Which of the following is an example of fraudulent financial reporting? a. Misappropriating collections on accounts receivable b. Using inappropriate assumptions in accounting estimate c. Stealing inventory d. Payments to fictitious employees or vendors

Which of the following is an example of
fraudulent financial reporting?
a. Misappropriating collections on accounts
receivable
b. Using inappropriate assumptions in
accounting estimate
c. Stealing inventory
d. Payments to fictitious employees or
vendors
by

1 Answer

Answer :

Using inappropriate assumptions in
accounting estimate
by

Related questions

Which of the following is an example of fraudulent financial reporting? a. The treasurer diverts customer payments to his personal due, concealing hisactions by debiting an expense account,thus overstating expenses. b. Company management changesinventory count tags and overstatesending inventory, while understatingcost of goods sold. c. An employee steals inventory and the“shrinkage” is recorded in cost of goodssold. d. An employee steals small tools from thecompany and neglects to return them;the cost is reported as a miscellaneousoperating expense

Description : Which of the following is an example of fraudulent financial reporting? a. The treasurer diverts customer payments to his personal due, concealing hisactions by debiting an expense account, thus ... the company and neglects to return them; the cost is reported as a miscellaneous operating expense

Last Answer : Company management changes inventory count tags and overstates ending inventory, while understating cost of goods sold

Which of the following is most likely to be considered a risk factor relating to fraudulent financial reporting? a. Domination of management by top executives.b. Negative cash flows from operations. c. Large amounts of cash processed. d. Small high-dollar inventory items

Description : Which of the following is most likely to be considered a risk factor relating to fraudulent financial reporting? a. Domination of management by top executives. b. Negative cash flows from operations. c. Large amounts of cash processed. d. Small high-dollar inventory items

Last Answer : Negative cash flows from operations.

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 factors most likely would heighten an auditor's concern about the risk of fraudulent financial reporting? a. Large amounts of liquid assets that are easily convertible into cash. b. Low growth and profitability as compared to other entity's in the same industry. c. Financial management's participation in the initial selection of accounting principles. d. An overly complex organizational structure involving unusual lines of authority.

Description : Which of the following factors most likely would heighten an auditor's concern about the risk of fraudulent financial reporting? a. Large amounts of liquid assets that are easily ... of accounting principles. d. An overly complex organizational structure involving unusual lines of authority.

Last Answer : An overly complex organizational structure involving unusual lines of authority.

Which of the following is not an inherent risk that is common to all clients in certain industries? a. Accounts receivable collection in the consumer loan industry. b. Potential inventory obsolescence in the fashion clothes industry. c. Brand loyalty in the cosmetics industry. d. Reserve for loss in the casualty insurance industry

Description : Which of the following is not an inherent risk that is common to all clients in certain industries? a. Accounts receivable collection in the consumer loan industry. b. Potential inventory ... Brand loyalty in the cosmetics industry. d. Reserve for loss in the casualty insurance industry

Last Answer : Brand loyalty in the cosmetics industry.

Fraudulent financial reporting is often called: a. Theft of assets b. Employee fraud c. Management fraud d. Defalcation

Description : Fraudulent financial reporting is often called: a. Theft of assets b. Employee fraud c. Management fraud d. Defalcation

Last Answer : Management fraud

Which of the following is most likely to be considered a risk factor relating to fraudulent financial reporting? a. Low turnover of senior management. b. Extreme degree of competition within the industry. c. Capital structure including various operating subsidiaries. d. Sales goals in excess of any of the preceding three years

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Last Answer : Extreme degree of competition within the industry.

The risk of fraudulent financial reporting increases in the presence of a. Substantial increases in sales. b. Incentive systems based on operating income. c. Improved control systems. d. Frequent changes in suppliers.

Description : The risk of fraudulent financial reporting increases in the presence of a. Substantial increases in sales. b. Incentive systems based on operating income. c. Improved control systems. d. Frequent changes in suppliers.

Last Answer : Incentive systems based on operating income.

Which of the following methods may be used to commit fraudulent financial reporting? a. Understate liabilities b. Fail to provide adequate disclosurec. Overstate revenuesd. Each of the above can be used tocommit fraudulent financialreporting

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Last Answer : Each of the above can be used to commit fraudulent financial reporting

Which of the following is true? a. Auditors are responsible for detecting all fraudulent financial reporting. b. Auditors must specifically consider fraud risk from overstating liabilities. c. Auditors must specifically consider fraud risk from management override of controls. d. All of the above are true

Description : Which of the following is true? a. Auditors are responsible for detecting all fraudulent financial reporting. b. Auditors must specifically consider fraud risk from overstating liabilities. c. Auditors must ... consider fraud risk from management override of controls. d. All of the above are true

Last Answer : Auditors must specifically consider fraud risk from management override of controls.

