It is not the responsibility of the auditor.2 a. exercise professional judgment 0 B. Hazard recognition 0 C. Not obtaining sufficient evidence 0 d Contact those charged with governance. 0
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- Professional skepticism is a. An attitude that includes a questioning mind. b. The auditor's application of relevant training, knowledge and experience. c. One of the professional code of ethics. d. Not necessary in auditing of the entity.Auditors can help avoid litigation by implementing policies and procedures that ensure all work is fully documented Question 7 options: True FalseAuditor observations are not considered as audit evidence A. True B. False
- : A. Explain Differences between Accountancy and Auditing B. Talk about the Disadvantages of the Occasional AuditAn item or information is said to be material if misstatement of which can influence the ___ a. Auditor's decision b. Audit committee's decision c. User's decision d. Management decisionV2. If a lawyer refuses to furnish corroborating information regarding litigation, claims, and assessments. the auditor should: disclose this fact in a footnote to the financial statements. seek to obtain the corroborating information from management. C) consider the refusal to be a scope limitation. D) honor the confidentiality of the client-lawyer relationship.
- Which of the following is not true concerning materiality? a. Materiality is a matter of professional judgement O b. Materiality is used as a guide to planning substantive procedures O c. Materiality is used a guide for making decisions about the audit report d. All of the Above are True Statements e. None of the Above are True StatementsWhich ethical principle is violated by an auditor who discloses information for personal gain? a. Confidentiality b. Objectivity c. Competency d. Integrity2. Generally, audit evidence cannot be obtained entirely through substantive procedures True or false? 3. A system of authorizations and approvals is a good example of internal financial controls. True or false?
- tch the type of risk with the related definition.A. Detection riskB. Control riskC. Inherent riskD. Audit risk___ 1. The probability that an auditor will give an inappropriate opinion on financial statements.___ 2. The probability that audit procedures will fail to produce evidence of material misstatements.___ 3. The probability that the client's internal control policies and procedures will fail to detect material misstatements if they have entered the accounting system.___ 4. The probability that material misstatements have occurred in transactions entering the accounting system.The objective of the auditor is to plan the audit so that it will be performed in an effective manner. The effectiveness of audit deals with a. It deals with both error free audit opinion and profitable audit O b. Profitable audit c. None of the options d. Error free audit opinionA moral or legal obligation to ensure the safety or well-being of others Could be defined as duty of care. An auditor's duty of care to a client would most likely be breached if the auditor failed to: Select one: a.comply with the Cooperation Act 2001 & all relevant auditing standards. b. Resolve their staffing issues. c. conduct the audit for the cheapest price. d.Prevent & detect earnings of management.