Study guides, Class notes & Summaries

AUDITING THEORY AND PRACTICE EXAM. - ANSWER-(Fraud and Error) . - ANSWER-(Fraud and . - ANSWER-(Fraud and Error) . - ANSWER-(Fraud and Error) . - ANSWER-(Fraud and Error) . - ANSWER-(Fraud and Error) . - ANSWER-(Fraud and Error) . - ANSWER-(Fraud and Error) . - ANSWER-(Fraud and Error) . - ANSWER-(Fraud and Error) . - ANSWER-(Fraud and Error) .2 - ANSWER-A p...

Test Bank For Auditing Theory 2024 AUE2601-Auditing Theory And Practice EXAM PACK (SUMMARISED NOTES AND PAST PAPERS Up to 2024). Chapter 01 Auditing and Assurance Services Multiple Choice Questions 1. The audit objective that all transactions and accounts that should be presented in the financial statements are in fact included is related to which of the PCAOB assertions? A. Existence B. Rights and obligations C. Completeness D. Valuation 2. To be proficient as an auditor, a per...

When the Auditor has no reservations about management's financial statements or internal controls, the audit opinion is said to be unqualified (True or False) - correct answer True Independence is referred to as the cornerstone of the auditing profession (True or False) - correct answer True The sole responsibility of management with regard to financial reporting involves preparing and presenting financial statements in accordance with the applicable financial reporting framework (True or...

C - correct answer Which of the following statements is an example of an assertion made by management in an entity's financial statements? a. The financial statements were prepared in an unbiased manner. b. Reported inventory balances reflect all related transactions for the period. c. Reported accounts receivable does not include any uncollectible accounts. d. The scope of the auditors' investigation was not limited in any way by management D - correct answer The primary pu...

PCAOB - correct answer -formed by Sarbanes Oxley -standards for audits for only registered public accounting firms -Priority based approach -does annual environmental scans to identify emerging or current issues which could lead to projects added to research agenda What is on the Current standard setting agenda - correct answer -Audit reporting model -Auditing accounting estimates including fair value measurement -The auditor's use of work of specialist -Supervision of audit using oth...

Obtaining Clients - correct answer Submit a Proposal -contact the audit committee -make fee arrangements Communicate with the predecessor auditor Communication with the Predecessor Auditor - correct answer -we want to know how ethical management is -why the company switched auditors -where did they leave off? -any disagreements over accounting principles? The Audit Process - correct answer 1. Plan the audit 2. Obtain an understanding of the client and its environment, including inte...

Tests of Controls - correct answer are audit procedures performed to test the operating effectiveness of controls in preventing or detecting material misstatements at the relevant assertion level. An auditor might use inspection of documents, observation of specific controls, reperformance of the control, or other audit procedures to gather evidence about controls. Management Assertions - correct answer are the assertions by management about the accuracy of the financial statement componen...

Independent professional services that are intended to enhance the credibility of information to meet the needs of an intended user - correct answer Which of the following statements best describes assurance services? (Auditing Theory: Assurance Services) Compilation of financial information - correct answer Which of the following is NOT an assurance service? (Auditing Theory: Assurance Services) Neutral criteria contribute to conclusions that are free from bias. - correct answer Sui...

Which of the following is not part of the systematic process called auditing? a. Assisting management in designing internal controls. b. Communicating results of the audit to users. c. Procuring and evaluating evidence. d. Comparing evidence regarding assertions to certain established criteria - correct answer a. Assisting management in designing internal controls. An Integrated Audit Report provides opinion(s) on which of the following? a. Internal controls. b. The financial statemen...

What auditing standard supersedes AS2? - correct answer AS5 What is an Integrated Audit? - correct answer Evaluation of design and operating effectiveness of internal control combined with a substantive audit of financial statement assertions. What is the difference between AS5 and the old AS2? - correct answer Opinion on internal control no longer required, material weaknesses not reported by management should be outlined in the auditor's report. What is the auditor's objective in an...