Fraudulent financial reporting is often called a. Misappropriation or theft of assets b. Management fraud c. Defalcation d. Employee fraud

Description : Fraudulent financial reporting is often called a. Misappropriation or theft of assets b. Management fraud c. Defalcation d. Employee fraud

Last Answer : Management fraud

Which of the following is an example of an assurance engagement?a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

Description : Which of the following is an example of an assurance engagement? a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

Last Answer : Reporting on financial statements prepared using other comprehensive basis of accounting.

By providing high level of assurance on audit reports on financial statements, the auditor a. Guarantees the fair presentation of the financial statements. b. Confirms the accuracy of the financial statements. c. Enhances the credibility of the financial statements. d. Assures the readers that fraudulent activities of employees have been detected.

Description : By providing high level of assurance on audit reports on financial statements, the auditor a. Guarantees the fair presentation of the financial statements. b. Confirms the accuracy of the ... financial statements. d. Assures the readers that fraudulent activities of employees have been detected.

Last Answer : Enhances the credibility of the financial statements.

The concept of materiality would be least important to an auditor when considering the a. Decision whether to use positive or negative confirmations of accounts receivable. b. Adequacy of disclosure of a client's illegal act. c. Discovery of weaknesses in a client's internal control structure. d. Effects of a direct financial interest in the client upon the CPA's independence.

Description : The concept of materiality would be least important to an auditor when considering the a. Decision whether to use positive or negative confirmations of accounts receivable. b. Adequacy of disclosure of a ... . d. Effects of a direct financial interest in the client upon the CPA's independence.

Last Answer : Effects of a direct financial interest in the client upon the CPA's independence.

An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts. b. assurance. c. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. d. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.

Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party

Orange Corp. has a few large accounts receivable that total P2,000,000. Yellow Corp. has a large number of small accounts receivable that also total P2,000,000. The importance of an error in any one account is, therefore, greater for Orange Corp. than for Yellow Corp. This is an example of the auditor's concept of: a. Materiality. b. Reasonable assurance. c. Comparative analysis d. Relative risk

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Last Answer : Materiality.

Which of the following should the auditors normally interview as part of their assessment of fraud risk? a. Senior management b. Audit committee c. Various employees whose duties financial reporting responsibilities d. All of the given choices

Description : Which of the following should the auditors normally interview as part of their assessment of fraud risk? a. Senior management b. Audit committee c. Various employees whose duties financial reporting responsibilities d. All of the given choices

Last Answer : All of the given choices

Auditors would normally interview all but which of the following individuals as part of their assessment of fraud risk? a. Senior management b. Audit committee c. Various employees whose duties do not include normal financial reporting responsibilities d. All of the above

Description : Auditors would normally interview all but which of the following individuals as part of their assessment of fraud risk? a. Senior management b. Audit committee c. Various employees whose duties do not include normal financial reporting responsibilities d. All of the above

Last Answer : All of the above

.In financial statement audits, the audit process should be conducted in accordance with a. The audit program b. Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards

Description : .In financial statement audits, the audit process should be conducted in accordance with a. The audit program b. Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards

Last Answer : Philippine Standards on Auditing

In financial statement audits, the audit process should be conducted in accordance with a. Philippine Financial Reporting Standards b. International Accounting Standards c. Philippine Standards on Auditing d. Philippine Accounting Standards

Description : In financial statement audits, the audit process should be conducted in accordance with a. Philippine Financial Reporting Standards b. International Accounting Standards c. Philippine Standards on Auditing d. Philippine Accounting Standards

Last Answer : Philippine Standards on Auditing

The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting framework b. Nature of the entity, including the entity's selection and application of accounting policies c. Objectives and strategies and the related business risks that may result in a material misstatement of the financial statements d. All of these.

Description : The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting ... may result in a material misstatement of the financial statements d. All of these.

Last Answer : All of these.

The auditor's understanding of the entity and its environment consists of an understanding of the following aspects except a. Industry, regulatory, and other external factors, including the applicable financial reporting framework. b. Nature of the entity, including the entity's selection and application of accounting policies. c. Measurement and review of the entity's financial performance. d. Entity's selection and screening process of marketing and production personnel.

