Working papers should be clear, concise, and complete. They communicate ________. a) the degree of planning...
Working papers should be clear, concise, and complete. They communicate ________.
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Homework Answers
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Working papers communicate the quality of the audit. Therefore they should be clear, concise and complete. Comment if you face any issues |
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Working papers should be clear, concise, and complete.
They communicate ________.
a)
the degree of planning...
Which of the following is true of working papers? Select one: a. Working papers document the...
Which of the following is true of working papers? Select one: a. Working papers document the purpose of the control selected for testing and the conclusion made by the auditor, but not the results of the test. b. Working papers document the results of the tests but not the purpose of the control selected for testing c. Working papers are necessary for the junior auditor to keep track of the daily work, but are not important to the overall audit....
1. The term confirmation in auditing referrers to a)The notation in the auditor’s work papers that...
1. The term confirmation in auditing referrers to a)The notation in the auditor’s work papers that states all of the account balances have been verified by the client for accuracy b)The notations on the primary auditor’s work papers that correspond to those of the managing auditor c)The receipt of a written or oral response from an independent third party verifying the accuracy of information requested by the auditor d)The written verification by the client to the auditor stating that all...
LU. Conclusions are typically documented by auditors in which type of work paper? a. Audit planning...
LU. Conclusions are typically documented by auditors in which type of work paper? a. Audit planning memo. b. Audit program. c. Audit memoranda. d. Representation letter. ANSWER: 27. Which of the following is an example of poorly-developed audit documentation? a. Clear communication as to how testing was performed, the results and conclusions. Cir b. Organization and assembly of documentation in an orderly fashion. c. Headings that include the name and signature of the client representative that the auditor interacted with...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit procedures that will be performed every year for the client. c. How an auditor should think while performing audit procedures d. Audit objectives and procedures to be followed during the audit process ANSWER 24. Which one of the following is the primary reason for documenting audit work? a. To prevent litigation by other parties that question the audit performance. b. To provide a stand-alone...
1. Auditors communicate the results of an audit in an audit report. Of the four categories...
1. Auditors communicate the results of an audit in an audit report. Of the four categories of audit reports, which one indicates that while the auditor believes the financial statements are fairly presented, very material departures from GAAP, and the scope of the audit may have been substantially restricted? a)Adverse or disclaimer b)Qualified c)Standard unqualified d)Unqualified with explanatory paragraph 2. When communicating the purpose of internal controls, it is important to note that internal controls a)can be one hundred percent...
1A qualified opinion that is issued because of a departure from generally accepted accounting principles should...
1A qualified opinion that is issued because of a departure from generally accepted accounting principles should contain a separate paragraph explaining the departure and its effects. True False 2 The introductory paragraph of the auditors’ report clarifies management’s responsibility for the financial statements. True False 3The phrase “generally accepted auditing standards” appears in the scope paragraph of the auditors’ standard report. True False 4An auditors’ report is in essence a guarantee by the auditors that the financial statements are correct....
Please help me with number 10,11,12,13,14,15,16,17 10. Indicate the most correct alternative to complete the following...
Please help me with number 10,11,12,13,14,15,16,17
10. Indicate the most correct alternative to complete the following sentence: The omission of an amount in a report that would have changed how the reader would have reacted had the amount been included in the report, is an example of the auditing concept 1 materiality 2 assertions. 3 audit risk. 4 sufficient appropriate audit evidence. 11. Select the correct statement that exemplifies the audit term 'audit risk 1 Internal controls fail to adapt...
1. Explain in a concise and clear! a. Principles of thermal equilibrium! b. Black body phenomenon...
1. Explain in a concise and clear! a. Principles of thermal equilibrium! b. Black body phenomenon to explain thermal radiation! c. Factors that influence the amount of thermal radiation emitted by objects! d. Application for the use of thermal radiation theory!
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...
Question 17 Which of the following is true regarding audit documentation? (Select the correct answer.) a....
Question 17 Which of the following is true regarding audit documentation? (Select the correct answer.) a. Documentation must be in paper form in the audit work papers. b. Audit documentation would identify who prepared the work paper but does not need to identify who reviewed the work paper. c. Audit documentation provides the principal support for the audit opinion expressed by the auditor. d. Auditors document only those significant issues unresolved at the conclusion of the audit. Question 18 Which...
LU. Conclusions are typically documented by auditors in which type of work paper? a. Audit planning memo. b. Audit program. c. Audit memoranda. d. Representation letter. ANSWER: 27. Which of the following is an example of poorly-developed audit documentation? a. Clear communication as to how testing was performed, the results and conclusions. Cir b. Organization and assembly of documentation in an orderly fashion. c. Headings that include the name and signature of the client representative that the auditor interacted with...
a The type of audit opinion to be rendered based upon procedures performed. b. The audit procedures that will be performed every year for the client. c. How an auditor should think while performing audit procedures d. Audit objectives and procedures to be followed during the audit process ANSWER 24. Which one of the following is the primary reason for documenting audit work? a. To prevent litigation by other parties that question the audit performance. b. To provide a stand-alone...
Please help me with number 10,11,12,13,14,15,16,17
10. Indicate the most correct alternative to complete the following sentence: The omission of an amount in a report that would have changed how the reader would have reacted had the amount been included in the report, is an example of the auditing concept 1 materiality 2 assertions. 3 audit risk. 4 sufficient appropriate audit evidence. 11. Select the correct statement that exemplifies the audit term 'audit risk 1 Internal controls fail to adapt...
1. Explain in a concise and clear! a. Principles of thermal equilibrium! b. Black body phenomenon to explain thermal radiation! c. Factors that influence the amount of thermal radiation emitted by objects! d. Application for the use of thermal radiation theory!
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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