The nature, timing and extent of substantive procedures is _________ related to assessed level of control risk?

Related Mcqs:

What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing?

A. The auditor has ascertained that the balance is materially correct when in actual fact it is not B. The auditor concludes the balance is materially misstated when in actual fact is not C. The auditor has rejected an item from sample which was not supported by documentary evidence D. He applies random sampling on … What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing?Read More...

Which of the following statements is, generally, correct about the reliability of auditevidence?

A. To be reliable, evidence should conclusive rather than persuasive B. Effective internal control system provides reliable audit evidence C. Evidence obtained from outside sources routed through the client D. All are correct....

When is evidential matter, generally, considered sufficient?

A. When it constitutes entire population B. When it is enough to provide a basis for giving reasonable assurance regarding truthfulness C. When it is objective and relevant D. When auditor collects and evaluates it independently...

Which of the following affects audit effectiveness?

A. Risk of over reliance B. Risk of incorrect rejection C. Risk of incorrect acceptance D. Both A. and C....

Which of the following statements is not true with respect to management representations obtained as per AAS­11?

A. Authenticated copy of relevant minutes of meetings may be regarded as management representation B. It should always be in working C. It may be dated prior to the report date D. It should be addressed to the auditor...