Description : The auditor's understanding of the entity and its environment consists of an understanding of the following aspects except a. Industry, regulatory, and other external factors, including the ... financial performance. d. Entity's selection and screening process of marketing and production personnel.

Last Answer : Entity's selection and screening process of marketing and production personnel.

The risk of material financial statement misstatement may be greater when the following conditions exist except a. When there is greater management intervention to specify the accounting treatment. b. When there is sufficient personnel with appropriate accounting and financial reporting skillsc. When there is greater manual intervention for data collection and processing. d. Complex calculations or accounting principles is involved.

Description : The risk of material financial statement misstatement may be greater when the following conditions exist except a. When there is greater management intervention to specify the accounting treatment. ... for data collection and processing. d. Complex calculations or accounting principles is involved

Last Answer : When there is sufficient personnel with appropriate accounting and financial reporting skills

This standard-setting body replaces the Auditing Standards and Practices Council (ASPC) and is tasked to develop and issue Philippine Standards on Auditing and related Interpretations: a. Accounting Standards Board. b. Financial Reporting Standards Committee. c. Financial Reporting Standards Council. d. Auditing and Assurance Standards Council.

Description : This standard-setting body replaces the Auditing Standards and Practices Council (ASPC) and is tasked to develop and issue Philippine Standards on Auditing and related Interpretations: a. ... Committee. c. Financial Reporting Standards Council. d. Auditing and Assurance Standards Council.

Last Answer : Auditing and Assurance Standards Council.

This is the standard-setting body that replaces the Accounting Standards Council (ASC) and is tasked to develop and issue standards which will represent generally accepted accounting principles in the Philippines: a. Accounting Standards Board. b. Financial Reporting Standards Committee. c. Financial Reporting Standards Council. d. Auditing and Assurance Standards Council.

Description : This is the standard-setting body that replaces the Accounting Standards Council (ASC) and is tasked to develop and issue standards which will represent generally accepted accounting principles in ... Committee. c. Financial Reporting Standards Council. d. Auditing and Assurance Standards Council.

Last Answer : Financial Reporting Standards Council.

The auditor's judgment concerning the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied within the framework of a. Generally accepted auditing standards which include the concept of materiality b. Generally accepted accounting principles. c. Philippine Financial Reporting Standards d. Quality control

Description : The auditor's judgment concerning the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied within the framework of a. ... b. Generally accepted accounting principles. c. Philippine Financial Reporting Standards d. Quality control

Last Answer : Philippine Financial Reporting Standards

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

The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the a. Methods of statistical sampling to be used in confirming accounts receivable. b. Pending legal matters to be included in the inquiry of the client's attorney. c. Evidence to be gathered to provide a sufficient basis for the auditor's opinion. d. Schedules and analyses to be prepared by the client's staf

Description : The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the a. Methods of statistical sampling to be used ... for the auditor's opinion. d. Schedules and analyses to be prepared by the client's staf

Last Answer : Schedules and analyses to be prepared by the client's staf

An initial (first-time) audit requires more audit time to complete than a recurring audit. One of the reasons for this is that a. New auditors are usually assigned to an initial audit. b. A larger proportion of customer accounts receivable need to be confirmed on an initial audit. c. The client's business, industry, and internal control are unfamiliar to the auditor and need to be carefully studied. d. Predecessor auditors need to be consulted.

Description : An initial (first-time) audit requires more audit time to complete than a recurring audit. One of the reasons for this is that a. New auditors are usually assigned to an initial audit. b. A ... unfamiliar to the auditor and need to be carefully studied. d. Predecessor auditors need to be consulted.

Last Answer : The client's business, industry, and internal control are unfamiliar to the auditor and need to be carefully studied

Which of the following is an indication of lack of objectivity of an auditor? a. The auditor believes that accounts receivable may not be collectible, but accepts management's opinion without an independent evaluation. b. In preparing client's tax return, the CPA encourages client to take a deduction which the CPA believes is valid, but for which there is some but not complete support. c. Both a and b above would be a violation d. Neither would be a violation

Description : Which of the following is an indication of lack of objectivity of an auditor? a. The auditor believes that accounts receivable may not be collectible, but accepts management's opinion without an independent evaluation. ... . c. Both a and b above would be a violation d. Neither would be a violation

Last Answer : The auditor believes that accounts receivable may not be collectible, but accepts management's opinion without an independent evaluation.

