The following phrases relate to the definition of auditing. Which one is incorrect? a. Systematic process b. Objectively obtaining and obtaining evidence c. Assertions about economic actions and events d. Degree of correspondence between assertions and GAAS

The following phrases relate to the
definition of auditing. Which one is
incorrect?
a.
Systematic process
b.
Objectively obtaining and obtaining
evidence
c.
Assertions about economic actions
and events
d.
Degree of correspondence
between assertions and GAAS
by

1 Answer

Answer :

Degree of correspondence
between assertions and GAAS
by

Related questions

In relation to auditing, which of the following is an incorrect phrase? a. Auditing is a systematic process. b. Auditing subjectively obtains and evaluates evidence. c. Auditing evaluates evidence regarding assertions. d. Auditing communicates results to interested users

Description : In relation to auditing, which of the following is an incorrect phrase? a. Auditing is a systematic process. b. Auditing subjectively obtains and evaluates evidence. c. Auditing evaluates evidence regarding assertions. d. Auditing communicates results to interested users

Last Answer : Auditing subjectively obtains and evaluates evidence

In the case of an audit of financial statements, which of the following would not be a valid criterion in ascertaining the degree of correspondence between assertions and established criteria? a. International Accounting Standards b. Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards

Description : In the case of an audit of financial statements, which of the following would not be a valid criterion in ascertaining the degree of correspondence between assertions and established ... . Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards

Last Answer : Philippine Standards on Auditing

Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in an organization. b. Application of generally accepted accounting principles results in a fair presentation of financial statements. c. When examining financial data foropinion thereon, the auditor actsexclusively in the capacity of an auditor.d. In collecting evidence, auditorsshould maintain an attitude of trustabout their clients' assertions. the purpose of expressing an independent

Description : Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in ... collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

Last Answer : In collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

Broadly defined, the subject matter of any audit consists of a. Economic data b. Financial statements c. Assertions about economic actions and events d. Operating data

Description : Broadly defined, the subject matter of any audit consists of a. Economic data b. Financial statements c. Assertions about economic actions and events d. Operating data

Last Answer : Assertions about economic actions and events

Management’s assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b. They embody the audit procedures that will be performed by the audit engagement team. c. They include representations of financial statements in accordance with the applicable reporting criteria d. They relate to regulator’s expectations about audit results

Description : Management's assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b ... with the applicable reporting criteria d. They relate to regulator's expectations about audit results

Last Answer : They include representations of financial statements in accordance with the applicable reporting criteria

Management’s assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b. They embody the audit procedures that will be performed by the audit engagement team. c. They include representations of financial statements in accordance with the applicable reporting criteria d. They relate to regulator’s expectations about audit results

Description : Management's assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b ... with the applicable reporting criteria d. They relate to regulator's expectations about audit results

Last Answer : They include representations of financial statements in accordance with the applicable reporting criteria

In designing written audit programs, an auditor should establish specific audit objectives that relate primarily to the a. Financial statement assertions. b. Timing of audit procedures. c. Cost-benefit of gathering evidence. d. Selected audit techniques.

Description : In designing written audit programs, an auditor should establish specific audit objectives that relate primarily to the a. Financial statement assertions. b. Timing of audit procedures. c. Cost-benefit of gathering evidence. d. Selected audit techniques.

Last Answer : Financial statement assertions

In an assurance engagement, this refers to the information obtained by the practitioner in arriving at the conclusions on which the conclusion is based. a. Criteria b. Assertions c. Evidence d. Generally accepted auditing standards

Description : In an assurance engagement, this refers to the information obtained by the practitioner in arriving at the conclusions on which the conclusion is based. a. Criteria b. Assertions c. Evidence d. Generally accepted auditing standards

Last Answer : Evidence

Certain fundamental beliefs called "postulates" underlie auditing theory. Which of the following is not a postulate of auditing? a. Economic assertions can be verified. b. The auditor acts exclusively as an auditor. c. An audit has a benefit only to the owners. d. No long-term conflict exists between the auditor and the management of the entity under audit

