Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure . The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company. To define: The purpose of audit standards in promoting the audit quality and its underlying principles.

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Answer 1

Question

Chapter 5, Problem 43RQSC

a.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The purpose of audit standards in promoting the audit quality and its underlying principles.

b.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:Tthe audit evidence that is necessary for opening on the client’s financial statement.

c.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which audit documentation provides the evidence to ensure audit quality.

d.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The audit activities which are conducted during the audit opinion formulation process to provide reasonable assurance about a client’s financial statements.

e.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which professional judgment and ethical decision making contribute to audit quality.

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Audit quality has been in the hot seat in recent times as the registered company auditors had not obtained reasonable assurance that the financial report was free of material misstatement. Which of the following body is able to impose penalties on auditors who have failed to carry out their duties properly? Select one: a. Financial Reporting Council. b. Australian Accounting standard board. c. Auditing and Assurance Standards Board. d. Companies Auditors Disciplinary Board (CADB)

Discuss the concept of professional skepticism and its importance in audit. Why is it sometimes difficult for auditors to exercise appropriate levels of professional skepticism in practice? 3.A company has been making losses on its operations due to many factors such as competition, impairment of some of its non-current assets and losses incurred on derivatives in its hedging activities as well as problems of complying with many laws and regulations governing its operations. RequiredAs the audit manager in charge of the audit of this company, evaluate the areas in the audit of your client where the audit team members need to exercise a high level of professional skepticism.

If an audit of any of these companies is performed according to the AICPA auditing standards, and the auditor does not have time to test controls or determine that it is too costly to test controls, the auditor will: COMPANY A COMPANY B Controls are strong Controls are weak Assess Control Risk HIGH,Assess Control Risk LOW Assess Control Risk LOW,Assess Control Risk LOW Assess Control Risk HIGH,Assess Control Risk HIGH Assess Control Risk LOW,Assess Control Risk HIGH

Answer 2

Question

Chapter 5, Problem 43RQSC

a.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The purpose of audit standards in promoting the audit quality and its underlying principles.

b.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:Tthe audit evidence that is necessary for opening on the client’s financial statement.

c.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which audit documentation provides the evidence to ensure audit quality.

d.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The audit activities which are conducted during the audit opinion formulation process to provide reasonable assurance about a client’s financial statements.

e.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which professional judgment and ethical decision making contribute to audit quality.

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Answer 3

Question

Chapter 5, Problem 43RQSC

a.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The purpose of audit standards in promoting the audit quality and its underlying principles.

b.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:Tthe audit evidence that is necessary for opening on the client’s financial statement.

c.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which audit documentation provides the evidence to ensure audit quality.

d.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The audit activities which are conducted during the audit opinion formulation process to provide reasonable assurance about a client’s financial statements.

e.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which professional judgment and ethical decision making contribute to audit quality.

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Answer 4

Question

Chapter 5, Problem 43RQSC

a.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The purpose of audit standards in promoting the audit quality and its underlying principles.

b.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:Tthe audit evidence that is necessary for opening on the client’s financial statement.

c.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which audit documentation provides the evidence to ensure audit quality.

d.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The audit activities which are conducted during the audit opinion formulation process to provide reasonable assurance about a client’s financial statements.

e.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which professional judgment and ethical decision making contribute to audit quality.

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Answer 5

Chapter 5, Problem 43RQSC

a.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The purpose of audit standards in promoting the audit quality and its underlying principles.

b.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:Tthe audit evidence that is necessary for opening on the client’s financial statement.

c.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which audit documentation provides the evidence to ensure audit quality.

d.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The audit activities which are conducted during the audit opinion formulation process to provide reasonable assurance about a client’s financial statements.

e.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which professional judgment and ethical decision making contribute to audit quality.

Answer 6

Chapter 5, Problem 43RQSC

a.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The purpose of audit standards in promoting the audit quality and its underlying principles.

Answer 7

Chapter 5, Problem 43RQSC

a.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The purpose of audit standards in promoting the audit quality and its underlying principles.

Answer 8

b.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:Tthe audit evidence that is necessary for opening on the client’s financial statement.

Answer 9

b.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:Tthe audit evidence that is necessary for opening on the client’s financial statement.

Answer 10

c.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which audit documentation provides the evidence to ensure audit quality.

Answer 11

c.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which audit documentation provides the evidence to ensure audit quality.

Answer 12

d.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The audit activities which are conducted during the audit opinion formulation process to provide reasonable assurance about a client’s financial statements.

Answer 13

d.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The audit activities which are conducted during the audit opinion formulation process to provide reasonable assurance about a client’s financial statements.

Answer 14

e.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which professional judgment and ethical decision making contribute to audit quality.

Answer 15

e.

To determine

Introduction: Audit documentation is a process of document preparation where an auditor clearly explains about the audit procedure. The details of evidence gathered, and the analytical procedure is included in the audit document which an auditor considers while assessing the documents submitted by the company.

To define:The way by which professional judgment and ethical decision making contribute to audit quality.

Answer 16

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Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 5 - Prob. 1CYBK Ch. 5 - Prob. 2CYBK Ch. 5 - Prob. 3CYBK Ch. 5 - Prob. 4CYBK Ch. 5 - Prob. 5CYBK Ch. 5 - Prob. 6CYBK Ch. 5 - Prob. 7CYBK Ch. 5 - Prob. 8CYBK Ch. 5 - Prob. 9CYBK Ch. 5 - Prob. 10CYBK

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Chapter 5 Solutions