If the auditor learns that an entity is inappropriately using the auditor’s name in association with financial information, he/she should: a. Remain silent. b. Seek legal advice if necessary. c. Require management to cease doing so. d. Inform any known third party users of the inappropriate use of his/her name in connection with the information

Description : If the auditor learns that an entity is inappropriately using the auditor's name in association with financial information, he/she should: a. Remain silent. b. Seek legal advice if necessary. c ... known third party users of the inappropriate use of his/her name in connection with the information

Last Answer : Require management to cease doing so.

Which of the following statements is correct relating to the auditor’s consideration of fraud? a. The auditor’s interest in fraud consideration relates to fraudulent acts that cause a material misstatement of financial statements. b. A primary factor that distinguishes fraud from error is that fraud is always intentional, while errors are generally, but not always, intentional. c. While an auditor should be aware of the possibility of fraud, management, and not the auditor, is responsible for detecting fraud. d. Fraud always involves a pressure or incentive to commit fraud, and a misappropriation of assets

Description : Which of the following statements is correct relating to the auditor's consideration of fraud? a. The auditor's interest in fraud consideration relates to fraudulent acts that cause a material ... d. Fraud always involves a pressure or incentive to commit fraud, and a misappropriation of assets

Last Answer : The auditor’s interest in fraud consideration relates to fraudulent acts that cause a material misstatement of financial statements.

An independent audit aids in the communication of economic data because the audit a. Lends credibility to the financial statements. b. Confirms the accuracy of management's financial representation. c. Guarantees that financial data are fairly presented. d. Assures the readers of financial statements that any fraudulent activity has been corrected

Description : An independent audit aids in the communication of economic data because the audit a. Lends credibility to the financial statements. b. Confirms the accuracy of management's financial representation. ... . d. Assures the readers of financial statements that any fraudulent activity has been corrected

Last Answer : Lends credibility to the financial statements.

Which of the following relatively small misstatements most likely could have a material effect on an entity’s financial statements? a. A piece of obsolete office equipment that was not retired. b. An illegal payment to a foreign official that was not recorded. c. A petty cash fund disbursement that was not properly authorized. d. An uncollectible account receivable that was not written off.

Description : Which of the following relatively small misstatements most likely could have a material effect on an entity's financial statements? a. A piece of obsolete office equipment that was not retired. ... that was not properly authorized. d. An uncollectible account receivable that was not written off.

Last Answer : An illegal payment to a foreign official that was not recorded.

PSA 315 requires that the auditor should obtain an understanding' of relevant industry, regulatory and other external factors including the applicable financial reporting framework. Which of the following is not an example of matters relating to regulatory environment that the auditor would usually consider? a. Regulatory framework for a regulated industry. b. Product technology relating to the entity's product. c. Legislation and regulation significantly affecting the entity's operationd. Taxation

Description : PSA 315 requires that the auditor should obtain an understanding' of relevant industry, regulatory and other external factors including the applicable financial reporting framework. Which of the ... product. c. Legislation and regulation significantly affecting the entity's operation d. Taxation

Last Answer : Product technology relating to the entity's product

The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria are usually: a. Generally accepted auditing standards. b. Acceptable financial reporting framework c. Regulations of the Securities and Exchange Commission d. Regulations of the Bureau of Internal Revenue

Description : The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria are usually: a. Generally accepted auditing ... Regulations of the Securities and Exchange Commission d. Regulations of the Bureau of Internal Revenue

Last Answer : Acceptable financial reporting framework

The criteria for evaluating quantitative information vary. For example, in the case of an independent audit of financial statements by CPA firms, the criteria are usually the: a. Philippine Standards on Auditing b. Philippine Financial Reporting Standards c. National Internal Revenue Code d. Securities and Exchange Commission Regulations

Description : The criteria for evaluating quantitative information vary. For example, in the case of an independent audit of financial statements by CPA firms, the criteria are usually the: a. ... Financial Reporting Standards c. National Internal Revenue Code d. Securities and Exchange Commission Regulations

Last Answer : Philippine Financial Reporting Standards

In the balance sheet, ending merchandise inventory is reported a. in current assets immediately following accounts receivable. b. in current assets immediately following prepaid expenses. c. in current assets immediately following cash. d. under property, plant, and equipment.

Description : In the balance sheet, ending merchandise inventory is reported a. in current assets immediately following accounts receivable. b. in current assets immediately following prepaid expenses. c. in current assets immediately following cash. d. under property, plant, and equipment.