Description : Certain fundamental beliefs called "postulates" underlie auditing theory. Which of the following is not a postulate of auditing? a. Economic assertions can be verified. b. The auditor acts exclusively ... long-term conflict exists between the auditor and the management of the entity under audit

Last Answer : An audit has a benefit only to the owners

Most accounting and auditing professionals agree that when an audit has failed to uncover material misstatements, and the wrong type of audit opinion is issued, the audit firm a. Has failed to follow generally accepted auditing standards (GAAS). b. Should be asked to defend thequality of the audit.c. Deserves to lose the lawsuit.d. Should not be held responsible for thefinancial loss suffered loss suffered byothers

Description : Most accounting and auditing professionals agree that when an audit has failed to uncover material misstatements, and the wrong type of audit opinion is issued, the audit firm a. Has failed to ... lawsuit. d. Should not be held responsible for the financial loss suffered loss suffered by others

Last Answer : Should be asked to defend the quality of the audit

Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS are the standards for presentation of financial statements and underlying transactions. b. GAAP are the principles for presentation of financial statements and underlying transactions, while GAAS are the standards that the auditors should follow when conducting an audit. c. When GAAP are violated, sufficiently strong GAAS may make up for most GAAP deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC

Description : Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS ... deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC

Last Answer : GAAP are the principles for presentation of financial statements and underlying transactions, while GAAS are the standards that the auditors should follow when conducting an audit.

Generally Accepted Auditing Standards (GAAS) and Philippine Standards on Auditing (PSA) should be looked upon by practitioners as a. Ideals to work towards, but which are not achievable. b. Benchmarks to be used on all audits, reviews, and compilations. c. Maximum standards which denote excellent work. d. Minimum standards of performance which must be achieved on each audit engagement.

Description : Generally Accepted Auditing Standards (GAAS) and Philippine Standards on Auditing (PSA) should be looked upon by practitioners as a. Ideals to work towards, but which are not achievable. b. ... excellent work. d. Minimum standards of performance which must be achieved on each audit engagement.

Last Answer : Minimum standards of performance which must be achieved on each audit engagement.

Internal auditing can affect the scope of the external auditor's audit of financial statements by a. Decreasing the external auditor's need to perform detailed testsb. Eliminating the need to observe thephysical inventory taking.c. Allowing the external auditor to limithis/her audit to the performance ofsubstantive test procedures.d. Limiting direct testing by the externalauditor to management assertions notdirectly tested by internal auditing.

Description : Internal auditing can affect the scope of the external auditor's audit of financial statements by a. Decreasing the external auditor's need to perform detailed tests b. Eliminating the need ... direct testing by the external auditor to management assertions not directly tested by internal auditing.

Last Answer : Decreasing the external auditor's need to perform detailed tests

As used in auditing, which of the following statements best describes "assertions”? a. Assertions are the auditor's findings to be communicated in his audit report. b. Assertions are found only in the notes to the financial statements. c. Assertions are the representations of management as to the reliability of the information system. d. Assertions are the representations of management as to the fairness of presentation of the financial statements

Description : As used in auditing, which of the following statements best describes "assertions ? a. Assertions are the auditor's findings to be communicated in his audit report. b. Assertions are ... Assertions are the representations of management as to the fairness of presentation of the financial statements

Last Answer : Assertions are the representations of management as to the fairness of presentation of the financial statements

Auditors perform analytical procedures in the planning stage of an audit for the purpose of: a. Determining which of the financial statement assertions are the most important for the client's financial statements. b. Determining the nature, timing, and extent of audit procedures for auditing the inventory. c. Deciding the matters to cover in an engagement. d. Identifying unusual conditions that deserve more auditing effort

Description : Auditors perform analytical procedures in the planning stage of an audit for the purpose of: a. Determining which of the financial statement assertions are the most important for the client's ... matters to cover in an engagement. d. Identifying unusual conditions that deserve more auditing effort

