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Recommended textbook solutionsEssentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Fundamentals of Financial Management, Concise Edition10th EditionEugene F. Brigham, Joel Houston 777 solutions
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Financial Accounting4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions The objective of the auditor is to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement, through designing and implementing appropriate responses to those risks Overall Responses
Audit Procedures Responsive to the Assessed Risks of Material Misstatement at the Assertion Level
Evaluating the Sufficiency and Appropriateness of Audit Evidence
Spread the Word!When the auditor plans to rely on controls over a risk the auditor has determined to be a significant risk the auditor shall test those controls in the current period?If the auditor plans to rely on controls over a risk the auditor has determined to be a significant risk, the auditor shall test those controls in the current period. (c) The potential risks of misstatement need to be addressed using substantive procedures. 27.
When an auditor plans to rely on controls that have changed since they were last tested?41 If the auditor plans to rely on controls that have changed since they were last tested, the auditor should test the operating effectiveness of such controls in the current audit.
What is a deviation in audit?The term deviation includes: any business event that occurred that was not expected to occur. any business event that didn't occur that was expected to occur. a control exists but did not operated effectively i.e. it has not prevented or detected and corrected a misstatement on timely basis. a control is absent.
Which of the following procedures are performed by an auditor who wants to detect material misstatements at the assertion level?Test of controls.
An audit procedure designed to evaluate the op- erating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion level.
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