Absolute assurance is not attainable as a result of such factors as: a. The use of judgment. b. The use of selective testing. c. The inherent limitations of control systems. d. All of the above

Question

Absolute assurance is not attainable as a result of such factors as: a. The use of judgment. b. The use of selective testing. c. The inherent limitations of control systems. d. All of the above

Absolute assurance is not attainable as a
result of such factors as:
a. The use of judgment.
b. The use of selective testing.
c. The inherent limitations of control
systems.
d. All of the above

asked Nov 1, 2021 by shubhhw

1 Answer

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Which of the following is not one of the limitations of an audit? a. The use of testing b. Limitations imposed by client c. Human error d. Nature of evidence that the auditor obtains

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Audit risk components consist of inherent, control and detection risks. Which of them is are dependent variable(s)? a. Inherent risk b. Control risk c. Detection risk d. Inherent and control risks

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Which of the following statements is an not an example of an inherent limitation of internal control? a. The effectiveness of control procedures depends on segregation of duties. b. Errors may arise from mistakes in judgments. c. Most internal controls tend to be directed at routine transactions rather than nonroutine transactions. d. The cost-benefit relationship is a primary criterion in designing internal contro

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Inherent risk is defined as the susceptibility of an account balance or class of transactions to error that could be material assuming that there were no related internal controls. Of the following conditions, which one does not increase inherent risk? a. The board of directors approved a substantial bonus for the president and chief executive officer, and also approved an attractive stock option plan for themselves. b. The client has entered into numerous related party transactions during the year under audit. c. Internal control over shipping, billing, and recording of sales revenue is weak. d. The client has lost a major customer accounting for approximately 30% of annual revenue.

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Which of the following is an assurance service? a. Performance measurement b. Systems design and installation c. Tax planning d. Personal financial planning

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The exercise of due professional care requires that an auditor a. Use error-free judgment. b. Consider internal control, including tests of controls. c. Critically review the work done at every level of supervision. d. Examine all corroborating evidence available.

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Last Answer : Critically review the work done at every level of supervision

In connection with the element of professional development, a CPA firm's system of quality control should ordinarily provide that all personnel a. Possess judgment, motivation, and adequate experience. b. Seek assistance from persons having appropriate level of knowledge, judgment, and authority. c. Demonstrate compliance with peer review directives. d. Have the knowledge required to enable them to fulfill responsibilities assigned.

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Last Answer : The audit should be designed to provide reasonable assurance that material errors and frauds are detected

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Last Answer : All of the above

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shubhhw · Answer 1 · 2021-11-01T06:14:58+0000

Answer :

All of the above

answered Nov 1, 2021 by shubhhw

Absolute assurance is not attainable as a result of such factors as: a. The use of judgment. b. The use of selective testing. c. The inherent limitations of control systems. d. All of the above

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