An attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatements,...
An attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatements, and a critical assessment of audit evidence is referred to as:
| A |
Reasonable assurance. |
|
| B |
Auditing mindset. |
|
| C |
Professional skepticism. |
|
| D |
Audit neutralism. |
Homework Answers
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correct answer is option : C) Professional skepticism.
Professional skepticism is one of the feature which auditor should possess to assess the audit evidence.
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An attitude that includes a questioning mind, being alert to
conditions that may indicate possible misstatements,...
True or False 4) The purpose of an audit is to provide an opinion on the...
True or False
4) The purpose of an audit is to provide an opinion on the financial statements, with an underlying premise that management is responsible both for preparing financial statements in accordance with the applicable financial reporting framework and for providing the auditors with access to necessary information 5) An attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatements and a critical assessment of audit evidence is referred to as professional skepticism.
Professional skepticism entails three overlapping concepts: An attitude that includes a questioning mind and a critical...
Professional skepticism entails three overlapping concepts: An attitude that includes a questioning mind and a critical assessment of audit evidence, conducting of the engagernent that recognizes the possibility of material misstatement due to fraud, and with less than-persuasive evidence. Tentative acceptance Professional tolerance Dissatisfaction Discarding documents
ont Pologi.pl 13. Anestation engagement: a. Has as its primary source of standards the assurance standards...
ont Pologi.pl 13. Anestation engagement: a. Has as its primary source of standards the assurance standards b. Includes a report on subject matter, or on an assertion about subject matter. Includes search and verification procedures for all major accounts. Is ordinarily an examination, review or compilation engagement. an 14. A procedure in which a quality control partner periodically tests the application of quality control procedures is most directly related to which quality control element? Engagement performance, Human resources. C. Leadership...
Chapter 2 Completion Questions Select the necessary words from the list of possibities to complete the...
Chapter 2 Completion Questions Select the necessary words from the list of possibities to complete the following statements Answer The purpose of an audit conducted in accordance with generally accepted auditing standards statements are presented tairly, in all material respects, in accordance with the applicable | The serialy numbered pronouncements issued by the Audeng Standards Board of the ACPA is to provide financial statement users with an opinion by the auditor on whether the financial 2 as generally accepted auditing...
conditions, whether the issuer's assumption, which it had also issuer's industry and the general deterioration in...
conditions, whether the issuer's assumption, which it had also issuer's industry and the general deterioration in economic used in prior years, that certain inventory required to review Excluded from its impairment testing a significant portion of for impairment was still applicable in the year under at selected inventory items for testing from those for which the the inventory that may have been impaired, because the Firm Failed to evaluate the reasonableness of certain of the signifi value estimates of inventory...
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement...
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement is correct (T) or false (F),USE THE LEFT SIDE FOR YOUR ANSEWRS. 1) Professional skepticism must be maintained only if the auditor suspects fraud. 2) The term "audit failure" refers to the situation when the auditor has followed auditing standards yet still fails to discover that the client's financial statements are materially misstated. 3) The best defense an auditor can have in litigation against...
matching QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees...
matching
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...
Auditors have a responsibility to remain alert to audit evidence that contradicts other audit evidence obtained. The app...
REMOVEDAuditors have a responsibility to remain alert to audit evidence that contradicts other audit evidence obtained. The application of professional skepticism is essential to the critical assessment and questioning of contradictory audit evidence. When the auditor obtains information during the course of the audit that contradicts information obtained from another source, the auditor has a responsibility to resolve the matter and consider its impact on the sufficiency and appropriateness of audit evidence obtained and the effect, if any, on other...
Can you answer these questions? Thank you 30. Which one of the following is not one...
Can you answer these questions? Thank you
30. Which one of the following is not one of the three General Standards? a. Proper planning and supervision. b. Independence of mental attitude. c. Adequate training and proficiency. d. Due professional care. 31. Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit: a. both private and public companies. b. public companies only. private companies, public companies, and nonprofit entities. d. private companies only. 32. Any...
The PCAOBs recently revised auditor reporting standard includes a requirement for he auditor to communicate ortical...
The PCAOBs recently revised auditor reporting standard includes a requirement for he auditor to communicate ortical udt matters. Crical audit maters include those matters during the audit that involved diffcult, subjective, or complex auditor judgments or that posed dfoulty to the auditor in obtaining sufcient appropriate evidence or in foming the opinion on the financial statements Similarly, the Intemational Auditing and Assurance Standards Board (AAS) recently revised the auditor's report in the ISAS to require auditors to communicate key audit...
True or False
4) The purpose of an audit is to provide an opinion on the financial statements, with an underlying premise that management is responsible both for preparing financial statements in accordance with the applicable financial reporting framework and for providing the auditors with access to necessary information 5) An attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatements and a critical assessment of audit evidence is referred to as professional skepticism.
Professional skepticism entails three overlapping concepts: An attitude that includes a questioning mind and a critical assessment of audit evidence, conducting of the engagernent that recognizes the possibility of material misstatement due to fraud, and with less than-persuasive evidence. Tentative acceptance Professional tolerance Dissatisfaction Discarding documents
ont Pologi.pl 13. Anestation engagement: a. Has as its primary source of standards the assurance standards b. Includes a report on subject matter, or on an assertion about subject matter. Includes search and verification procedures for all major accounts. Is ordinarily an examination, review or compilation engagement. an 14. A procedure in which a quality control partner periodically tests the application of quality control procedures is most directly related to which quality control element? Engagement performance, Human resources. C. Leadership...
Chapter 2 Completion Questions Select the necessary words from the list of possibities to complete the following statements Answer The purpose of an audit conducted in accordance with generally accepted auditing standards statements are presented tairly, in all material respects, in accordance with the applicable | The serialy numbered pronouncements issued by the Audeng Standards Board of the ACPA is to provide financial statement users with an opinion by the auditor on whether the financial 2 as generally accepted auditing...
conditions, whether the issuer's assumption, which it had also issuer's industry and the general deterioration in economic used in prior years, that certain inventory required to review Excluded from its impairment testing a significant portion of for impairment was still applicable in the year under at selected inventory items for testing from those for which the the inventory that may have been impaired, because the Firm Failed to evaluate the reasonableness of certain of the signifi value estimates of inventory...
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement is correct (T) or false (F),USE THE LEFT SIDE FOR YOUR ANSEWRS. 1) Professional skepticism must be maintained only if the auditor suspects fraud. 2) The term "audit failure" refers to the situation when the auditor has followed auditing standards yet still fails to discover that the client's financial statements are materially misstated. 3) The best defense an auditor can have in litigation against...
matching
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...
Can you answer these questions? Thank you
30. Which one of the following is not one of the three General Standards? a. Proper planning and supervision. b. Independence of mental attitude. c. Adequate training and proficiency. d. Due professional care. 31. Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit: a. both private and public companies. b. public companies only. private companies, public companies, and nonprofit entities. d. private companies only. 32. Any...
The PCAOBs recently revised auditor reporting standard includes a requirement for he auditor to communicate ortical udt matters. Crical audit maters include those matters during the audit that involved diffcult, subjective, or complex auditor judgments or that posed dfoulty to the auditor in obtaining sufcient appropriate evidence or in foming the opinion on the financial statements Similarly, the Intemational Auditing and Assurance Standards Board (AAS) recently revised the auditor's report in the ISAS to require auditors to communicate key audit...
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