31 Best Auditing Questions and Answers (Q&A) - ProProfs Discuss

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How can independent auditing best be described as?

Y. Dawne, Content Blogger
Answered: Feb 07, 2019

Auditing is broadly defined as a process of objectively evaluating evidence in respect of specific assertions about economic activity and events, to determine the degree of correlation between...Read More

2 Answers

516 views

What professional service is an attestation engagements?

John Smith
Answered: May 04, 2024

An enagement to report on compliance with statutory requirements

Objectives 1-1, 1-3, 1-5

1 Answer

479 views

What is the most important duties that should be segregated in the sales and collection cycle?

John Smith
Answered: May 04, 2024

The most important duties that should be segregated in the sales and collection cycle are:: Receiving orders for sales Granting credit (credit approval) Shipping goods Maintaining inv...Read More

1 Answer

471 views

Which audit procedures will best uncover an understatement of sales and accounts receivables?

E. Good
Answered: Jan 31, 2019

All the audit procedures listed above are methods to audit sales and accounts receivables, but the best method to uncover an understatement of sales and accounts receivables is to test a sample...Read More

2 Answers

468 views

How do I check my bank account balance on my phone?

M. Parker, Internet Researcher
Answered: Feb 01, 2019

Do you know that the margin of error can be lessened when you increase your sample size? Just remember that you need to take note of the different factors that may affect your study. The alpha...Read More

2 Answers

466 views

What is the ultimate purpose of assessing control risk?

Dodonutt
Answered: May 04, 2024

Risk that material misstatements exist in the financial statements.

LO 10-5, 10-6, 10-8

1 Answer

464 views

What is the audit risk model and explain each term in the model?

John Smith
Answered: May 04, 2024

The audit risk model is as follows:aar = ir x cr x pdrwhere: aar = acceptable audit risk ir = inherent risk cr = control risk pdr = planned detection riskacceptable audit...Read More

1 Answer

384 views

What is the purpose of the introductory paragraph in the standard unqualified report?

Kosdaisy
Answered: May 04, 2024

To identify the financial statements audited and the dates and time periods covered by the report.

1 Answer

382 views

When does an auditor need not abide by a particular auditing standard?

John Smith
Answered: May 04, 2024

The issue in question is immaterial in amount.

1 Answer

362 views

What is the purpose of auditing financial accounting data?

F.Brian
Answered: Jan 19, 2018

The primary purpose of auditing financial accounting data is to determine whether the recorded information reflects the economic events in a proper way or not. These events are those that have...Read More

2 Answers

345 views

Which of the following is the auditor least likely to do when they're aware of an illegal Act?

Kosdaisy
Answered: May 04, 2024

Contact the local law enforcement officials regarding potential criminal wrongdoing.

1 Answer

343 views

Why is the audit of historical financial statements most often performed?

John Smith
Answered: May 04, 2024

It is performed to determine whether the organization is performing correctly and efficiently.

1 Answer

340 views

Which of the following discoveries through the use of analytical procedures would indicate a relatively high risk of financial failure?

John Smith
Answered: May 04, 2024

A higher than normal ratio of long-term debt to net worth as well as a lower than average ratio of profits to total assets.

1 Answer

330 views

When will audit evidence obtained directly by the auditor not be reliable?

John Smith
Answered: May 04, 2024

The auditor lacks the qualifications to evaluate the evidence.

1 Answer

323 views

Is it true or false about auditing?

John Smith
Answered: May 04, 2024

False

1 Answer

304 views

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