What is an auditor’s primary method to corroborate information on litigation, claims, and Show  Q: When auditors become aware of noncompliance with a law or regulation committed byclient personnel,… A: Auditing: Auditing refers to an independent examination of financial information of any… Q: What knowledge does the auditor need about the client’sbusiness in an audit of historical financial… A: Auditing: Auditing is a gathering of information and evaluation of evidence as to report on the… Q: Identify which of the major fundamental principles (responsibilities, performance, or reporting) is… A: Click to see the answer Q: Can audit managers on the audit engagement team, who are also attorneys admitted to the statebar,… A: Given: The product liability defects assist the defense of lawsuit against an audit client by the… Q: An audit engagement letter should normally include which of the following matters of agreement… A: Engagement Letter: Engagement letter is a type of a contract that is prepared when a new client… Q: North, CPA, is planning an independent audit of the financial statements of General Company. In… A: (a) Whether the auditor’s work is relevant to Company N depends upon the role and objectives of an… Q: Which of the following statements best describes auditors’ responsibility for detecting a client’s… A: Auditor: An auditor is a person who is accountable for preparing and examining financial records.… Q: Which of the following statements best describes auditors’ responsibility for detecting a client’s… A: Click to see the answer Q: The essence of the audit function is to: Select one: a. Examine individual transactions so that… A: Audit simply means to examine as to whether the financial statements of the entity are free from… Q: Explain auditors’ responsibilities with respect to a client’s failure to comply with laws or… A: Auditor’s report: Auditor’s report can be defined as a formal document prepared by an auditor in… Q: The most reliable types of audit evidence the auditor can obtain are: a. Physical examination by… A: Audit evidence: It can be defined as the information collected or obtained by an auditor during the… Q: The scope of an audit is not restricted when an attorney letter limits the response toa. Matters to… A: Click to see the answer Q: The major purposes of obtaining a client representation letter include: Select one: a. To… A: The letter of representation is a letter drafted by the client to the auditor. This letter of… Q: a. Describe how professional skepticism will assist the auditor to perform the audit effectively. b.… A: Professional skepticism means an attitude that includes a questioning mind, being alert to… Q: When an auditor uses the work of an expert, who has the responsibility for arriving at ar overall… A: Introduction:- The auditor’s use of the work of an expertise in a field other than accounting or… Q: The scope of an audit is not restricted when an attorney letter limits the response toa. Matters to… A: Click to see the answer Q: Define the obligations of auditors in the event that a client fails to comply with applicable laws… A: Report of the auditor: An auditor's report is a formal document created by an auditor. The auditor… Q: A CPA accumulates various types of evidence on which to base the opinion on financial statements.… A: Audit Confirmation: Audit confirmation is the procedure of obtaining the information from the… Q: When planning an audit, which of the following is not a factor that affects auditors’ decisions… A: Audit: Audit is a procedure of checking and verifying the books of accounts and financial records to… Q: Which of the following is most closely related to the responsibilities principle?a. The auditors’… A: Responsibility principle: A fundamental principle which is concerned with the ethical requirements… Q: Compare and contrast the type of work performed by external auditors (auditing financial statements… A: Fraud examiners: He is a person who jointly plays a role of expertise of auditors and criminal… Q: Can audit managers on the audit engagement team, who are also attorneys admitted to the state bar,… A: Auditing means the inspection of financial accounts of the company to determine if the records are… Q: The evidence considered most appropriate by auditors is best described asa. Internal documents such… A: Audit evidence: It can be defined as the information or data obtained by an auditor during the… Q: A CPA audits the financial statements of a client. The CPA has been asked to perform… A: Activities that would impair the auditor's independence include executing, authorizing or… Q: Why are written representation and attorney letters obtained near the end of the evidencegathering… A: Written representations include information about entity's financial statements, about internal… Q: When planning the audit, the auditor should make inquiries of management in order to do the… A: Inquiry is an audit procedure that is used extensively throughout the audit and often is… Q: Answer the below: What do you understand by attestation services? Discuss the responsibility and… A: Attestation Services:-These are services when a certified Public Accountant (CPA) expresses his… Q: Which of the following is most closely related to the responsibilities principle?a. The auditors’… A: Responsibility principle: A fundamental principle which is concerned with the ethical requirements… Q: Once the auditor has gained a preliminary understanding of an entity’s accounting subsystem, they… A: Explanation : A record of study and the evaluation of internal controls related to the accounting… Q: Is it permissible to provide the customer copies of the auditor's previous paperwork? If so, are… A: Auditor refers to examination of the financial statements of the company in order to check the… Q: One of the duties of an auditor is to prepare an audit plan for the smooth conduct of audit with due… A: The financial statements of a company is audited by an external independent auditor at least once in… Q: One of the duties of an auditor is to prepare an audit plan for the smooth conduct of audit with due… A: An audit is a form of assurance. The assurance is where an expert of a particular subject matter… Q: Under common law, which of the following statements most accurately reflects the liability of a CPA… A: The liability of a CPA who fraudulently gives an opinion on an audit of a client's financial… Q: Discuss the duties and responsibilities of a CPA. Consider why independent auditors' reports are… A: A Certified Public Accountant (CPA) is a certified accounting practitioner who has the Certified… Q: A CPA firm’s quality control procedures pertaining to the acceptance of a prospective audit client… A: CPA is the Certified public accountant which is generally appointed in order to perform audit… Q: Identify two types of information in the client’s minutes of theboard of directors meetings that are… A: Meeting minutes or mom can be described as a written record of all that occurred during a meeting… Q: The primary objective of compliance auditing is toa. Give an opinion on financial statements.b.… A: Auditing: Auditing is the process by which assertions made by management about financial… Q: Explain what accounting documents you must supply to the auditors. What are the statutory audit… A: The auditor is responsible for the identification of the fraud and errors present in the financial… Q: Understand recent developments that affect auditors’ liability to clients and third parties. A: An auditor’s legal liability or responsibility is to offer customer’s an inexpensive assurance that… Q: An audit strategy memorandum containsa. Specifications of auditing standards relevant to the… A: Click to see the answer Q: Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws… A: An auditor is a person who has been appointed by the board of directors to provide shareholders with… What are the methods used by an auditor to collect audit evidence?Audit procedures to obtain audit evidence can include inspection, observation, confirmation, recalculation, reperformance and analytical procedures, often in some combination, in addition to inquiry.
What are the 2 primary types of evidences in IS audit?Audit evidence is collected via audit procedures. Those procedures are categorized into two main categories: risk assessment procedures and further audit procedures, The latter includes tests of controls and substantive procedures.
What is primary audit evidence?Primary sources of audit evidence involve the following: Elemental documentation of the company and the accounting system. Tangible assets. Personnel and the administration of the company. Suppliers, customers, knowledge of the company's business and other parties dealing with the company.
What are the 4 types of audit evidence?The auditor can obtain different types of audit evidence, including physical examination, documentation, analytical procedure, observations, confirmations, inquiries, etc. The type and amount are dependent on the type of organization that is being audited and the required audit scope.
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What is an auditors primary method to corroborate information on litigation claims and assessments?
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