auditor maintains high degree of independence, it will result in _________ a. Attention of media…

A: Independence of auditors means when auditor is not biased while analysing and reviewing financial…

Q: Professional skepticism is a. An attitude that includes a questioning mind. b. The auditor's…

A: Audit is the process of checking and verifying books of accounts and financial information of…

Q: If there is a significant difference of opinion between a senior auditor and an audit manager on an…

A: Audit is the detailed process of checking and verifying the authenticity of books of accounts and…

Q: O The determination of how to audit and review a client's subsequent events is a subjective one. The…

A: Subsequent events refers to an event that occurred between the reporting period and the date of…

Q: Audit evidence is more persuasive when : A_Information is provided by the board of directors of the…

A: The documents that are being collected by the auditor to support its work are audit evidences. For…

Q: What is the general character of the responsibilities characterized by the Performanceprinciples?(1)…

Q: Briefly describe the key requirements included in professional auditing standards regarding the…

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

Q: which element of the quality control does this procedure affect and what is the purpose of the…

A: Auditing: Auditing is the thorough verification of the books of accounts of an organization to…

Q: Why it is important to have auditing standards? Specifically, why are ethics important to the…

A: Auditing is the term which is defined as examination as well as investigation of the financial…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following best describes the relationship between auditing and attestation engagements Select one: a. Auditing is a subset of attestation engagements that focuses on providing clients with advice and decision support. b. Attestation is a subset of auditing that provides lower assurance than that provided by an audit engagement. c. Auditing is a subset of attestation engagements that focuses on the certification of financial statements. d. Attestation is a subset of auditing that improves the quality of information or its context for decision makers
Answer the below: What do you understand by attestation services? Discuss the responsibility and functions of CPA. Why independent Auditors' Reports are usually required? What type of information usually discussed in this report?
Which of the following best describes the relationship between auditing and attestationengagements?a. Auditing is a subset of attestation engagements that focuses on the certification of financial statements.b. Attestation is a subset of auditing that provides lower assurance than that provided by anaudit engagement.c. Auditing is a subset of attestation engagements that focuses on providing clients withadvice and decision support.d. Attestation is a subset of auditing that improves the quality of information or its contextfor decision makers
When establishing an understanding with an audit client, that understanding should be documented Group of answer choices: a. Through a management representation letter. b. In a manner completely based on the auditor’s seasoned professional judgment. c. Either orally or in writing with the client. d. Through use of an engagement letter.
To which customer is the auditor least likely to send a receivables confirmation? O customer whose account is overdue O customer who owes a significant amount of money at year end O customer who is also a related company to the entity under audit O customer who owes very little at year end
Which of the following differs between assurance services and consulting services when exercising due professional care? a. Costs and benefits. b. Complexity of work. c. Extent of work. d. Materiality.
Which of the following is not correct about professional judgment? a.Professional judgement is essential to the proper conduct of an audit b.Professional judgement is exercised throughout the audit c.Professional judgement is appropriately documented d.Professional judgement is used as justification for decisions
Explain why the decision to accept a client is important and describe the primary features of client acceptance and continuance, including the purpose and content of an audit engagement letter.
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…