Incorporating elements of unpredictability in the selection of audit procedures to be performed by auditors is...
Incorporating elements of unpredictability in the selection of audit procedures to be performed by auditors is important. Explain why.
Homework Answers
- The auditor should be careful in performing the audit procedures and don't let the client predict the nature of audit proceedures.
- This could be achieved by incorporating elements of unpredictability in the process of selecting audit procedures.
- This is necessary because the client may conceal the fraudulent transactions if he is aware of the audit procedures that are going to be performed by the auditor.
- Such risk of concealment can be avoided by
- Testing account balances not based on their materiality but based on random selection
- The timing of audit should be such that the client should not be aware of our appearance at his place.
- Sampling should be purely based on judgement and not based on the importance of the transaction.
Add Answer to:
Incorporating elements of unpredictability in the selection of audit procedures to be performed by auditors is...
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. Explain the procedures auditors perform when planning an audit, particularly for ensuring the auditor is...
1. Explain the procedures auditors perform when planning an audit, particularly for ensuring the auditor is exercising due care. 2. Explain how the auditor determines materiality (4 STEPS). 3. Explain how the auditor understands the entity.
R14-2 Differentiate between the two types of subsequent events. List some audit procedures that may identify subseq...
R14-2 Differentiate between the two types of subsequent events. List some audit procedures that may identify subsequent events? LO2 R14-3 Discuss the auditor's responsibility for detecting subsequent events prior to the completion of field work. LO2 R14-4 Explain the process of "engagement wrap-up?" Why is it important? LO3 R14-5 Provide an example of why an auditor would reevaluate control risk near the end of the audit. Provide a different example of why an auditor would reevaluate fraud risk near the...
Which of the following procedures is not performed as a part of planning an audit engagement? Verifying...
Which of the following procedures is not performed as a part of planning an audit engagement? Verifying cutoff procedures. Reviewing the working papers of the prior year. Designing an audit plan. Developing an overall audit strategy.
It is always a good idea for auditors to begin an audit with a professional skepticism...
It is always a good idea for auditors to begin an audit with a professional skepticism characterized by the assumption that O a potential conflict of interest always exists between the auditor and the management of the enterprise under audit. O in audits of financial statements, the auditor acts exclusively in the capacity of an auditor O the professional status of the independent auditor imposes commensurate professional obligations. O financial statements and financial data are verifiable. When Auditee Company prohibits...
1- An accurate internal audit depends upon: a.the ability of the auditors to draft systems procedures....
1- An accurate internal audit depends upon: a.the ability of the auditors to draft systems procedures. b.auditors who can correctly design and install operating systems. c.the auditors' ability to adapt their approach to management's needs. d.auditors who are able to maintain objectivity. For security and loss prevention management
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
please check and give answer As with all audit procedures, auditors must pay little attention to...
please check and give answer
As with all audit procedures, auditors must pay little attention to the work of the prior auditor on a first-year engagement carefully plan the nature, timing, and extent of audit data analytics (ADA) to be used for each client always outsource at least some of the audit work to the internal audit function let the client's management choose the nature, timing, and extent of ADA to be used for each client
When creating an audit program and designing audit procedures, _ an auditor also decides how to...
When creating an audit program and designing audit procedures, _ an auditor also decides how to select appropriate items for removal from the test sample. the auditors should defer sample selection to the internal auditors. an auditor also decides how to select appropriate items for testing. the auditors should consider use of the cheapest statistical selection methods possible, to lower the cost of the audit. Next Question 7 0.5 pts A representative audit sample is unlikely to provide a reasonable...
Auditing The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed...
Auditing
The following are various audit procedures performed to satisfy
specific transaction-related audit objectives as discussed in
Chapter 6. The general transaction-related audit objectives from
Chapter 6 are also included.
(Objective 7-4) The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general transaction-related audit objectives from Chapter 6 are also included. Audit Procedures 1. Trace from receiving reports to vendors' invoices and entries in the acquisitions journal. 2. Add the...
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...
R14-2 Differentiate between the two types of subsequent events. List some audit procedures that may identify subsequent events? LO2 R14-3 Discuss the auditor's responsibility for detecting subsequent events prior to the completion of field work. LO2 R14-4 Explain the process of "engagement wrap-up?" Why is it important? LO3 R14-5 Provide an example of why an auditor would reevaluate control risk near the end of the audit. Provide a different example of why an auditor would reevaluate fraud risk near the...
It is always a good idea for auditors to begin an audit with a professional skepticism characterized by the assumption that O a potential conflict of interest always exists between the auditor and the management of the enterprise under audit. O in audits of financial statements, the auditor acts exclusively in the capacity of an auditor O the professional status of the independent auditor imposes commensurate professional obligations. O financial statements and financial data are verifiable. When Auditee Company prohibits...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
please check and give answer
As with all audit procedures, auditors must pay little attention to the work of the prior auditor on a first-year engagement carefully plan the nature, timing, and extent of audit data analytics (ADA) to be used for each client always outsource at least some of the audit work to the internal audit function let the client's management choose the nature, timing, and extent of ADA to be used for each client
When creating an audit program and designing audit procedures, _ an auditor also decides how to select appropriate items for removal from the test sample. the auditors should defer sample selection to the internal auditors. an auditor also decides how to select appropriate items for testing. the auditors should consider use of the cheapest statistical selection methods possible, to lower the cost of the audit. Next Question 7 0.5 pts A representative audit sample is unlikely to provide a reasonable...
Auditing
The following are various audit procedures performed to satisfy
specific transaction-related audit objectives as discussed in
Chapter 6. The general transaction-related audit objectives from
Chapter 6 are also included.
(Objective 7-4) The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general transaction-related audit objectives from Chapter 6 are also included. Audit Procedures 1. Trace from receiving reports to vendors' invoices and entries in the acquisitions journal. 2. Add the...
Most questions answered within 3 hours.
-
Let C = (2.25 m, 15 ∘ above the negative x-axis) and D = (30.6
m,...
asked 5 minutes ago -
of the following statements below is/are an example of a
normative statement?
I. The water shortage...
asked 7 minutes ago -
Carbon disulfide is prepared by heating sulfur and charcoal. The
chemical equation is
S2(g)+C(s)−⇀↽−CS2(g) Kc=9.40 at...
asked 11 minutes ago -
complete the problem and solution paragraph below, include 2-3
causes and 2-3 solutions for them.
remember...
asked 13 minutes ago -
I was looking for help with a computer science c programming
class. not c++
This program...
asked 37 minutes ago -
Albinism is an autosomal recessive condition characterized by
absence of melanin pigment from the skin, eye...
asked 27 minutes ago -
Suppose you're looking at a physics example online, and come
across this expression in the middle...
asked 35 minutes ago -
Compile a list (7 or more) of other commands useful for
navigating or manipulating the UNIX/Linux...
asked 44 minutes ago -
How many grams of PbBr2 will precipitate when excess CrBr3
solution is added to 61.0 mL...
asked 47 minutes ago -
If I was given the address of 134.15.0.0/16 from my ISP and I
wanted to use...
asked 51 minutes ago -
What is the pH of the solution that results of dissolving 1.74g
of sodium hydroxide in...
asked 55 minutes ago -
Given a standardized normal distribution (with μ = 0 and a σ =
1), what is...
asked 1 hour ago