The principal reason for developing a written audit program is to help assure that the a. Audit work is properly supervisedb. Audit report contains only significant findings. c. Audit work is properly planned and documented. d. Work of different auditors is properly coordinated.

The principal reason for developing a written
audit program is to help assure that the
a. Audit work is properly supervised.
b. Audit report contains only significant
findings.
c. Audit work is properly planned and
documented.
d. Work of different auditors is properly
coordinated
by

1 Answer

Answer :

Audit work is properly planned and
documented
by

Related questions

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.

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

The most important function of operational audit report is to: a. Direct management to take specified actions. b. State the auditor’s opinion or conclusion. c. Report findings and recommendations. d. Report the objective of the audit

Description : The most important function of operational audit report is to: a. Direct management to take specified actions. b. State the auditor’s opinion or conclusion. c. Report findings and recommendations. d. Report the objective of the audit

Last Answer : Report findings and recommendations.

Which of the following statements is true? a. An independent auditor must be a CPA. b. Compliance audits are conducted to determine adherence to rules and regulations set by the auditor. c. An audit, if properly conducted, ensures that fraud is prevented. d. After conducting an audit and release of the auditor’s report, the primary responsibility on the fairness of the financial statements is shifted to the auditor

Description : Which of the following statements is true? a. An independent auditor must be a CPA. b. Compliance audits are conducted to determine adherence to rules and regulations set by the auditor. c. ... s report, the primary responsibility on the fairness of the financial statements is shifted to the auditor

Last Answer : An independent auditor must be a CPA.

Anyone identified to the auditor by name prior to the audit who is to be the principal recipient of the auditor's report is a a. Primary beneficiary. b. Third party. c. Foreseen beneficiary. d. Secondary beneficiary

Description : Anyone identified to the auditor by name prior to the audit who is to be the principal recipient of the auditor's report is a a. Primary beneficiary. b. Third party. c. Foreseen beneficiary. d. Secondary beneficiary

Last Answer : Primary beneficiary

Generally accepted auditing standards do not require auditors of financial statements to a. Assess the risk of occurrence of errors and fraud b. Design audits to provide reasonable assurance of detecting errors and frauds c. Report all the findings of errors and fraud to police authoritied. Understand the nature or errors and frauds

Description : Generally accepted auditing standards do not require auditors of financial statements to a. Assess the risk of occurrence of errors and fraud b. Design audits to provide reasonable assurance of detecting ... of errors and fraud to police authorities d. Understand the nature or errors and fraud

Last Answer : Report all the findings of errors and fraud to police authorities

Select the proper reply as to the allowable form of the understanding with a client when an audit is being performed. a. While preferably written, it may be oral; but in all cases it should be documented in the working papers. b. While preferably written, it may be oral, in which case it need not be documented in the working papers. c. The understanding may be in any form, such as oral or written. d. The understanding must be obtained in written form and included in the working papers.

Description : Select the proper reply as to the allowable form of the understanding with a client when an audit is being performed. a. While preferably written, it may be oral; but in all cases it should be ... or written. d. The understanding must be obtained in written form and included in the working papers.

Last Answer : While preferably written, it may be oral; but in all cases it should be documented in the working papers

Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: a. A measure of management performance in meeting organizational goalsb. The results of internal examinations of financial and accounting matters to a company's top-level management. c. Aid to the independent-auditor, who is conducting the examination of the financial statements. d. A means of assurance that internal accounting controls are functioning as planned.

Description : Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: ... statements. d. A means of assurance that internal accounting controls are functioning as planned

Last Answer : A measure of management performance in meeting organizational goals

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

The audit program usually cannot be finalized until the a. Reportable conditions have been communicated to the audit committee of the board of directors. b. Engagement letter has been signed by the auditor and the client. c. Consideration of the entity’s internal control has been completedd. Search for unrecorded liabilities has beenperformed and documented

Description : The audit program usually cannot be finalized until the a. Reportable conditions have been communicated to the audit committee of the board of directors. b. Engagement letter has been ... s internal control has been completed d. Search for unrecorded liabilities has been performed and documented

Last Answer : Consideration of the entity’s internal control has been completed

A report on factual findings is the end product of the auditor when performing: a. Audit. b. Review. c. Agreed-upon procedures. d. Compilation

Description : A report on factual findings is the end product of the auditor when performing: a. Audit. b. Review. c. Agreed-upon procedures. d. Compilation

Last Answer : Agreed-upon procedures

A report on factual findings is the end product of the auditor when performing: a. Audit. b. Review. c. Agreed-upon procedures. d. Compilation.