Last Answer : Identifying unusual conditions that deserve more auditing effort

An audit plan is a a. Detailed plan of analytical procedures and all substantive tests to be performed in the course of the audit. b. Document that provides an overview of the company and a general plan for the audit work to be accomplished, timing of the work, and other matters of concern to the audit. c. Generic document that auditing firms have developed to lead the process of the audit through a systematic and logical process. d. Budget of the time that should be necessary to complete each phase of the audit procedure

Description : An audit plan is a a. Detailed plan of analytical procedures and all substantive tests to be performed in the course of the audit. b. Document that provides an overview of the company and a ... process. d. Budget of the time that should be necessary to complete each phase of the audit procedure

Last Answer : Document that provides an overview of the company and a general plan for the audit work to be accomplished, timing of the work, and other matters of concern to the audit.

An audit program is a. A generic document that auditing firms have developed to lead the process of the audit through a systematic and logical process. b. An overview of the company and a general plan for the audit work to be accomplished. c. The detailed plan of audit procedures to be performed in the course of the audit. d. A budget of the time that should be necessary to complete each phase of the audit procedures

Description : An audit program is a. A generic document that auditing firms have developed to lead the process of the audit through a systematic and logical process. b. An overview of the company and a general ... d. A budget of the time that should be necessary to complete each phase of the audit procedures

Last Answer : The detailed plan of audit procedures to be performed in the course of the audit.

An audit plan is a a. Detailed plan of analytical proceduresand all substantive tests to be performedin the course of the audit.b. Generic document that auditing firmshave developed to lead the process ofthe audit through a systematic andlogical process.c. Budget of the time that should benecessary to complete each phase of theaudit procedures.d. Document that provides an overviewof the company and a general planfor the audit work to beaccomplished, timing of the work,and other matters of concern to theaudit

Description : An audit plan is a a. Detailed plan of analytical proceduresand all substantive tests to be performed in the course of the audit. b. Generic document that auditing firms have developed to lead the ... audit work to be accomplished, timing of the work, and other matters of concern to the audit

Last Answer : Document that provides an overview of the company and a general plan for the audit work to be accomplished, timing of the work, and other matters of concern to the audit

Which one of the following is not a part of the attest process? a. Evaluating evidence against objective criteria b. Gathering evidence about assertions c. Proving the accuracy of the books and records d. Communicating the conclusions reached

Description : Which one of the following is not a part of the attest process? a. Evaluating evidence against objective criteria b. Gathering evidence about assertions c. Proving the accuracy of the books and records d. Communicating the conclusions reached

Last Answer : Proving the accuracy of the books and records

Which of the following statements concerning consulting services is incorrect? a. The performance of consulting services for audit clients does not, in and of itself, impair the auditor's independence. b. Consulting services differ fundamentally from the CPA's function of attesting to the assertions of other parties. c. Consulting services ordinarily involve external reporting. d. Most CPAs, including those who provide audit and tax services, also provide consulting services to their clients

Description : Which of the following statements concerning consulting services is incorrect? a. The performance of consulting services for audit clients does not, in and of itself, impair the auditor's ... including those who provide audit and tax services, also provide consulting services to their clients

Last Answer : Consulting services ordinarily involve external reporting

Which of the following statements does not properly describe a limitation of an audit? a. Many audit conclusions are made on the basis of examining a sample of evidence. b. The work, under taken by the auditor is permeated by judgment. c. Fatigue and human weaknesses can cause auditors to overlook pertinent evidence. d. Many financial statement assertions cannot be audited

Description : Which of the following statements does not properly describe a limitation of an audit? a. Many audit conclusions are made on the basis of examining a sample of evidence. b. The ... weaknesses can cause auditors to overlook pertinent evidence. d. Many financial statement assertions cannot be audited

Last Answer : Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

Which of the following statements does not properly describe a limitation of an audit? a. Many financial statement assertions cannot be audited. b. Many audit conclusions are made on the basis of examining a sample of evidence. c. The work, under taken by the auditor is permeated by judgment. d. Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

