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: South-Western College Pub
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Question
Chapter 5, Problem 2TFQ
To determine
Concept introduction:
Auditing standards:
Auditing standards are guides to perform the audit in an effective and efficient manner. These standards are prepared by organizations like PCAOB, AICPA, and IAASB.
To identify: whether the given statement is true or false.
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How does the role of the SEC differ from that of the AICPA? Contrast the roles of the AICPA and the PCAOB in the development of auditing standards.
Define generally accepted auditing standards (GAAS). What is the purpose of GAAS?
It is considered one of the audit objectives
A. The data is free from material errors
B. Reporting in accordance with international standards of auditing 0
C. Audit of financial statements 0
W. All of the above. 0.
Chapter 5 Solutions
Auditing: A Risk Based-Approach to Conducting a Quality Audit
Ch. 5 - Prob. 1TFQCh. 5 - Prob. 2TFQCh. 5 - Prob. 3TFQCh. 5 - Prob. 4TFQCh. 5 - Prob. 5TFQCh. 5 - Prob. 6TFQCh. 5 - Prob. 7TFQCh. 5 - Prob. 8TFQCh. 5 - Prob. 9TFQCh. 5 - Prob. 10TFQ
Ch. 5 - Prob. 11TFQCh. 5 - Prob. 12TFQCh. 5 - Prob. 13TFQCh. 5 - Prob. 14TFQCh. 5 - Prob. 15TFQCh. 5 - Prob. 16TFQCh. 5 - Prob. 17TFQCh. 5 - Prob. 18TFQCh. 5 - Prob. 19TFQCh. 5 - Prob. 20TFQCh. 5 - Prob. 21TFQCh. 5 - Prob. 22TFQCh. 5 - Prob. 23TFQCh. 5 - Prob. 24TFQCh. 5 - Prob. 25MCQCh. 5 - Prob. 26MCQCh. 5 - Prob. 27MCQCh. 5 - Prob. 28MCQCh. 5 - Prob. 29MCQCh. 5 - Prob. 30MCQCh. 5 - Prob. 31MCQCh. 5 - Which of the following accounts would not be...Ch. 5 - Prob. 33MCQCh. 5 - Which management assertion addresses whether the...Ch. 5 - Prob. 35MCQCh. 5 - Prob. 36MCQCh. 5 - Prob. 37MCQCh. 5 - Prob. 38MCQCh. 5 - Prob. 39MCQCh. 5 - Prob. 40MCQCh. 5 - Prob. 41MCQCh. 5 - Prob. 42MCQCh. 5 - Prob. 43MCQCh. 5 - Prob. 44MCQCh. 5 - Prob. 45MCQCh. 5 - Prob. 46MCQCh. 5 - Prob. 47MCQCh. 5 - Prob. 48MCQCh. 5 - Prob. 49RSCQCh. 5 - Prob. 50RSCQCh. 5 - Ray, the owner of a small company, asked Holmes,...Ch. 5 - Prob. 52RSCQCh. 5 - Prob. 53RSCQCh. 5 - Prob. 54RSCQCh. 5 - Professional guidance indicates that the auditor...Ch. 5 - Prob. 56RSCQCh. 5 - Assume that an organization asserts that it has...Ch. 5 - Prob. 58RSCQCh. 5 - Prob. 59RSCQCh. 5 - Prob. 60RSCQCh. 5 - Prob. 61RSCQCh. 5 - Prob. 62RSCQCh. 5 - Prob. 63RSCQCh. 5 - Prob. 64RSCQCh. 5 - Prob. 65RSCQCh. 5 - Prob. 66RSCQCh. 5 - Prob. 67RSCQCh. 5 - Prob. 68RSCQCh. 5 - Prob. 69RSCQCh. 5 - Prob. 70RSCQCh. 5 - Prob. 71RSCQCh. 5 - Prob. 72RSCQCh. 5 - Prob. 73RSCQCh. 5 - Prob. 74RSCQCh. 5 - Prob. 75RSCQCh. 5 - Prob. 76RSCQCh. 5 - Prob. 77RSCQCh. 5 - Prob. 79RSCQCh. 5 - Prob. 80RSCQCh. 5 - Prob. 81RSCQCh. 5 - Prob. 82RSCQCh. 5 - Prob. 83RSCQCh. 5 - Prob. 84RSCQCh. 5 - Prob. 85RSCQCh. 5 - Prob. 86RSCQCh. 5 - Prob. 87RSCQCh. 5 - Prob. 89RSCQCh. 5 - Prob. 90FFCh. 5 - Prob. 91FF
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Similar questions
- A uniform set of auditing practices should be established (GAAS). What is the purpose of GAAS?arrow_forward11. Which of the following is not a suitable criterion in the context of audit? A. PSA C. GAAP B. IFRS D. PFRS for SME 12. Characteristicrarrow_forwardStandardize auditing procedures by identifying industry consensus (GAAS). What's the point of GAAS, exactly?arrow_forward
- All auditing standards have: Select one: a.An executive summary b.An objective c.A summary d.All the given answers are correcarrow_forwardDiscuss how the process of obtaining audit evidence in a CBIS is inherently different than in a manual system.arrow_forwardT/F The AICPA's “audit risk model" applies to the relevant assertion-level of an individual audit area or class of transactions, but it does not apply to the level of the financial statements taken as a whole.arrow_forward
- Which of the following is not the requirement of ISA 500? O a. Over-all audit strategy O b. Information to be used as Audit Evidence O c. Consistency in audit evidence O d. Sufficient Appropriate Audit Evidencearrow_forwardAlthough internal audit and ERM group works on a similar approach, there are still differences with the scope of their work and function. List down the differences betweent these two functions.arrow_forwardWhy is the Auditing Standards Board’s set of management assertions important to auditors? Dothese assertions differ from those included in PCAOB standards? If so, how are they different?arrow_forward
- Although internal audit and ERM group works on a similar approach, there are still differences with the scope of their work and function. List down the differences between these two functions.arrow_forwardDiscuss how the process of collecting audit evidence in a CBIS is fundamentally different from the method of acquiring audit evidence in a manual system.arrow_forward
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