Description : A report on factual findings is the end product of the auditor when performing: a. Audit. b. Review. c. Agreed-upon procedures. d. Compilation.

Last Answer : Agreed-upon procedures

In an engagement to perform agreed-upon procedures, an auditor is engaged to: a. Use accounting expertise as opposed to auditing expertise to collect, classify, and summarize financial information. b. Provide a moderate level of assurance that the information is free of material misstatement. c. Provide a high, but not absolute, level of assurance that the information is free of material misstatement. d. Carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings

Description : In an engagement to perform agreed-upon procedures, an auditor is engaged to: a. Use accounting expertise as opposed to auditing expertise to collect, classify, and summarize financial information. b ... and the entity and any appropriate third parties have agreed and to report on factual findings

Last Answer : Carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings

Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. An audit benefits the public. b. The data to be audited can be verified. c. Auditors act on behalf of management. d. Short-term conflicts may exist between managers who prepare data and auditors who examine the data

Description : Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. An audit benefits the public. b. The data to be audited can be verified. c. ... . d. Short-term conflicts may exist between managers who prepare data and auditors who examine the data

Last Answer : Auditors act on behalf of management

The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to the date of the audit report. b. The auditor's responsibility is confined to the expression of opinion on the financial statements audited. c. The responsibility over the financial statements rests with the management and the auditor assumes responsibility with respect to the notes of financial statements. d. The auditor is responsible only to his qualified opinion but not for any other type of opinion.

Description : The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to ... auditor is responsible only to his qualified opinion but not for any other type of opinion.

Last Answer : The auditor's responsibility is confined to the expression of opinion on the financial statements audited

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

The audit work performed by each assistant should be reviewed to determine whether it was adequately performed and to evaluate whether the a. Results are consistent with the conclusions to be presented in the auditor's report. b. Audit procedures performed are approved in the professional standards. c. Audit has been performed by persons having adequate technical training and proficiency as auditors. d. Auditor's system of quality control has been maintained at a high leve

Description : The audit work performed by each assistant should be reviewed to determine whether it was adequately performed and to evaluate whether the a. Results are consistent with the conclusions to be presented in the ... as auditors. d. Auditor's system of quality control has been maintained at a high leve

Last Answer : Results are consistent with the conclusions to be presented in the auditor's report.

A CPA is conducting the first audit of a client’s financial statements. The CPA hopes to reduce the audit work by consulting with the predecessor auditor and reviewing the predecessor's working papers. This procedure is a. Acceptable if the CPA refers in the audit report to reliance upon the predecessor auditor's work. b. Required if the CPA is to render an unqualified opinion. c. Unacceptable because the CPA should bring an independent viewpoint to a new engagement. d. Acceptable if the client and the predecessor auditor agree to it.

Description : A CPA is conducting the first audit of a client's financial statements. The CPA hopes to reduce the audit work by consulting with the predecessor auditor and reviewing the predecessor's working papers. ... to a new engagement. d. Acceptable if the client and the predecessor auditor agree to it.

Last Answer : Acceptable if the client and the predecessor auditor agree to it.

Which of the following conditions identified during fieldwork of an audit is most likely to affect the auditor’s assessment of the risk of misstatement due to fraud? a. Year-end adjusting journal entries. b. Checks for significant amounts outstanding at year-end. c. Missing documents. d. Computer generated documents

Description : Which of the following conditions identified during fieldwork of an audit is most likely to affect the auditor's assessment of the risk of misstatement due to fraud? a. Year-end adjusting ... for significant amounts outstanding at year-end. c. Missing documents. d. Computer generated documents

Last Answer : Missing documents

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.

An investor, while reading the financial statements of Star Corporation, learned that the statements are accompanied by an unqualified auditor's report. From this the investor may conclude that: a. The auditor has ascertained that Silver's financial statements have been prepared accurately. b. The auditor is satisfied that Silver is operationally efficient. c. Any disputes over significant accounting issues have been settled to the auditor's satisfaction. d. Informative disclosures in the financial statements but not necessarily in the notes to financial statements are to be regarded as reasonably adequate

Description : An investor, while reading the financial statements of Star Corporation, learned that the statements are accompanied by an unqualified auditor's report. From this the investor may conclude that: a ... but not necessarily in the notes to financial statements are to be regarded as reasonably adequate

Last Answer : Any disputes over significant accounting issues have been settled to the auditor's satisfaction.

