Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Question
Chapter 15, Problem 2CYBK
To determine
Introduction:An auditor is a person appointed internally or externally who is responsible for verifying the accuracy of the financial accounts prepared by the company.
To choose: Whether the given statement is true or false.
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Audit documentation is the written record of the basis for the auditor's conclusions that provides the support for the auditor's representations, whether those representations are contained in the auditor's report.
Required:
a. Assess the significance of documentation for audits.
Explain an example of auditor’s report.
Explain the types of auditor’s report.
Chapter 15 Solutions
Auditing: A Risk Based-Approach (MindTap Course List)
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Similar questions
- Audit documentation is the written record of the basis for the auditor's conclusions that provides the support for the auditor's representations, whether those representations are contained in the auditor's report. Required: b. Discuss TWO (2) important factors that affect the form of audit documentation.arrow_forwardAn Auditor must perform audit procedures in order to obtain sufficient appropriate audit evidence before issuing a audit report.Discuss what substantive audit procedures are giving examples.arrow_forwardEXPLAIN AND WHAT KIND OF AUDIT EVIDENCE NEEDED BY AUDITOR OR AUDITING?arrow_forward
- hat does the standard audit report indicate about the audit's scope and the financial statement (i.e., whether or not it is presented fairly)?arrow_forwardIs the audit opinion applicable to the "other information" as well? * Please explain.arrow_forwardExplain the content of audit report.arrow_forward
- Discuss the difference between audit documentation and audit evidence and state why audit evidence is important to the audit process and the auditor forming his/her opinion.arrow_forwardThe auditor should consider audit risk when planning and performing an audit of financial statements. Audit risk should also be considered together in determining the nature, timing, and extent of auditing procedures and in evaluating the results of those procedures. Required: a. Define audit risk. b. Describe the components of audit risk (e.g., inherent risk, control risk, and detection risk). c. Explain how these components are interrelated. (AICPA, adapted)arrow_forward1. What is appropriate audit evidence? How does an auditor determine whether the appropriate audit evidence is sufficient to support the opinion expressed in the auditor's report? 2. Explain the types of audit proceduresarrow_forward
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