Description : Which of the following statements does not properly describe a limitation of an audit? a. Many financial statement assertions cannot be audited. b. Many audit conclusions are made on the ... permeated by judgment. d. Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

Last Answer : Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

An audit made in accordance with Philippine Standards on Auditing generally should a. Be expected to provide assurance that noncompliance with laws and regulations will be detected if the internal control is effective. b. Be relied upon to disclose indirect-effect noncompliance with laws and regulations. c. Encompass a plan to search actively for noncompliance with laws and regulations which relate to operating aspects. d. Not be relied upon to provide assurance that all noncompliance with laws and regulations will be detected

Description : An audit made in accordance with Philippine Standards on Auditing generally should a. Be expected to provide assurance that noncompliance with laws and regulations will be detected if the internal ... relied upon to provide assurance that all noncompliance with laws and regulations will be detected

Last Answer : Not be relied upon to provide assurance that all noncompliance with laws and regulations will be detected

Auditing standards differ from auditing procedures in that procedures relate to: a. Measures of performance b. Acts to be performed. c. Audit judgmentsd. Audit principles

Description : Auditing standards differ from auditing procedures in that procedures relate to: a. Measures of performance b. Acts to be performed. c. Audit judgments d. Audit principles

Last Answer : Acts to be performed

An auditor's examination performed in accordance with generally accepted auditing standards generally should a. Be expected to provide assurance that illegal acts will be detected where internal control is effective. b. Be relied upon to disclose violations of truth-in-lending act. c. Encompass a plan to search actively for illegalities which relate to operating aspects. d. Not be relied upon to provide assurance that illegal acts will be detected

Description : An auditor's examination performed in accordance with generally accepted auditing standards generally should a. Be expected to provide assurance that illegal acts will be detected where internal control is ... aspects. d. Not be relied upon to provide assurance that illegal acts will be detected

Last Answer : Not be relied upon to provide assurance that illegal acts will be detected

Auditing standards differ from auditing procedures in that procedures relate to a. Audit judgments. b. Audit principles. c. Acts to be performed. d. Measures of performance.

Description : Auditing standards differ from auditing procedures in that procedures relate to a. Audit judgments. b. Audit principles. c. Acts to be performed. d. Measures of performance.

Last Answer : Acts to be performed.

Broadly defined, the subject matter of any audit consists of a. Financial statements. b. Assertions. c. Operating data. d. Economic data.

Description : Broadly defined, the subject matter of any audit consists of a. Financial statements. b. Assertions. c. Operating data. d. Economic data.

Last Answer : Assertions.

In all cases, audit reports must a. Communicate the auditor’s finding to the general public. b. Be signed by the individual who performed the audit procedures. c. Certify the accuracy of the quantitative information which was audited. d. Inform readers of the degree of correspondence between the quantifiable information and the established criteria

Description : In all cases, audit reports must a. Communicate the auditor's finding to the general public. b. Be signed by the individual who performed the audit procedures. c. Certify the ... . Inform readers of the degree of correspondence between the quantifiable information and the established criteria

Last Answer : Inform readers of the degree of correspondence between the quantifiable information and the established criteria

Which of the following statements is true with regard to the relationship among audit risk, audit evidence, and materiality? a. The lower the inherent risk and control risk, the lower the aggregate materiality threshold. b. Under conditions of high inherent and control risk, the auditor should place more emphasis on obtaining external evidence and should reduce reliance on internal evidence. c. Where inherent risk is high and control risk is low, the auditor may safely ignore inherent risk. d. Aggregate materiality thresholds should not change under conditions of changing risk levels

Description : Which of the following statements is true with regard to the relationship among audit risk, audit evidence, and materiality? a. The lower the inherent risk and control risk, the lower ... inherent risk. d. Aggregate materiality thresholds should not change under conditions of changing risk levels

Last Answer : Under conditions of high inherent and control risk, the auditor should place more emphasis on obtaining external evidence and should reduce reliance on internal evidence

An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity's operating activities in relation to specified objectives is a(n): a. External audit b. Compliance audit c. Operational audit d. Financial statement audit

Description : An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity's operating activities in relation to specified objectives is a(n): a. External audit b. Compliance audit c. Operational audit d. Financial statement audit

Last Answer : Operational audit

Which of the following statements is true concerning evidence in an assurance engagement? a. The reliability of evidence is influenced not by its nature but by its source. b. Sufficiency is the measure of the quantity of evidence. c. Obtaining more evidence may compensate for its poor quality. d. Appropriateness is the measure of the quality of evidence, that is, its reliability and persuasiveness.