Why does a company choose to have an independent auditor report on its financial statements? a. Independent auditors will always detect management fraud. b. Independent auditors guarantee the accuracy of the financial statements. c. The company preparing the statements may have a vested interest in reporting certain results. d. An independent audit is designed to search for deficiencies in the company's internal control

Description : Why does a company choose to have an independent auditor report on its financial statements? a. Independent auditors will always detect management fraud. b. Independent auditors guarantee the accuracy ... . An independent audit is designed to search for deficiencies in the company's internal control

Last Answer : The company preparing the statements may have a vested interest in reporting certain results.

.If specific information comes to an auditor's attention that implies the existence of possible illegal acts that could have amaterial, but indirect effect on-the financialstatements, the auditor should nexta. Report the matter to an appropriate levelof management at least one level abovethose involved.b. Apply audit procedures specificallydirected to ascertaining whether anillegal act has occurred.c. Seek the advice of an informed expertqualified to practice law as to possiblecontingent liabilities.d. Discuss the evidence with the client'saudit committee, or others withequivalent authority.

Description : .If specific information comes to an auditor's attention that implies the existence of possible illegal acts that could have a material, but indirect effect on-the financial statements, the auditor ... d. Discuss the evidence with the client's audit committee, or others with equivalent authority.

Last Answer : Apply audit procedures specifically directed to ascertaining whether an illegal act has occurred

Which of the following is correct concerning requirements about auditor's communications about fraud? a. Fraud that involves senior management should be reported directly to the audit committee regardless of the amounts involved. b. All fraud with a material effect on the financial statements should be reported directly by the auditor to the SEC c. Fraud with a material effect on the financial statements should ordinarily be disclosed by the auditor through the use of an emphasis of a matter paragraph added to the audit report. d. The auditor has no responsibility to disclose fraud outside the entity under any circumstances

Description : Which of the following is correct concerning requirements about auditor's communications about fraud? a. Fraud that involves senior management should be reported directly to the audit committee ... . The auditor has no responsibility to disclose fraud outside the entity under any circumstances

Last Answer : Fraud that involves senior management should be reported directly to the audit committee regardless of the amounts involved

Conflict between financial statement users and auditors often arises because of the a. High cost of performing an audit. b. Expectation gapc. Technical vocabulary which the auditoruses in the report.d. Placement of the auditor's report in theback of the client's annual report where itis hard to locate

Description : Conflict between financial statement users and auditors often arises because of the a. High cost of performing an audit. b. Expectation gap c. Technical vocabulary which the auditor uses in the report. d. ... auditor's report in the back of the client's annual report where it is hard to locate

Last Answer : Expectation gap

Before accepting an audit engagement, a successor auditor should make specific inquiries of the predecessor auditor regarding the predecessor's a. Evaluation of all matters of continuing accounting significance. b. Understanding as to the reasons for the change of auditors. c. Awareness of the consistency in the application of GAAP between periods. d. Opinion of any subsequent events occurring since the predecessor's audit report was issued

Description : Before accepting an audit engagement, a successor auditor should make specific inquiries of the predecessor auditor regarding the predecessor's a. Evaluation of all matters of continuing accounting ... . Opinion of any subsequent events occurring since the predecessor's audit report was issued

Last Answer : Understanding as to the reasons for the change of auditors

The objective of a review of financial statements is to: a. Express an opinion on the overall financial statements. b. Carry out audit procedures agreed on with the client and other users of report. c. State whether anything has come to the auditor's attention that indicates that the financial statements are not presented fairly. d. Assist the client in the preparation of the financial statements.

Description : The objective of a review of financial statements is to: a. Express an opinion on the overall financial statements. b. Carry out audit procedures agreed on with the client and other users of ... statements are not presented fairly. d. Assist the client in the preparation of the financial statements.

Last Answer : State whether anything has come to the auditor's attention that indicates that the financial statements are not presented fairly.

Choose one of the following which would describe best the phrase "generally accepted auditing standards": a. They identify the policies and procedures for the conduct of the audit. b. They define the nature and extent of the auditor's responsibilities. c. They provide guidance to the auditor with respect to planning the audit and writing the audit report. d. They set forth a measure a measure of the quality of the performance of audit procedures.

Description : Choose one of the following which would describe best the phrase "generally accepted auditing standards": a. They identify the policies and procedures for the conduct of the audit. b. They define the ... d. They set forth a measure a measure of the quality of the performance of audit procedures.

Last Answer : They set forth a measure a measure of the quality of the performance of audit procedures.

The work of each assistant needs to be reviewed by personnel of at least equal competence. Which of the following is not one of the objectives of this requirement? a. The conclusions expressed are consistent with the result of the work performed and support the opinion. b. The work performed and the results obtained have been adequately documented. c. The audit objectives have been achieved. d. All available evidences have been obtained, evaluated and documented

Description : The work of each assistant needs to be reviewed by personnel of at least equal competence. Which of the following is not one of the objectives of this requirement? a. The conclusions ... The audit objectives have been achieved. d. All available evidences have been obtained, evaluated and documented

Last Answer : All available evidences have been obtained, evaluated and documented

The work of each assistant needs to be reviewed by personnel of at least equal competence. Which of the following is not one of the objectives of this requirement? a. The conclusions expressed are consistent with the result of the work performed and support the opinion. b. The work performed and the results obtained have been adequately documented. c. The objectives of the audit procedures have been achieved. d. All available evidences have been obtained, evaluated and documented.

Description : The work of each assistant needs to be reviewed by personnel of at least equal competence. Which of the following is not one of the objectives of this requirement? a. The conclusions ... audit procedures have been achieved. d. All available evidences have been obtained, evaluated and documented.

Last Answer : All available evidences have been obtained, evaluated and documented.

An engagement letter should be written before the start of an audit because a. It specifies the client's responsibility for preparing schedules and making the records available to the auditor. b. It may limit the auditor's legal liability by specifying the auditor's responsibilities. c. It specifies the basis for billing the audit for the upcoming year. d. All of the above

Description : An engagement letter should be written before the start of an audit because a. It specifies the client's responsibility for preparing schedules and making the records available to the auditor. b. It may ... It specifies the basis for billing the audit for the upcoming year. d. All of the above

Last Answer : All of the above

.A written understanding between the auditor and the client concerning the auditor's responsibility for the discovery of illegal acts is usually set forth in a(an) a. Letter of audit inquiry. b. Client representation letter. c. Management letter. d. Engagement letter

Description : .A written understanding between the auditor and the client concerning the auditor's responsibility for the discovery of illegal acts is usually set forth in a(an) a. Letter of audit inquiry. b. Client representation letter. c. Management letter. d. Engagement letter

Last Answer : Engagement letter

One of the primary roles of an audit program is to a. Provide for a standardized approach to the audit engagement. b. Serve as a tool for planning, directing, and controlling audit work. c. Document an auditor's understanding of the internal control. d. Delineate the audit risk accepted by the auditor

Description : One of the primary roles of an audit program is to a. Provide for a standardized approach to the audit engagement. b. Serve as a tool for planning, directing, and controlling audit work. c ... an auditor's understanding of the internal control. d. Delineate the audit risk accepted by the auditor

Last Answer : Serve as a tool for planning, directing, and controlling audit work

An audit program provides proof that a. Sufficient appropriate evidence was obtained. b. The work was adequately planned. c. There was a proper study and evaluation of internal control. d. There was compliance with generally accepted standards of reporting

Description : An audit program provides proof that a. Sufficient appropriate evidence was obtained. b. The work was adequately planned. c. There was a proper study and evaluation of internal control. d. There was compliance with generally accepted standards of reporting

Last Answer : The work was adequately planned.

The primary purpose of an independent financial statement audit is to a. Provide a basis for assessing management's performance b. Comply with government regulatory requirements c. Assure management that the financial statements are unbiased and free from material error d. Provide users with an unbiased opinion about the fairness of information reported in the financial statements

Description : The primary purpose of an independent financial statement audit is to a. Provide a basis for assessing management's performance b. Comply with government regulatory requirements c. Assure ... users with an unbiased opinion about the fairness of information reported in the financial statements

Last Answer : Provide users with an unbiased opinion about the fairness of information reported in the financial statements

The purpose of an audit of financial statements is to a. Obtain an absolute level of assurance that the financial statements as a whole are free from material misstatement. b. Relieve management or those charged with governance of the responsibility for the preparation and presentation of the financial statements in accordance with the applicable financial reporting framework. c. Enhance the degree of confidence of intended users in the financial statements. d. Assure the future viability of the entity by expressing an opinion on the entity's financial statements.

Description : The purpose of an audit of financial statements is to a. Obtain an absolute level of assurance that the financial statements as a whole are free from material misstatement. b. Relieve management ... the future viability of the entity by expressing an opinion on the entity's financial statements.

Last Answer : Enhance the degree of confidence of intended users in the financial statements.