Last Answer : a. in current assets immediately following accounts receivable.

In terms of liquidity, merchandise inventory is a. more liquid than cash. b. more liquid than accounts receivable. c. more liquid than prepaid expenses. d. less liquid than store equipment.

Description : In terms of liquidity, merchandise inventory is a. more liquid than cash. b. more liquid than accounts receivable. c. more liquid than prepaid expenses. d. less liquid than store equipment.

Last Answer : c. more liquid than prepaid expenses.

When a seller grants credit for returned goods, the account that is credited is a. Sales. b. Sales Returns and Allowances. c. Merchandise Inventory. d. Accounts Receivable.

Description : When a seller grants credit for returned goods, the account that is credited is a. Sales. b. Sales Returns and Allowances. c. Merchandise Inventory. d. Accounts Receivable.

Last Answer : d. Accounts Receivable.

The operating cycle of a company is the average time that is required to go from cash to a. sales in producing revenues. b. cash in producing revenues. c. inventory in producing revenues. d. accounts receivable in producing revenues.

Description : The operating cycle of a company is the average time that is required to go from cash to a. sales in producing revenues. b. cash in producing revenues. c. inventory in producing revenues. d. accounts receivable in producing revenues.

Last Answer : b. cash in producing revenues.

A time budget is an estimate of the total hours an audit is expected to take. The following are among the factors to be considered in developing this budget, except a. Client's size as indicated by its gross assets, sales, number of employees. b. Location of client facilities. c. The competence and experience of available staff. d. Whether the audit is performed during the interim or at year-end.

Description : A time budget is an estimate of the total hours an audit is expected to take. The following are among the factors to be considered in developing this budget, except a. Client's size as indicated ... experience of available staff. d. Whether the audit is performed during the interim or at year-end.

Last Answer : Whether the audit is performed during the interim or at year-end.

Which one of the following is an example of management expectations from the independent auditors? a. An expert providing a written communication as the product of the engagement. b. Individuals who perform day-to-day accounting functions on behalf of the company. C. AN active participant in management decision-making. d. An internal source of expertise on financial and other matters

Description : Which one of the following is an example of management expectations from the independent auditors? a. An expert providing a written communication as the product of the engagement. b. Individuals who ... in management decision-making. d. An internal source of expertise on financial and other matters

Last Answer : An expert providing a written communication as the product of the engagement

Which of the following could be an example of fraud?a. Misappropriation of assets or group of assets. b. Errors in the application of the accounting principles. c. Clerical errors in accounting data underlying the financial statements. d. Misinterpretation of facts that existed when financial statements were prepared.

Description : Which of the following could be an example of fraud? a. Misappropriation of assets or group of assets. b. Errors in the application of the accounting principles. c. Clerical ... underlying the financial statements. d. Misinterpretation of facts that existed when financial statements were prepared.

Last Answer : Misappropriation of assets or group of assets

Operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of one othese differences? a. The usual audit of the financial statement covers four basic statements, whereas operational audit is usually limited either the statement of financial position or the income statement. b. Operational audit do not necessarily result in the preparation of a report. c. The operational audit deals with pre-tax income. d. The boundaries of an operational audit are often drawn from an organization chart and are not limited to a single accounting period.f

Description : Operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of one of these differences? a. The usual audit of the financial statement ... audit are often drawn from an organization chart and are not limited to a single accounting period.

Last Answer : The boundaries of an operational audit are often drawn from an organization chart and are not limited to a single accounting period.

There are four conditions that give rise to the need for independent audits of financial statements. One of these conditions is consequence. In this context, consequence means that the: a. Users of the statements may not fully understand the consequences of their actions. b. Auditor must anticipate all possible consequences of the report issued. c. Impact of using different accounting methods may not be fully understood by the users of the statements. d. Financial statements are used for important decisions

Description : There are four conditions that give rise to the need for independent audits of financial statements. One of these conditions is consequence. In this context, consequence means that the: a. ... fully understood by the users of the statements. d. Financial statements are used for important decisions

Last Answer : Financial statements are used for important decisions

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

Auditing is based on the assumption that financial data and statements are a. Verifiable b. In conformity with the identified applicable financial reporting framework c. Presented fairlyd. Consistently applied

Description : Auditing is based on the assumption that financial data and statements are a. Verifiable b. In conformity with the identified applicable financial reporting framework c. Presented fairly d. Consistently applied

Last Answer : Verifiable