Description : Which of the following statements is true concerning evidence in an assurance engagement? a. The reliability of evidence is influenced not by its nature but by its source. b. Sufficiency is ... Appropriateness is the measure of the quality of evidence, that is, its reliability and persuasiveness.

Last Answer : Sufficiency is the measure of the quantity of evidence.

The audit committee of the board of directors of a company is responsible for a. Hiring the auditor b. The audit workpapers c. Preparing the financial statements d. Independence and obtaining evidence

Description : The audit committee of the board of directors of a company is responsible for a. Hiring the auditor b. The audit workpapers c. Preparing the financial statements d. Independence and obtaining evidence

Last Answer : Hiring the auditor

A situation in which one of two or more risk events will follow an act, but the precise nature of these events may not be known and the probabilities of their occurring cannot be objectively assigned, is the definition of 1. certainty 2. uncertainty 3. risk 4. risk adversity 5. None of the above.

Description : A situation in which one of two or more risk events will follow an act, but the precise nature  of these events may not be known and the probabilities of their occurring cannot be objectively  assigned, is ... 1. certainty  2. uncertainty  3. risk  4. risk adversity  5. None of the above.

Last Answer : 2. uncertainty

Which of the following actions would be an appropriate response by companies to improve the public's perception of their financial reporting? a. Requiring internal auditors to report all significant findings of fraud and illegal activity to the company president. b. Increased adoption of audit committees. c. Keeping external and internal auditing work separated to maintain independence. d. None of the above.

Description : Which of the following actions would be an appropriate response by companies to improve the public's perception of their financial reporting? a. Requiring internal auditors to report all significant ... external and internal auditing work separated to maintain independence. d. None of the above.

Last Answer : Increased adoption of audit committees.

A CPA firm would be reasonable assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Adherence to GAAS b. Maintaining an attitude of independence in its engagements. c. Having an appropriate a system of quality control. d. Joining professional societies that enforce ethical standards

Description : A CPA firm would be reasonable assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Adherence to GAAS b. Maintaining an ... appropriate a system of quality control. d. Joining professional societies that enforce ethical standards

Last Answer : Having an appropriate a system of quality control.

A CPA, while performing an audit, strives to achieve independence in appearance in order to: a. Reduce risk and liability. b. Become independent in fact. c. Comply with GAAS. d. Maintain public confidence in the profession.

Description : A CPA, while performing an audit, strives to achieve independence in appearance in order to: a. Reduce risk and liability. b. Become independent in fact. c. Comply with GAAS. d. Maintain public confidence in the profession.

Last Answer : Maintain public confidence in the profession.

The following statements relate to CPE credit units. Which is incorrect? a. One credit hour of CPE program, activity or source shall be equivalent to one (1) credit unit. b. Any excess credit units in one year may be carried over to the succeeding years within the three-year period. c. The total CPE credit units for registered accounting professionals shall be sixty (60) credit units for three (3) years, provided that a minimum of fifteen (15) credit units shall be earned in each year. d. Excess credit units earned may be carried over to the next three-year period including credit units earned for doctoral and master's degrees.

Description : The following statements relate to CPE credit units. Which is incorrect? a. One credit hour of CPE program, activity or source shall be equivalent to one (1) credit unit. b. Any excess ... carried over to the next three-year period including credit units earned for doctoral and master's degrees.

Last Answer : Excess credit units earned may be carried over to the next three-year period including credit units earned for doctoral and master's degrees.

Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due care. c. The engagement ordinarily entails reducing detailed data to a manageable and understandable form. d. The procedures performed do not enable the accountant to express any form of assurance.

Description : Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due ... . d. The procedures performed do not enable the accountant to express any form of assurance.

Last Answer : The CPA uses his auditing expertise to collect, classify and summarize financial information

Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due care. c. The engagement ordinarily entails reducing detailed data to a manageable and understandable form. d. The procedures performed do not enable the accountant to express any form of assurance

Description : Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due ... form. d. The procedures performed do not enable the accountant to express any form of assurance

Last Answer : The CPA uses his auditing expertise to collect, classify and summarize financial information.

Which of the following is not true regarding planning in an electronic environment? a. The definition of auditing is not changed b. The purposes of auditing is not changed c. The procedures used are not changed d. Auditing standards are not changed

Description : Which of the following is not true regarding planning in an electronic environment? a. The definition of auditing is not changed b. The purposes of auditing is not changed c. The procedures used are not changed d. Auditing standards are not changed

Last Answer : The procedures used are not changed

The overall objective of forensic auditing is to a. Attest to the efficiency with which resources are employed b. Assist members of the organization in the effective discharge of their responsibilities c. Unearth the truth and provide evidence in legal and financial disputes d. Provide assurance that financial data have been accurately recorded

Description : The overall objective of forensic auditing is to a. Attest to the efficiency with which resources are employed b. Assist members of the organization in the effective discharge of their ... in legal and financial disputes d. Provide assurance that financial data have been accurately recorded

Last Answer : Unearth the truth and provide evidence in legal and financial disputes

Which of the following underlies the application of generally accepted auditing standards, particularly the standards of fieldwork and reporting? a. Element of corroborating evidence b. Element of reasonable assurance c. Elements of materiality and risk d. Element of internal control

Description : Which of the following underlies the application of generally accepted auditing standards, particularly the standards of fieldwork and reporting? a. Element of corroborating evidence b. Element of reasonable assurance c. Elements of materiality and risk d. Element of internal control

Last Answer : Elements of materiality and risk

Which of the following best describes what is meant by generally accepted auditing standards? a. Pronouncements issued by the Auditing and Assurance Standards Council. b. Rules acknowledged by the accounting profession because of their universal compliance. c. Procedures to be used to gather evidence to support financial statements. d. Measures of the quality of the auditor's performance

Description : Which of the following best describes what is meant by generally accepted auditing standards? a. Pronouncements issued by the Auditing and Assurance Standards Council. b. Rules acknowledged by the ... evidence to support financial statements. d. Measures of the quality of the auditor's performance

Last Answer : Measures of the quality of the auditor's performance

The decision as to how much evidence to be accumulated for a given set of circumstances is: a. Provided in the Philippines Standards on Auditing. b. Provided by following GAAP c. One requiring professional judgment d. Determined by statistical analysis

Description : The decision as to how much evidence to be accumulated for a given set of circumstances is: a. Provided in the Philippines Standards on Auditing. b. Provided by following GAAP c. One requiring professional judgment d. Determined by statistical analysis

Last Answer : One requiring professional judgment

For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of accounting principles or any auditing and reporting standards discussed with management. b. Confirmation of material accounts receivable balance at the end of the year. c. Planned audit procedure to obtain sufficient appropriate audit evidence regarding opening balances. d. Assignment of firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks

Description : For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of ... firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks

Last Answer : Confirmation of material accounts receivable balance at the end of the year.

Which of the following statements is not a distinction between independent auditing and internal auditing? a. Independent auditors represent third party users external to the auditee entity, whereas internal auditors report directly to management. b. Internal auditors are employees of the auditee, whereas independent auditors are independent contractors. c. The internal auditor's span of coverage goes beyond financial auditing to encompass operational and performance auditing. d. Although independent auditors strive for both validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.

Description : Which of the following statements is not a distinction between independent auditing and internal auditing? a. Independent auditors represent third party users external to the auditee entity, ... validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.

Last Answer : Although independent auditors strive for both validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.