An auditor is required to obtain a basic understanding of the client's internal control to plan the audit. The auditor may then decide to perform tests of controls on alinternal control procedures a. That would aid in preventing fraud. b. Documented in the flowchart. c. Considered to be weaknesses that might allow errors to enter the accounting system. d. Considered to be strengths for which the auditor desires further reduction in the assessed level of control risk.l

Description : An auditor is required to obtain a basic understanding of the client's internal control to plan the audit. The auditor may then decide to perform tests of controls on all internal control ... to be strengths for which the auditor desires further reduction in the assessed level of control risk.

Last Answer : Considered to be strengths for which the auditor desires further reduction in the assessed level of control risk.

Professional judgment:a. Is not used in making decisions about materiality and audit risk. b. Is necessary in the evaluation of management's judgments in applying the entity's applicable financial reporting framework. c. Should be exercised in planning and performing an audit of financial statements but need not be documented. d. Can be used as the justification for the decisions made by the auditor that are not supported by the facts and circumstances of the engagement

Description : Professional judgment:a. Is not used in making decisions about materiality and audit risk. b. Is necessary in the evaluation of management's judgments in applying the entity's applicable financial ... made by the auditor that are not supported by the facts and circumstances of the engagement

Last Answer : Is necessary in the evaluation of management's judgments in applying the entity's applicable financial reporting framework

The audit of historical financial statements should be conducted by the CPA professionals in accordance with a. The auditor's judgment. b. The audit program. c. Philippine Financial Reporting Standards. d. Philippine Standards on Auditing

Description : The audit of historical financial statements should be conducted by the CPA professionals in accordance with a. The auditor's judgment. b. The audit program. c. Philippine Financial Reporting Standards. d. Philippine Standards on Auditing

Last Answer : Philippine Standards on Auditing

Which of the following is an element of "directing an audit assistant" objective? a. Identifying in advance the staffing requirements of a particular audit engagement. b. Resolving any differences in professional judgment between audit personnel. c. Resolution of differences in audit findings. d. Informing assistants of their responsibilities and the objectives of the procedures they are to perform

Description : Which of the following is an element of "directing an audit assistant" objective? a. Identifying in advance the staffing requirements of a particular audit engagement. b. Resolving any ... . Informing assistants of their responsibilities and the objectives of the procedures they are to perform

Last Answer : Informing assistants of their responsibilities and the objectives of the procedures they are to perform

The primary deliverable of an engagement to perform based on procedures prescribed by the intended user of the report is/are: a. The Review Report b. Report of Factual Findings c. Management Letter d. The financial statements

Description : The primary deliverable of an engagement to perform based on procedures prescribed by the intended user of the report is/are: a. The Review Report b. Report of Factual Findings c. Management Letter d. The financial statements

Last Answer : Report of Factual Findings

Though PSAs do not provide "hard and fast rules," they provide subjective guidance which allow the auditors to: a. Only apply those standards that are important to the audit. b. Use adequate professional judgment when applying the standards. c. Tailor their audit to procedures requested by management. d. Accurately interpret the Code of Ethics for CPAs

Description : Though PSAs do not provide "hard and fast rules," they provide subjective guidance which allow the auditors to: a. Only apply those standards that are important to the audit. b. Use ... Tailor their audit to procedures requested by management. d. Accurately interpret the Code of Ethics for CPAs

Last Answer : Use adequate professional judgment when applying the standards.

Which of the following should be included in the audit plan? I. The nature, timing and extent of planned risk assessment procedures. II. The nature, timing and extent of planned further audit procedures at the assertion level. a. I only b. II only c. Both I and II d. Neither I nor II

Description : Which of the following should be included in the audit plan? I. The nature, timing and extent of planned risk assessment procedures. II. The nature, timing and extent of planned further audit procedures at the assertion level. a. I only b. II only c. Both I and II d. Neither I nor II

Last Answer : Both I and II

When a CPA is approached to perform an audit for the first time, the CPA should make inquiries of the predecessor auditor. This is a necessary procedure because the predecessor may be able to provide the successor with information that will assist the successor in determining a. Whether, in the predecessor's opinion, internal control of the company has been satisfactory. b. Whether the engagement should be accepted. c. Whether the predecessor's work should be utilized. d. Whether the company follows the policy of rotating its auditors.

Description : When a CPA is approached to perform an audit for the first time, the CPA should make inquiries of the predecessor auditor. This is a necessary procedure because the predecessor may be able to provide ... 's work should be utilized. d. Whether the company follows the policy of rotating its auditors.

Last Answer : Whether the engagement should be accepted.