Question 1

Contrast the qualitative aspects of evidence in terms of reliability.

Accepted Answer

i.An auditor's direct, personal knowledg...

Question 2

An auditor selects audit procedures which will provide:

Accepted Answer

A)  The most evidence.
B)  The most persuasive evidence.
C)  The most reliable evidence that can be obtained in a cost-effective manner.
D)  The most relevant information to the audit assertion.

Question 3

Analysis is most useful in providing evidence of:

Accepted Answer

A)  Existence, completeness, and ownership.
B)  Existence, ownership, and valuation.
C)  Completeness, ownership, and presentation.
D)  Completeness, valuation, and presentation.

Question 4

The audit program prepared by the independent auditors prior to the start of field work is considered appropriate documentation of

Accepted Answer

A)  Planning.
B)  Supervision.
C)  Information evaluation.
D)  Quality assurance.

Question 5

The auditor is the legal owner of the working papers related to an auditee's financial statements.

Accepted Answer

A) True 
 B)False

Question 6

Loan application documents are considered authoritative evidence.

Accepted Answer

A) True 
 B)False

Question 7

There are two kinds of audit programs: (1) balance-audit programs and (2) cycle-audit programs.

Accepted Answer

A) True 
 B)False

Question 8

Substantive procedures give direct evidence about the financial amounts reported in the financial statements.

Accepted Answer

A) True 
 B)False

Question 9

Identify the two types of audit programs and indicate the purpose of each.

Accepted Answer

The two types of audit programs are the ...

Question 10

A combination of evidence gathering techniques provides more persuasive than evidence gathered from a single technique.

Accepted Answer

A) True 
 B)False

Question 11

The overall audit strategy is documented in the:

Accepted Answer

A)  Engagement letter.
B)  Management letter.
C)  Audit program.
D)  Planning memorandum.

Question 12

Spoken and written representations given by the auditee's officers, directors, owners, and employees are generally considered reliable enough to stand on its own.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is true about specialists?

Accepted Answer

A)  They are persons skilled in accounting and auditing.
B)  They are not members of the audit team.
C)  They have to be unrelated to the company or organization under audit.
D)  They are relied on to verify all significant information on which they base their conclusions.

Question 14

In preparing for a repeat engagement, the first thing an audit team should do is:

Accepted Answer

A)  Interview client management for any changes in the business and industry.
B)  Take a tour of a client's physical facilities noting obvious inventory obsolescence or equipment maintenance issues.
C)  Obtain a copy of the yearend financial statements for the current year.
D)  Reviewing prior year working papers and permanent file documents.

Exam 8: Audit Evidence and Assurance

An auditor selects audit procedures which will provide:

Correct Answer
verified

A combination of evidence gathering techniques provides more persuasive than evidence gathered from a single technique.

Correct Answer
verified

Spoken and written representations given by the auditee's officers, directors, owners, and employees are generally considered reliable enough to stand on its own.

Correct Answer
verified

Which of the following is true about specialists?

Correct Answer
verified

Identify the two types of audit programs and indicate the purpose of each.

Correct Answer
verified
The two types of audit programs are the ...
View Answer

The auditor is the legal owner of the working papers related to an auditee's financial statements.

Correct Answer
verified

Contrast the qualitative aspects of evidence in terms of reliability.

Correct Answer
verified
i.An auditor's direct, personal knowledg...
View Answer

There are two kinds of audit programs: (1) balance-audit programs and (2) cycle-audit programs.

Correct Answer
verified

Analysis is most useful in providing evidence of:

Correct Answer
verified

The overall audit strategy is documented in the:

Correct Answer
verified

Loan application documents are considered authoritative evidence.

Correct Answer
verified

Substantive procedures give direct evidence about the financial amounts reported in the financial statements.

Correct Answer
verified

In preparing for a repeat engagement, the first thing an audit team should do is:

Correct Answer
verified

The audit program prepared by the independent auditors prior to the start of field work is considered appropriate documentation of

Correct Answer
verified

Exam 8: Audit Evidence and Assurance

An auditor selects audit procedures which will provide:

Correct AnswerverifiedShow Answer

A combination of evidence gathering techniques provides more persuasive than evidence gathered from a single technique.

Correct AnswerverifiedShow Answer

Spoken and written representations given by the auditee's officers, directors, owners, and employees are generally considered reliable enough to stand on its own.

Correct AnswerverifiedShow Answer

Which of the following is true about specialists?

Correct AnswerverifiedShow Answer

Identify the two types of audit programs and indicate the purpose of each.

Correct AnswerverifiedThe two types of audit programs are the ...View AnswerShow Answer

The auditor is the legal owner of the working papers related to an auditee's financial statements.

Correct AnswerverifiedShow Answer

Contrast the qualitative aspects of evidence in terms of reliability.

Correct Answerverifiedi.An auditor's direct, personal knowledg...View AnswerShow Answer

There are two kinds of audit programs: (1) balance-audit programs and (2) cycle-audit programs.

Correct AnswerverifiedShow Answer

Analysis is most useful in providing evidence of:

Correct AnswerverifiedShow Answer

The overall audit strategy is documented in the:

Correct AnswerverifiedShow Answer

Loan application documents are considered authoritative evidence.

Correct AnswerverifiedShow Answer

Substantive procedures give direct evidence about the financial amounts reported in the financial statements.

Correct AnswerverifiedShow Answer

In preparing for a repeat engagement, the first thing an audit team should do is:

Correct AnswerverifiedShow Answer

The audit program prepared by the independent auditors prior to the start of field work is considered appropriate documentation of

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The two types of audit programs are the ...
View Answer

Correct Answer
verified

Correct Answer
verified
i.An auditor's direct, personal knowledg...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified