Which of the following would be inappropriate during the risk assessment procedure of the audit engagement? * oral inquiries reperformance review of the accounting manual preparation of internal control flowchart

Q: Which of the following statements is correct concerning the understanding of internal control needed…

A: As per relevant standard related to internal control auditor must understand the control environment…

Q: For each of the following, determine how the effectiveness of the entity's internal control affect…

A: a)  As the entity's internal control is more effective. Auditor would assess less level of material…

Q: With whom should the auditor communicate whenever he or she determines that fraud may be present,…

A: Auditor is the person examining the financial statements and reports of an entity to check if the…

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

A:

Q: subcontracted by the client, specifically in what corresponds to criteria of security, availability,…

A: A  SOC for Service Organizations reports are designed to help service organizations that provide…

Q: hoose the one correct answer. Which of the following audit approaches is most likely to provide an…

A: Solution : Which of the following audit approaches is most likely to provide an auditor the most…

Q: Analytical procedures used in planning an audit should focus on identifying(1) material weaknesses…

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

Q: The auditor shall communicate with those charged with governance an overall approach and scope of…

A: Auditor shall communicate to the management regarding its scope of audit.

Q: The form and content of audit engagement letters may vary for each client, but they would generally…

A: Auditing: Auditing is the investigation, inspection, or examination of the financial statements 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: Which of the following is least likely to be used as evidence by an external auditor?a. Substantive…

A: Auditor is the person who is responsible for the identify the error and fraud presented in the…

Q: audit engagement

A: Statement 1 is correct because an audit engagement is opinion based. The auditor conducts the…

Q: Which among the following is not a major purpose of onsite fieldwork conducted by the auditor as a…

A: The fieldwork consists of examining the risks involved in processes, evaluation of internal controls…

Q: The primary purpose for obtaining an understanding of a nonpublic audit client’s internal control is…

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

Q: i) Which of the following statements correctly explains the responsibility of the external auditor?…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: When an auditor is planning an audit, the auditor should:   Consider whether the extent of…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: The audit report provides reasonable assurance that thefinancial statements are free from material…

A: Introduction Audit report: The auditor's report expresses the auditor's judgment about the accuracy…

Q: various types of information, guide to scope of substantive procedures, compliance audits,…

A: Auditing term, phrase, or organizational name Term Explanation  Internal auditor works for a…

Q: Which of the following would be inappropriate during the risk assessment procedure of the audit…

A: Through an understanding of the entity and its surroundings, the auditor's role is to detect and…

Q: When planning the audit of internal controls for an issuer, the audit team shoulda. Identify…

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: You are required to read the following statement carefully, and then, discuss the factors behind the…

A: The auditor needs to obtain a reasonable assurance that the financial statement is free from…

Q: Analytical procedures used when planning an audit should concentrate ona. Weaknesses in the…

A: Analytical procedures are used by the auditors to analyze the accounts and transactions of the…

Q: matters are communicated to those charged with governance at the end of an audit

A: Third option is wrong because the expected modifications to the audit report are based on the…

Q: Risk assessment procedures include

A: The first statement is false because the risk assessment procedures are the audit procedures to…

Q: Why deos the auditor obtain an understanding of the clients business, enviroment and related risk of…

A: Obtaining an understanding of the client’s business is key to an effective and efficient audit.…

Q: Auditing standards require that a “brainstorming” session should be held at the beginning of each…

A:

Q: To obtain an understanding of the relevant policies and procedures of internal control, the auditor…

A: INTERNAL CONTROLS ARE THE RISK MITIGATION STEPS TAKEN TO STRENGTHEN THE ORGANIZATION'S SYSTEMS AND…

Q: Which of the following is an incorrect statement?       a. The amount of audit work should vary…

A: The person that analyzes the books of the company is known as the auditor. The auditor checks all…

Q: uld consider whether A. the evidential matter obtained from the study of the internal control…

A: Internal control refers to the systematic approach of formulating policies, programs, rules in order…

Q: Which of the following is NOT a task performed in the audit planning phase? a. reviewing an…

A: In audit planning phase, some tasks are performed: Reviewing an organization’s policies and…

Q: Which of the following audit approaches is most likely to provide an auditor the most confidence in…

A: The analytical approach is adopted by the company in order to assure that at the end of the…

Q: Which of the following statements is not a correct statement regarding audit evidence? Select one:…

A: Audit evidence Audit evidence can be defined as the evidence that a company obtains during the…

Q: Which of the following is least likely to be considered an appropriate response relating to risks…

A: assessing risks at financial statements level - - evaluation of period-end financial statements…

Q: Which two of the following statements regarding the use of analytical procedures of the audit are…

A: Analytical procedures are done by the auditor at the planning stage of audit to assess different…

Q: Grounds for Dismissal. This case is designed like the ones in the chapter. Your assignment is to…

A:

Q: inappropriate during the risk assessment procedure of the audit engagement?

A: First option is wrong because the oral inquiries will help the auditor to procure information…

Q: d. When documenting their understanding of a client's internal controls, auditors are required to…

A: The books of accounts are required to be audited by the auditor so as to check whether the…

Q: A CPA firm’s quality control procedures pertaining to the acceptance of a prospective audit client…

A: CPA is the Certified public accountant which is generally appointed in order to perform audit…

Q: What are the objectives of an audit risk assessment? Explain why a risk assessment performed during…

A: Audit risk assessment is such a procedure which are all performed for the purpose of understanding…

Q: he auditor shall plan the audit so that in can be performed effectively. The auditor shall study…

A: solution: The auditor shall plan the audit so that in can be performed effectively. True Explanation…

Q: As an auditor of ABC Co, apply auditing principles and standards examine the expectation gaps in the…

A: Expectation gap in Auditing means if the company and its management has some expectation in the…

Q: Which of the following is ordinarily performed last in the audit examination?a. Securing a signed…

A: Definition: Audit examination: Audit examination is an organized and independent work to examine…

Q: Under what circumstances are external auditors likely to beinvolved in operational auditing? Give…

A: Operational Audit: An operational audit refers to the review of any aspect of the operating…

Q: Documentation of an Audit Data Analytic (ADA), should be sufficient enough such that: O An…

A: Audit data analytics is an analysis of an entire population.  It is not done on the sampling basis.…

Q: Which of the following would generally not be used ? Select one : O a. Re -perform client procedures

A: Internal control procedures means control procedures that are used for safeguarding of assets of the…

Q: Which of the following audit techniques ordinarily would provide an auditor with the least assurance…

A: Test of controls -  Test of controls is the audit procedure that tests the effectiveness of the…

Q: 1)Which of the following factors most likely would cause an auditor to decline a new audit…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Q: Auditors perform analytical procedures in the planning stage of an audit for the purpose ofa.…

A: Auditing is a process of examining the financial statement and internal control of an organisation.…