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

Related Mcqs:

When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the___________?

A. Amount of known misstatement is documented in working papers B. Estimates of the total likely misstatement is less than materiality level C. Estimate of the total likely misstatement is more than materially level D. Estimates of the total likely misstatement cannot be made...

Which of the following statements is most closely associated with analytical procedure applied at substantive stage?

A. It helps to study relationship among balance sheet accounts B. It helps to discover material misstatements in the financial statements C. It helps to identify possible oversights D. It helps to accumulate evidence supporting the validity of a specific account balance...

Floating assets are valued at____________?

A. cost B. Market price C. Cost or market price whichever is lower D. Cost less depreciation...

Which of the following is not an advantage of the preparation of working paper?

A. To provide a basis for review of audit work B. To provide a basis for subsequent audits C. To ensure audit work is being carried out as per programme D. To provide a guide for advising another client on similar issues...

The auditor’s permanent working paper file should not normally, include__________?

A. Extracts from client’s bank statements B. Past year’s financial statements C. Attorney’s letters D. Debt agreements...