Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 24, Problem 4RQ
To determine
Explain the procedure which is used by an individual for an extensive investigation of the possibility of
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Consider the concepts of sufficient and appropriate audit evidence. Assess how audit risk relates to audit evidence.
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Chapter 24 Solutions
Auditing And Assurance Services
Ch. 24 - Prob. 1RQCh. 24 - Explain why an auditor is interested in a clients...Ch. 24 - Prob. 3RQCh. 24 - Prob. 4RQCh. 24 - Prob. 5RQCh. 24 - Prob. 6RQCh. 24 - Prob. 7RQCh. 24 - Prob. 8RQCh. 24 - What major considerations should the auditor take...Ch. 24 - Identify five audit procedures normally done as a...
Ch. 24 - Prob. 11RQCh. 24 - Prob. 12RQCh. 24 - Prob. 13RQCh. 24 - Prob. 14RQCh. 24 - Prob. 15RQCh. 24 - Prob. 16RQCh. 24 - Prob. 17RQCh. 24 - Prob. 18RQCh. 24 - Prob. 19RQCh. 24 - Prob. 20.1MCQCh. 24 - Prob. 20.2MCQCh. 24 - Prob. 20.3MCQCh. 24 - Prob. 21.1MCQCh. 24 - Prob. 21.2MCQCh. 24 - Prob. 21.3MCQCh. 24 - Prob. 22.1MCQCh. 24 - Prob. 22.2MCQCh. 24 - Prob. 22.3MCQCh. 24 - Prob. 23.1MCQCh. 24 - Prob. 23.2MCQCh. 24 - Prob. 23.3MCQCh. 24 - Prob. 24DQPCh. 24 - Prob. 25DQPCh. 24 - Prob. 26DQPCh. 24 - Prob. 28DQPCh. 24 - Prob. 29DQPCh. 24 - Prob. 32DQPCh. 24 - Prob. 33DQP
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- For my Auditing class: what type of test would I use to assess appropriate assertions for designated high-risk business transactions.arrow_forwardwhat are business risks associated with an entity that an auditor should consider when performing an audit?arrow_forwardIn auditing, ____________ is the process of identifying and assessing the risks of material misstatement in the financial statements, allowing auditors to tailor their audit procedures accordingly.arrow_forward
- In a financial statement audit, the auditor obtains a reasonable level of assurance about whether the financial statements are free of material misstatement in order to express an opinion. In order to obtain reasonable assurance, the auditor must have prior experience in the industry in which the audit client operates. examine all documents available that support the financial statements. obtain sufficient audit evidence. test controls around significant transaction cycles.arrow_forwardExplain what types of audit opinions auditors can issue and what are the possible reasons for issuing these opinions? Furthermore, discuss the circumstances that require auditors to modify the standard report but not the audit opinion. Discuss how important is the risk assessment stage in audit engagements? Explain what audit procedures auditor perform in this stage and how the results of these procedures would affect the other stage of the audit?arrow_forwardWhat are the objectives of an audit risk assessment? Explain why a risk assessment performed during audit planning sets the tone for the entire audit engagement. Also comment on how the concept of ‘risk assessment’ might be useful for any accountant at the outset of any assignment, including non-audit work.arrow_forward
- List the functions needs to be done on the part of auditor to verify contingent liabilities of an company during the process of the audit?arrow_forwardWhat knowledge does the auditor need about the client’sbusiness in an audit of historical financial statements? Explain how this knowledge maybe useful in performing other assurance or consulting services for the client.arrow_forwardHow will you explain the Auditing Process to someone with experience in Auditing?arrow_forward
- As a financial auditor who is auditing long-lived assets, from the income statement, describe two accounts that become your concern and require further examination? Explain why it becomes your concern and explain what kinds of audit procedures you will use in order to further examination of that account?arrow_forwardMy question is on auditing where I want to know whether the audit evidence is sufficient and appropriate such as oral representation by management, year end suppliers statement and physical inspection of a non current assetsarrow_forwardWhile performing your audit of Williams Paper Company, you discover evidence that indicates that Williams may not have the ability to continue as a going concern. Required: a. Discuss types of information that may indicate substantial doubt about a client’s ability to remain a going concern. b. Explain the auditors’ obligation in such situations.arrow_forward
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