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QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees with the statement. Each term is used only once and each statement requires only one letter. Professional services where an auditor testifies as an expert witness Assurance services in accounting, auditing, or tax matters. • A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of organizations, programs, d. Performance Audit activities, or functions of an entity. e Compliance Audit • An auditor asks management a question, receives an answer, and 1. Audit Program proceeds to corroborate the answer. The auditor is demonstrating & Audit Procedures • The amount that if exceeded, makes a difference to the user h. Audit Standard • The state Department of Education wants to know if hiring Existence or occurrence practices in various school districts meet state law guidelines. Completeness The suditor physically examines all major property and Valuation of Allocation additions as an audit procedure to ensure that all additions were actually acquired L Rights and Obligations The particular and specialized actions that auditors undertake to m. Presentation and Disclosure obtain evidence in a specific audit engagement are known Professional Skepticism 0 Independence - The auditor examines the overall faimess of the presentation of financial position, results of operations, and cash flows in P. Materiality accordance with GAAP 9. Audt Risk - The auditor reviews the aged trial balance for significant past due Control Risk accounts as an audit procedure to ensure the allowance for doubtful accounts is properly recorded. Inherent Risk r o alla Chek Sow All A

Answer 1

SI NO statement Professional Services where an auditor testifies as an expert witness in accounting, audit or tax matters. A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of arganisations, programs, activities or functions of an entity An auditor asks management a question, recieves an answer and proceeds to corroborate the answer. The auditor is Idemonstrating The amount that if exceeded, makes a difference to the user Attestation Audit Program Compliance Audit Professional Scepticism Performance Audit The state department of education wants to know if hiring practices in various school education meet state law guidelines The auditor physically examines all major property and equipment additions as an audit procedure to ensure that additions were actually acquired Completeness Audit 11 12 13 The particular and specialised actions that auditors undertake to obtain evidence in a specific audit engagement are known as Audit procedures The auditor examines the overall fairness of the presentation of financial position results of operation in accordance with GAAP The auditor reviews the aged trial balance for significant past due accounts as an audit procedure to ensure the allowance of doubtful accounts is properly recorded Presentation and Disclosure The examined shipping documentation nating the transaction were recorded in the proper period Existence or occurrence An auditor has no personal relationship with management personnel at his audit dient Independence The auditor examines loan documention to verify client opened new loan with the bank for the year under audit as an audit I procedure to ensure the loans are the client loans Rights and Oblications Auditine guidance that ensures audit consistency from audit to client Audit Standard The client instituted an internal control function, which improves this audit risk assessment Control risk 14 15